Arista Networks Inc. (ANET) Receives $86.95 Consensus Target Price from Brokerages
Shares of Arista Networks Inc. (NYSE:ANET) have received an average rating of “Buy” from the twenty-nine analysts that are covering the firm. Three equities research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation, eighteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $87.70.
A number of equities research analysts have commented on ANET shares. MKM Partners cut Arista Networks from a “buy” rating to a “neutral” rating and decreased their price target for the company from $81.00 to $79.00 in a report on Monday, September 19th. BMO Capital Markets started coverage on Arista Networks in a report on Thursday, August 18th. They set an “outperform” rating and a $90.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and set a $105.00 price target on shares of Arista Networks in a report on Monday, August 8th. Citigroup Inc. raised their price target on Arista Networks from $62.00 to $65.00 and gave the company a “neutral” rating in a report on Friday, August 26th. Finally, Jefferies Group reissued a “sell” rating and set a $40.25 price target on shares of Arista Networks in a report on Friday, August 5th.
In other Arista Networks news, insider Jayshree Ullal sold 54,542 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $79.85, for a total transaction of $4,355,178.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 11,746 shares of the business’s stock in a transaction that occurred on Monday, October 10th. The shares were sold at an average price of $86.53, for a total value of $1,016,381.38. Following the transaction, the senior vice president now owns 420 shares of the company’s stock, valued at approximately $36,342.60. The disclosure for this sale can be found here. Company insiders own 32.39% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors raised its position in shares of Arista Networks by 11.9% in the third quarter. Capital Research Global Investors now owns 6,592,122 shares of the company’s stock valued at $560,858,000 after buying an additional 700,200 shares during the period. Vanguard Group Inc. raised its position in shares of Arista Networks by 10.7% in the second quarter. Vanguard Group Inc. now owns 2,832,779 shares of the company’s stock valued at $182,373,000 after buying an additional 273,119 shares during the period. Alliancebernstein L.P. raised its position in shares of Arista Networks by 60.4% in the second quarter. Alliancebernstein L.P. now owns 2,552,042 shares of the company’s stock valued at $164,300,000 after buying an additional 960,594 shares during the period. Ameriprise Financial Inc. raised its position in shares of Arista Networks by 8.8% in the third quarter. Ameriprise Financial Inc. now owns 1,445,297 shares of the company’s stock valued at $122,966,000 after buying an additional 117,492 shares during the period. Finally, Criterion Capital Management LLC raised its position in shares of Arista Networks by 4.9% in the third quarter. Criterion Capital Management LLC now owns 1,195,947 shares of the company’s stock valued at $101,751,000 after buying an additional 55,730 shares during the period. Institutional investors and hedge funds own 54.37% of the company’s stock.
Shares of Arista Networks (NYSE:ANET) opened at 87.98 on Monday. The company’s 50-day moving average price is $84.40 and its 200 day moving average price is $76.22. Arista Networks has a one year low of $52.51 and a one year high of $89.36. The stock has a market capitalization of $6.18 billion, a PE ratio of 38.05 and a beta of 1.12.
Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, November 3rd. The company reported $0.83 EPS for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.10. The business had revenue of $290.26 million for 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%. The business’s quarterly revenue was up 33.4% on a year-over-year basis. During the same period last year, the firm earned $0.59 earnings per share. Analysts anticipate that Arista Networks will post $3.08 EPS for the current year.
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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