28 Aug VP Jon Cartu Announces – Arista Networks’ (ANET) Outperform Rating Reaffirmed at JMP…
Arista Networks (NYSE:ANET)‘s stock had its “outperform” rating reiterated by analysts at JMP Securities in a research note issued to investors on Friday, August 2nd, The Fly reports. They presently have a $280.00 target price on the technology company’s stock, down from their previous target price of $315.00. JMP Securities’ price target would suggest a potential upside of 25.12% from the stock’s previous close.
A number of other research analysts also recently weighed in on the company. Nomura increased their target price on Arista Networks from $275.00 to $375.00 and gave the company a “buy” rating in a report on Friday, April 26th. Zacks Investment Research upgraded Arista Networks from a “sell” rating to a “hold” rating and set a $284.00 price target for the company in a research report on Monday, July 8th. Morgan Stanley reduced their price target on Arista Networks from $300.00 to $275.00 and set an “equal weight” rating for the company in a research report on Friday, June 7th. Needham & Company LLC reduced their price target on Arista Networks to $340.00 and set a “buy” rating for the company in a research report on Monday, July 29th. Finally, KeyCorp upped their price target on Arista Networks from $320.00 to $350.00 and gave the stock an “overweight” rating in a research report on Thursday, April 18th. They noted that the move was a valuation call. Eight analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $308.78.
Arista Networks stock traded up $0.58 during mid-day trading on Friday, hitting $223.78. The company had a trading volume of 520,563 shares, compared to its average volume of 920,688. The company has a market capitalization of $17.12 billion, a PE ratio of 31.65, a price-to-earnings-growth ratio of 1.35 and a beta of 1.58. The company has a current ratio of 5.77, a quick ratio of 5.17 and a debt-to-equity ratio of 0.04. Arista Networks has a 12 month low of $187.08 and a 12 month high of $331.27. The stock’s 50 day moving average price is $250.71 and its two-hundred day moving average price is $270.69.
Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, August 1st. The technology company reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.46. Arista Networks had a return on equity of 28.76% and a net margin of 30.86%. The firm had revenue of $608.32 million for the quarter, compared to the consensus estimate of $606.78 million. During the same period in the prior year, the company posted $1.93 earnings per share. The company’s quarterly revenue was up 17.0% on a year-over-year basis. Equities research analysts anticipate that Arista Networks will post 8.67 EPS for the current year.
In related news, COO Anshul Sadana sold 8,325 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $280.96, for a total transaction of $2,338,992.00. Following the completion of the sale, the chief operating officer now directly owns 2,741 shares of the company’s stock, valued at approximately $770,111.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ita M. Brennan sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $243.94, for a total value of $1,219,700.00. Following the sale, the insider now directly owns 6,830 shares of the company’s stock, valued at $1,666,110.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 212,553 shares of company stock valued at $53,822,026. 23.83% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in ANET. Vanguard Group Inc. lifted its stake in Arista Networks by 2.5% during the 2nd quarter. Vanguard Group Inc. now owns 5,777,829 shares of the technology company’s stock valued at $1,500,040,000 after acquiring an additional 139,675 shares in the last quarter. BlackRock Inc. boosted its position in shares of Arista Networks by 4.7% during the 2nd quarter. BlackRock Inc. now owns 3,904,300 shares of the technology company’s stock valued at $1,013,633,000 after acquiring an additional 174,887 shares during the last quarter. FMR LLC lifted its position in Arista Networks by 25.1% in the 1st quarter. FMR LLC now owns 1,956,747 shares of the technology company’s stock worth $615,319,000 after buying an additional 392,021 shares during the last quarter. First Trust Advisors LP lifted its position in Arista Networks by 53.1% in the second quarter. First Trust Advisors LP now owns 1,143,852 shares of the technology company’s stock valued at $296,967,000 after purchasing an additional 396,782 shares during the last quarter. Finally, Eaton Vance Management lifted its position in Arista Networks by 2.8% in the second quarter. Eaton Vance Management now owns 964,428 shares of the technology company’s stock valued at $250,380,000 after purchasing an additional 26,627 shares during the last quarter. Hedge funds and other institutional investors own 60.28% of the company’s stock.
About Arista Networks
Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company’s cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.
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