Wells Fargo & Co. restated their outperform rating on shares of Arista Networks Inc. (NYSE:ANET) in a research note issued to investors on Wednesday morning.

Other analysts also recently issued reports about the company. Credit Suisse Group AG restated a buy rating and issued a $90.00 price objective on shares of Arista Networks in a report on Wednesday, August 24th. Deutsche Bank AG increased their price objective on Arista Networks from $80.00 to $85.00 and gave the company a buy rating in a report on Wednesday, September 14th. Needham & Company LLC restated a buy rating and issued a $105.00 price objective on shares of Arista Networks in a report on Monday, August 8th. Oppenheimer Holdings Inc. set a $90.00 price objective on Arista Networks and gave the company a buy rating in a report on Friday, August 5th. Finally, Argus began coverage on Arista Networks in a report on Tuesday, October 25th. They issued a buy rating and a $107.00 price objective for the company. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. Arista Networks presently has a consensus rating of Buy and an average price target of $90.14.

Arista Networks (NYSE:ANET) opened at 95.19 on Wednesday. The firm’s 50-day moving average price is $85.29 and its 200 day moving average price is $77.11. Arista Networks has a 12-month low of $52.51 and a 12-month high of $95.47. The company has a market capitalization of $6.68 billion, a price-to-earnings ratio of 41.17 and a beta of 1.12.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, November 3rd. The company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.10. The company 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 company’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.59 earnings per share. On average, analysts expect that Arista Networks will post $3.08 earnings per share for the current year.

In other news, insider Jayshree Ullal sold 386,291 shares of Arista Networks 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 Securities & Exchange Commission, which can be accessed through this link. Also, VP Mark Stephen Smith sold 11,150 shares of Arista Networks 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 sale, the vice president now directly owns 1,620 shares of the company’s stock, valued at $133,682.40. The disclosure for this sale can be found here. Insiders own 32.39% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Criterion Capital Management LLC bought a new stake in Arista Networks during the second quarter worth about $73,407,000. Alliancebernstein L.P. increased its stake in Arista Networks by 60.4% in the second quarter. Alliancebernstein L.P. now owns 2,552,042 shares of the company’s stock worth $164,300,000 after buying an additional 960,594 shares in the last quarter. FMR LLC increased its stake in Arista Networks by 261.4% in the second quarter. FMR LLC now owns 1,060,697 shares of the company’s stock worth $68,288,000 after buying an additional 767,197 shares in the last quarter. Capital Research Global Investors increased its stake in Arista Networks by 11.9% in the third quarter. Capital Research Global Investors now owns 6,592,122 shares of the company’s stock worth $560,858,000 after buying an additional 700,200 shares in the last quarter. Finally, Gilder Gagnon Howe & Co. LLC increased its stake in Arista Networks by 121.2% in the third quarter. Gilder Gagnon Howe & Co. LLC now owns 746,540 shares of the company’s stock worth $63,516,000 after buying an additional 409,112 shares in the last quarter. 54.58% of the stock is owned by institutional investors.

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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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