Arista Networks’ (ANET) “Positive” Rating Reiterated at Wells Fargo & Co.
Arista Networks Inc. (NYSE:ANET)‘s stock had its “positive” rating reissued by research analysts at Wells Fargo & Co. in a research report issued on Thursday.
Several other equities research analysts also recently issued reports on the stock. Bank of America Corp. downgraded shares of Arista Networks from a “buy” rating to an “underperform” rating and set a $65.00 price target on the stock. in a research note on Monday, June 27th. MKM Partners lowered shares of Arista Networks from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $81.00 to $79.00 in a report on Monday, September 19th. BMO Capital Markets began coverage on shares of Arista Networks in a report on Thursday, August 18th. They set an “outperform” rating and a $90.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and set a $105.00 price objective on shares of Arista Networks in a report on Monday, August 8th. Finally, Citigroup Inc. raised their price objective on shares of Arista Networks from $62.00 to $65.00 and gave the stock a “neutral” rating in a report on Friday, August 26th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company. Arista Networks presently has a consensus rating of “Hold” and a consensus price target of $78.79.
Shares of Arista Networks (NYSE:ANET) opened at 84.97 on Thursday. Arista Networks has a one year low of $52.51 and a one year high of $86.35. The stock has a 50 day moving average of $81.87 and a 200-day moving average of $71.73. The stock has a market capitalization of $5.88 billion, a PE ratio of 42.27 and a beta of 1.12.
Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.06. Arista Networks had a net margin of 15.03% and a return on equity of 20.45%. The firm had revenue of $268.70 million for the quarter, compared to the consensus estimate of $262.98 million. During the same quarter in the previous year, the firm posted $0.54 EPS. The firm’s quarterly revenue was up 37.4% on a year-over-year basis. Equities analysts predict that Arista Networks will post $2.93 earnings per share for the current fiscal year.
In related news, SVP Kenneth Duda sold 12,296 shares of the business’s stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $81.34, for a total value of $1,000,156.64. Following the sale, the senior vice president now directly owns 420 shares in the company, valued at approximately $34,162.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mark Stephen Smith sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $70.04, for a total transaction of $350,200.00. Following the completion of the sale, the vice president now owns 1,244 shares in the company, valued at $87,129.76. The disclosure for this sale can be found here. Company insiders own 32.39% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in ANET. Quantbot Technologies LP acquired a new stake in Arista Networks during the second quarter worth approximately $136,000. Seven Eight Capital LLC acquired a new stake in Arista Networks during the first quarter worth approximately $150,000. Metropolitan Life Insurance Co. NY increased its stake in Arista Networks by 16.1% in the second quarter. Metropolitan Life Insurance Co. NY now owns 2,933 shares of the company’s stock worth $189,000 after buying an additional 406 shares during the last quarter. Legal & General Group Plc increased its stake in Arista Networks by 30.5% in the first quarter. Legal & General Group Plc now owns 3,006 shares of the company’s stock worth $190,000 after buying an additional 703 shares during the last quarter. Finally, Bank of Montreal Can acquired a new stake in Arista Networks during the second quarter worth approximately $213,000. Institutional investors and hedge funds own 52.69% of the company’s stock.
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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