Deutsche Bank AG Raises Arista Networks Inc. (ANET) Price Target to $85.00
Several other research firms also recently commented on ANET. JPMorgan Chase & Co. assumed coverage on Arista Networks in a research note on Wednesday, June 1st. They set a neutral rating for the company. Credit Suisse Group AG reaffirmed a buy rating and set a $90.00 price objective on shares of Arista Networks in a research note on Wednesday, August 24th. Bank of America Corp. reaffirmed a buy rating and set a $85.00 price objective (up from $75.00) on shares of Arista Networks in a research note on Monday, June 6th. Needham & Company LLC reaffirmed a buy rating on shares of Arista Networks in a research note on Sunday, June 26th. Finally, Citigroup Inc. reissued a buy rating on shares of Arista Networks in a research note on Wednesday, June 22nd. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and seventeen have issued a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $78.90.
Arista Networks (NYSE:ANET) opened at 85.03 on Wednesday. The firm has a market cap of $5.89 billion, a P/E ratio of 42.30 and a beta of 1.14. Arista Networks has a 12 month low of $52.51 and a 12 month high of $85.10. The stock has a 50 day moving average of $76.53 and a 200-day moving average of $69.23.
Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, August 4th. The company reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.06. Arista Networks had a return on equity of 20.45% and a net margin of 15.03%. The business earned $268.70 million during the quarter, compared to the consensus estimate of $262.98 million. During the same period in the previous year, the business earned $0.54 EPS. The business’s quarterly revenue was up 37.4% on a year-over-year basis. Equities research analysts predict that Arista Networks will post $2.94 earnings per share for the current fiscal year.
In related news, SVP Kenneth Duda sold 15,150 shares of the stock in a transaction on Friday, July 8th. The stock was sold at an average price of $67.64, for a total value of $1,024,746.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jayshree Ullal sold 105,847 shares of the stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $79.85, for a total value of $8,451,882.95. The disclosure for this sale can be found here. Insiders own 32.39% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Quantbot Technologies LP purchased a new position in shares of Arista Networks during the second quarter valued at $136,000. Seven Eight Capital LLC purchased a new position in shares of Arista Networks during the first quarter valued at $150,000. Metropolitan Life Insurance Co. NY raised its position in shares of Arista Networks by 16.1% in the second quarter. Metropolitan Life Insurance Co. NY now owns 2,933 shares of the company’s stock valued at $189,000 after buying an additional 406 shares during the period. Legal & General Group Plc raised its position in shares of Arista Networks by 30.5% in the first quarter. Legal & General Group Plc now owns 3,006 shares of the company’s stock valued at $190,000 after buying an additional 703 shares during the period. Finally, Bank of Montreal Can purchased a new position in shares of Arista Networks during the second quarter valued at $213,000. 52.69% of the stock is currently owned by institutional investors and hedge funds.
Arista Networks Company Profile
Arista Networks, Inc is a supplier of cloud networking solutions that address the needs of Internet companies, cloud service providers and next-generation data centers for enterprises. The Company’s cloud networking solutions consist of its Extensible Operating System (EOS), which is a set of network applications and its 10/25/40/50/100 Gigabit Ethernet switches.
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