Arista Networks (ANET) Stock Rating Upgraded by Zacks Investment Research
Arista Networks (NYSE:ANET) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $319.00 price target on the technology company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 10.64% from the stock’s previous close.
According to Zacks, “Arista is a dominant name in the data center networking market. Shares of the company have outperformed the industry over the past one year. The company’s robust product portfolio remains a key catalyst. Arista is benefiting from strong demand for 100-gigabit routing and switching products, particularly from cloud titans. Management stated that FlexRoute license (almost 150 customers) has helped the company enter additional layers of the spine for routing and data-center interconnect, where Cisco and Juniper were dominant names. Moreover, ample cash balance provides Arista the flexibility required to pursue any growth strategy, whether by way of acquisitions or otherwise. However, Arista faces stiff competition in the cloud networking solutions, particularly in the 10 Gigabit Ethernet and above. Moreover, ongoing lawsuits with Cisco are the primary headwind.”
ANET has been the subject of a number of other reports. UBS Group boosted their price target on shares of Arista Networks from $165.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, November 3rd. Morgan Stanley boosted their price target on shares of Arista Networks from $210.00 to $260.00 and gave the stock an “overweight” rating in a research note on Thursday, December 21st. BidaskClub raised shares of Arista Networks from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 31st. Loop Capital began coverage on shares of Arista Networks in a research note on Monday, January 29th. They set a “hold” rating and a $250.00 price target for the company. Finally, Goldman Sachs Group began coverage on shares of Arista Networks in a research note on Wednesday, February 7th. They set a “buy” rating and a $320.00 price target for the company. Fourteen research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $230.17.
In other news, SVP Marc Taxay sold 2,000 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $230.09, for a total transaction of $460,180.00. Following the completion of the sale, the senior vice president now owns 12,335 shares of the company’s stock, valued at $2,838,160.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Andreas Bechtolsheim sold 39,680 shares of the stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $241.92, for a total transaction of $9,599,385.60. Following the sale, the insider now directly owns 73,102 shares of the company’s stock, valued at approximately $17,684,835.84. The disclosure for this sale can be found here. Insiders have sold 385,683 shares of company stock valued at $92,010,804 in the last three months. 28.09% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in ANET. State Street Corp boosted its holdings in Arista Networks by 44.7% during the second quarter. State Street Corp now owns 1,063,294 shares of the technology company’s stock worth $159,278,000 after purchasing an additional 328,534 shares during the last quarter. Atlantic Trust Group LLC acquired a new position in Arista Networks during the third quarter worth $50,736,000. Janus Henderson Group PLC boosted its holdings in Arista Networks by 167.8% during the third quarter. Janus Henderson Group PLC now owns 371,915 shares of the technology company’s stock worth $70,519,000 after purchasing an additional 233,039 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Arista Networks by 88.0% during the third quarter. Bank of New York Mellon Corp now owns 465,641 shares of the technology company’s stock worth $88,290,000 after purchasing an additional 218,014 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in Arista Networks by 283.7% during the third quarter. Legal & General Group Plc now owns 203,400 shares of the technology company’s stock worth $38,567,000 after purchasing an additional 150,391 shares during the last quarter. Institutional investors and hedge funds own 58.15% of the company’s stock.
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Arista Networks Company Profile
Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.
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