Zacks Investment Research Upgrades Arista Networks Inc. (ANET) to Strong-Buy
Arista Networks Inc. (NYSE:ANET) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $99.00 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 15.93% from the stock’s current price.
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. “
ANET has been the topic of a number of other research reports. MKM Partners cut Arista Networks from a “buy” rating to a “neutral” rating and reduced their target price for the company from $81.00 to $79.00 in a research note on Monday, September 19th. BMO Capital Markets initiated coverage on Arista Networks in a research note on Thursday, August 18th. They issued an “outperform” rating and a $90.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and issued a $105.00 target price on shares of Arista Networks in a research note on Monday, August 8th. Citigroup Inc. increased their target price on Arista Networks from $62.00 to $65.00 and gave the company a “neutral” rating in a research note on Friday, August 26th. Finally, Jefferies Group reissued a “sell” rating and issued a $40.25 target price on shares of Arista Networks in a research note on Friday, August 5th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $85.62.
Arista Networks (NYSE:ANET) opened at 85.40 on Tuesday. The firm has a market capitalization of $6.00 billion, a P/E ratio of 36.94 and a beta of 1.12. Arista Networks has a 52 week low of $52.51 and a 52 week high of $87.62. The stock has a 50 day moving average price of $84.08 and a 200-day moving average price of $75.39.
Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Thursday, November 3rd. The company reported $0.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.10. Arista Networks had a return on equity of 20.69% and a net margin of 16.15%. The company had revenue of $290.26 million for the quarter, compared to the consensus estimate of $283.33 million. During the same quarter last year, the business posted $0.59 earnings per share. The firm’s revenue was up 33.4% compared to the same quarter last year. Analysts anticipate that Arista Networks will post $3.04 EPS for the current fiscal year.
In related news, VP Mark Stephen Smith sold 11,150 shares of the firm’s stock in a transaction that occurred on Monday, October 17th. The shares were sold at an average price of $82.52, for a total transaction of $920,098.00. Following the completion of the sale, the vice president now owns 1,620 shares of the company’s stock, valued at $133,682.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jayshree Ullal sold 54,542 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $79.85, for a total transaction of $4,355,178.70. The disclosure for this sale can be found here. Corporate insiders own 32.39% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Public Employees Retirement Association of Colorado increased its stake in shares of Arista Networks by 0.4% in the third quarter. Public Employees Retirement Association of Colorado now owns 1,257 shares of the company’s stock valued at $107,000 after buying an additional 5 shares during the period. D. Scott Neal Inc. purchased a new stake in shares of Arista Networks during the third quarter valued at $128,000. Quantbot Technologies LP bought a new stake in Arista Networks during the second quarter worth approximately $136,000. Seven Eight Capital LLC bought a new stake in Arista Networks during the first quarter worth approximately $150,000. Finally, 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 period. 52.69% of the stock is owned by institutional investors.
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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