Stifel Nicolaus Initiates Coverage on Arista Networks Inc. (ANET)
Equities researchers at Stifel Nicolaus started coverage on shares of Arista Networks Inc. (NYSE:ANET) in a research note issued to investors on Friday. The firm set a “buy” rating and a $102.00 price target on the stock. Stifel Nicolaus’ price objective points to a potential upside of 15.86% from the company’s current price.
A number of other research firms have also recently weighed in on ANET. Zacks Investment Research upgraded Arista Networks from a “hold” rating to a “strong-buy” rating and set a $99.00 price target for the company in a report on Tuesday, November 8th. Needham & Company LLC upped their price target on Arista Networks from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, October 31st. 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 report on Monday, September 19th. Wells Fargo & Co. reaffirmed a “positive” rating on shares of Arista Networks in a research report on Thursday, October 6th. Finally, Argus started coverage on Arista Networks in a research report on Tuesday, October 25th. They issued a “buy” rating and a $107.00 target price on the stock. Three analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $86.36.
Arista Networks (NYSE:ANET) opened at 88.04 on Friday. The stock has a market capitalization of $6.18 billion, a price-to-earnings ratio of 38.08 and a beta of 1.12. The stock’s 50 day moving average is $84.40 and its 200-day moving average is $76.22. Arista Networks has a 12 month low of $52.51 and a 12 month high of $88.88.
Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, November 3rd. The company reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.10. The firm earned $290.26 million during the quarter, compared to analysts’ expectations of $283.33 million. Arista Networks had a return on equity of 20.69% and a net margin of 16.15%. Arista Networks’s quarterly revenue was up 33.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.59 EPS. On average, equities research analysts expect that Arista Networks will post $3.08 earnings per share for the current year.
In related news, SVP Kenneth Duda sold 11,746 shares of the stock in a transaction on Monday, October 10th. The stock was sold at an average price of $86.53, for a total value of $1,016,381.38. Following the completion of the transaction, the senior vice president now owns 420 shares in the company, valued at approximately $36,342.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jayshree Ullal sold 54,542 shares of the stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $79.85, for a total value of $4,355,178.70. The disclosure for this sale can be found here. Corporate insiders own 32.39% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in ANET. Scout Investments Inc. bought a new position in Arista Networks during the third quarter worth $22,366,000. Price T Rowe Associates Inc. MD raised its position in Arista Networks by 42.2% in the third quarter. Price T Rowe Associates Inc. MD now owns 57,952 shares of the company’s stock worth $4,931,000 after buying an additional 17,211 shares during the period. LPL Financial LLC raised its position in Arista Networks by 16.6% in the third quarter. LPL Financial LLC now owns 4,618 shares of the company’s stock worth $394,000 after buying an additional 656 shares during the period. Credit Suisse AG raised its position in Arista Networks by 154.7% in the third quarter. Credit Suisse AG now owns 57,974 shares of the company’s stock worth $4,933,000 after buying an additional 35,211 shares during the period. Finally, 1832 Asset Management L.P. bought a new position in Arista Networks during the third quarter worth $30,091,000. Institutional investors and hedge funds own 54.37% of the company’s stock.
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.
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