Zacks Investment Research Downgrades Arista Networks Inc. (ANET) to Sell
Arista Networks Inc. (NYSE:ANET) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Arista Networks, Inc. is engaged in providing cloud networking solutions for datacentre and cloud computing environments. It offers ethernet switches, pass-through cards, transceivers, cards, and enhanced operating systems, host adapter solutions and networking services. The Company serves a range of industries, including Internet companies, service providers, financial services organizations, government agencies, and media and entertainment companies. Arista Networks, Inc. is headquartered in Santa Clara, California. “
Several other research firms have also recently issued reports on ANET. MKM Partners cut Arista Networks from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $81.00 to $79.00 in a research note on Monday, September 19th. Deutsche Bank AG increased their price target on Arista Networks from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, September 14th. Royal Bank Of Canada increased their price target on Arista Networks from $70.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 31st. RBC Capital Markets reissued a “hold” rating and issued a $80.00 price target (up previously from $70.00) on shares of Arista Networks in a research note on Wednesday, August 31st. Finally, Citigroup Inc. increased their price target on Arista Networks from $62.00 to $65.00 and gave the stock a “neutral” rating in a research note on Friday, August 26th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $78.79.
Shares of Arista Networks (NYSE:ANET) traded up 0.24% on Tuesday, reaching $85.25. 383,273 shares of the company traded hands. The firm has a 50-day moving average of $81.46 and a 200-day moving average of $71.44. The company has a market capitalization of $5.90 billion, a PE ratio of 42.41 and a beta of 1.12. Arista Networks has a 52-week low of $52.51 and a 52-week high of $86.35.
Arista Networks (NYSE:ANET) last issued its earnings results on Thursday, August 4th. The company reported $0.74 earnings per share for the quarter, topping 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 firm had revenue of $268.70 million for the quarter, compared to analyst estimates of $262.98 million. During the same period last year, the company earned $0.54 earnings per share. The firm’s revenue for the quarter was up 37.4% on a year-over-year basis. On average, equities research analysts forecast that Arista Networks will post $2.93 earnings per share for the current fiscal year.
In other news, VP Mark Stephen Smith sold 5,000 shares of the stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $70.04, for a total transaction of $350,200.00. Following the transaction, the vice president now owns 1,244 shares of the company’s stock, valued at approximately $87,129.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jayshree Ullal sold 105,847 shares of the stock in a transaction dated Tuesday, August 30th. The shares were 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.
Several hedge funds and other institutional investors have recently modified their holdings of ANET. Virginia Retirement System bought a new position in shares of Arista Networks during the first quarter worth approximately $1,174,000. BlackRock Inc. raised its position in shares of Arista Networks by 315.7% in the first quarter. BlackRock Inc. now owns 3,999 shares of the company’s stock worth $252,000 after buying an additional 3,037 shares in the last quarter. BlackRock Group LTD raised its position in shares of Arista Networks by 29.8% in the first quarter. BlackRock Group LTD now owns 21,310 shares of the company’s stock worth $1,344,000 after buying an additional 4,887 shares in the last quarter. Blue Rock Advisors LLC bought a new position in shares of Arista Networks during the first quarter worth approximately $500,000. Finally, Menta Capital LLC bought a new position in shares of Arista Networks during the first quarter worth approximately $1,432,000. 52.69% of the stock is currently owned by institutional investors and hedge funds.
About Arista Networks
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.
Receive News & Stock Ratings for Arista Networks Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arista Networks Inc. and related stocks with our FREE daily email newsletter.