Oppenheimer Holdings Inc. Analysts Give Arista Networks Inc. (ANET) a $90.00 Price Target
Arista Networks Inc. (NYSE:ANET) has been assigned a $90.00 price objective by research analysts at Oppenheimer Holdings Inc. in a report issued on Monday. The brokerage currently has a “buy” rating on the stock. Oppenheimer Holdings Inc.’s target price would indicate a potential upside of 2.30% from the company’s previous close.
ANET has been the subject of a number of other research reports. MKM Partners cut shares of Arista Networks from a “buy” rating to a “neutral” rating and cut their target price for the stock from $81.00 to $79.00 in a research note on Monday, September 19th. Credit Suisse Group AG restated a “buy” rating and set a $90.00 target price on shares of Arista Networks in a research note on Wednesday, August 24th. Argus began coverage on shares of Arista Networks in a research note on Tuesday, October 25th. They set a “buy” rating and a $107.00 target price for the company. Zacks Investment Research cut shares of Arista Networks from a “hold” rating to a “sell” rating in a research note on Tuesday, October 4th. Finally, Needham & Company LLC raised their target price on shares of Arista Networks from $105.00 to $110.00 and gave the stock a “buy” rating in a research note on Monday, October 31st. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Arista Networks has a consensus rating of “Buy” and an average target price of $86.36.
Arista Networks (NYSE:ANET) traded up 6.31% during mid-day trading on Monday, reaching $93.53. 1,375,782 shares of the company were exchanged. Arista Networks has a 12-month low of $52.51 and a 12-month high of $94.69. The company’s 50 day moving average price is $84.38 and its 200-day moving average price is $76.29. The stock has a market capitalization of $6.57 billion, a price-to-earnings ratio of 40.45 and a beta of 1.12.
Arista Networks (NYSE:ANET) last released its earnings results on Thursday, November 3rd. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.10. The business earned $290.26 million during the quarter, compared to the consensus estimate of $283.33 million. Arista Networks had a net margin of 16.15% and a return on equity of 20.69%. The firm’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.59 earnings per share. On average, equities research analysts forecast that Arista Networks will post $3.08 earnings per share for the current fiscal year.
In other Arista Networks news, insider Jayshree Ullal sold 386,291 shares of the company’s stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $87.97, for a total transaction of $33,982,019.27. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Mark Stephen Smith sold 11,150 shares of the company’s stock in a transaction on Monday, October 17th. The stock was sold at an average price of $82.52, for a total transaction of $920,098.00. Following the transaction, the vice president now owns 1,620 shares in the company, valued at approximately $133,682.40. The disclosure for this sale can be found here. Corporate insiders own 32.39% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Public Employees Retirement Association of Colorado raised its stake in 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 last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Arista Networks by 14.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,305 shares of the company’s stock valued at $111,000 after buying an additional 167 shares during the last quarter. D. Scott Neal Inc. purchased a new stake in Arista Networks during the third quarter valued at about $128,000. Quantbot Technologies LP purchased a new stake in Arista Networks during the second quarter valued at about $136,000. Finally, Seven Eight Capital LLC purchased a new stake in Arista Networks during the first quarter valued at about $150,000. Hedge funds and other institutional investors own 54.58% 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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