Arista Networks, Inc. (ANET) Lifted to Outperform at Royal Bank Of Canada
Royal Bank Of Canada upgraded shares of Arista Networks, Inc. (NYSE:ANET) from a sector perform rating to an outperform rating in a research report released on Wednesday morning, The Fly reports.
Other research analysts have also issued reports about the stock. Cowen and Company reaffirmed a buy rating and issued a $168.00 price objective (up from $145.00) on shares of Arista Networks in a research note on Friday, August 4th. Citigroup Inc. increased their target price on shares of Arista Networks from $165.00 to $180.00 and gave the company a buy rating in a report on Friday, August 4th. Deutsche Bank AG reiterated a buy rating and issued a $165.00 target price (up previously from $156.00) on shares of Arista Networks in a report on Monday, July 17th. Argus reiterated a buy rating on shares of Arista Networks in a report on Monday, August 7th. Finally, Needham & Company LLC reiterated a buy rating and issued a $175.00 target price on shares of Arista Networks in a report on Tuesday, September 12th. Fourteen equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Arista Networks presently has a consensus rating of Buy and a consensus price target of $183.07.
Arista Networks (NYSE:ANET) traded up $7.50 during trading on Wednesday, hitting $221.05. 1,160,100 shares of the company’s stock were exchanged, compared to its average volume of 915,437. Arista Networks has a 12-month low of $84.73 and a 12-month high of $221.67. The company has a market capitalization of $16,158.98, a price-to-earnings ratio of 53.14, a price-to-earnings-growth ratio of 2.04 and a beta of 1.31. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.66 and a quick ratio of 2.60.
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In other Arista Networks news, SVP Marc Taxay sold 2,000 shares of Arista Networks stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $176.09, for a total transaction of $352,180.00. Following the completion of the sale, the senior vice president now directly owns 13,002 shares in the company, valued at $2,289,522.18. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jayshree Ullal sold 81,380 shares of Arista Networks stock in a transaction that occurred on Wednesday, November 8th. The shares were sold at an average price of $211.89, for a total transaction of $17,243,608.20. Following the sale, the insider now owns 3,564 shares of the company’s stock, valued at $755,175.96. The disclosure for this sale can be found here. Insiders sold 129,342 shares of company stock valued at $26,256,265 over the last 90 days. 28.09% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the business. Hermes Investment Management Ltd. bought a new stake in Arista Networks during the third quarter valued at approximately $7,316,000. Sapphire Star Partners LP raised its stake in shares of Arista Networks by 56.9% during the third quarter. Sapphire Star Partners LP now owns 3,452 shares of the technology company’s stock worth $654,000 after acquiring an additional 1,252 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in shares of Arista Networks by 13.6% during the second quarter. State Board of Administration of Florida Retirement System now owns 65,336 shares of the technology company’s stock worth $9,787,000 after acquiring an additional 7,827 shares in the last quarter. Federated Investors Inc. PA purchased a new position in shares of Arista Networks during the second quarter worth approximately $3,090,000. Finally, Janus Capital Management LLC raised its stake in shares of Arista Networks by 115.5% during the first quarter. Janus Capital Management LLC now owns 35,749 shares of the technology company’s stock worth $4,728,000 after acquiring an additional 19,160 shares in the last quarter. Institutional investors and hedge funds own 59.43% of the company’s stock.
About Arista Networks
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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