Jefferies Group LLC Raises Arista Networks, Inc. (ANET) Price Target to $180.00
Arista Networks, Inc. (NYSE:ANET) had its target price hoisted by investment analysts at Jefferies Group LLC from $145.00 to $180.00 in a report issued on Friday. The firm presently has a “hold” rating on the technology company’s stock. Jefferies Group LLC’s price target points to a potential downside of 9.40% from the company’s current price.
A number of other equities research analysts have also issued reports on ANET. Nomura upped their target price on shares of Arista Networks from $173.00 to $185.00 and gave the stock a “neutral” rating in a report on Friday. Argus reaffirmed a “buy” rating on shares of Arista Networks in a report on Monday, August 7th. BMO Capital Markets upped their target price on shares of Arista Networks to $205.00 and gave the stock a “market perform” rating in a report on Friday. They noted that the move was a valuation call. Stifel Nicolaus reaffirmed a “hold” rating and set a $165.00 target price (up previously from $145.00) on shares of Arista Networks in a report on Wednesday, August 9th. Finally, Royal Bank Of Canada upped their target price on shares of Arista Networks from $190.00 to $200.00 and gave the stock a “sector perform” rating in a report on Friday. Fifteen 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. The company currently has an average rating of “Buy” and a consensus target price of $177.90.
Arista Networks (NYSE:ANET) last released its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.15. Arista Networks had a net margin of 25.10% and a return on equity of 26.23%. The business had revenue of $405.21 million during the quarter, compared to analyst estimates of $361.02 million. During the same quarter in the prior year, the firm earned $0.74 earnings per share. The company’s revenue for the quarter was up 50.8% compared to the same quarter last year.
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In other Arista Networks news, SVP Kenneth Duda sold 8,827 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $168.06, for a total value of $1,483,465.62. Following the completion of the sale, the senior vice president now owns 1,202 shares of the company’s stock, valued at $202,008.12. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Jayshree Ullal sold 148,989 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $173.74, for a total value of $25,885,348.86. Following the completion of the sale, the insider now directly owns 2,576 shares of the company’s stock, valued at approximately $447,554.24. The disclosure for this sale can be found here. Insiders sold 198,778 shares of company stock worth $34,901,741 over the last quarter. 28.09% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in shares of Arista Networks during the 1st quarter worth $164,000. Legal & General Group Plc raised its stake in shares of Arista Networks by 209.1% during the 1st quarter. Legal & General Group Plc now owns 13,398 shares of the technology company’s stock worth $1,772,000 after buying an additional 9,064 shares during the last quarter. Morgan Stanley raised its stake in shares of Arista Networks by 21.4% during the 1st quarter. Morgan Stanley now owns 206,066 shares of the technology company’s stock worth $27,257,000 after buying an additional 36,323 shares during the last quarter. BlackRock Inc. raised its stake in shares of Arista Networks by 34,238.9% during the 1st quarter. BlackRock Inc. now owns 1,684,322 shares of the technology company’s stock worth $222,784,000 after buying an additional 1,679,417 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of Arista Networks by 6.6% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 112,315 shares of the technology company’s stock worth $14,856,000 after buying an additional 6,948 shares during the last quarter. 59.38% of the stock is owned by institutional investors.
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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