Arista Networks Inc. (ANET) Rating Increased to Neutral at Bank of America Corp.
Arista Networks Inc. (NYSE:ANET) was upgraded by equities research analysts at Bank of America Corp. from an “underperform” rating to a “neutral” rating in a report issued on Tuesday. The firm presently has a $97.00 price objective on the stock. Bank of America Corp.’s target price suggests a potential upside of 1.90% from the stock’s previous close.
A number of other analysts also recently issued reports on ANET. MKM Partners downgraded Arista Networks from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $81.00 to $79.00 in a research report on Monday, September 19th. BMO Capital Markets started coverage on Arista Networks in a research report on Thursday, August 18th. They issued an “outperform” rating and a $90.00 target price for the company. Needham & Company LLC reissued a “buy” rating and issued a $105.00 target price on shares of Arista Networks in a research report on Monday, August 8th. Oppenheimer Holdings Inc. set a $90.00 target price on Arista Networks and gave the stock a “buy” rating in a research report on Monday. Finally, Citigroup Inc. raised their target price on Arista Networks from $62.00 to $65.00 and gave the stock a “neutral” rating in a research report on Friday, August 26th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $90.14.
Shares of Arista Networks (NYSE:ANET) opened at 95.19 on Tuesday. The company has a market capitalization of $6.68 billion, a P/E ratio of 41.17 and a beta of 1.12. The stock’s 50 day moving average price is $85.29 and its 200-day moving average price is $77.11. Arista Networks has a 52-week low of $52.51 and a 52-week high of $95.47.
Arista Networks (NYSE:ANET) last issued 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 company earned $290.26 million during the quarter, compared to the consensus estimate of $283.33 million. Arista Networks had a return on equity of 20.69% and a net margin of 16.15%. Arista Networks’s revenue was up 33.4% on a year-over-year basis. During the same period last year, the business posted $0.59 earnings per share. On average, equities analysts expect that Arista Networks will post $3.08 earnings per share for the current year.
In related news, VP Mark Stephen Smith sold 11,150 shares of the business’s stock in a transaction dated 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Jayshree Ullal sold 105,847 shares of the business’s stock in a transaction dated Tuesday, August 30th. The shares were sold at an average price of $79.85, for a total value of $8,451,882.95. The disclosure for this sale can be found here. 32.39% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Group LTD increased its position in shares of Arista Networks by 29.8% in the first quarter. BlackRock Group LTD now owns 21,310 shares of the company’s stock worth $1,344,000 after buying an additional 4,887 shares in the last quarter. State Street Corp increased its position in shares of Arista Networks by 5.5% in the first quarter. State Street Corp now owns 635,968 shares of the company’s stock worth $40,130,000 after buying an additional 32,964 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Arista Networks by 13.1% in the first quarter. Geode Capital Management LLC now owns 232,489 shares of the company’s stock worth $14,669,000 after buying an additional 26,949 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Arista Networks by 150.6% in the first quarter. Renaissance Technologies LLC now owns 194,700 shares of the company’s stock worth $12,286,000 after buying an additional 117,000 shares in the last quarter. Finally, Panagora Asset Management Inc. increased its position in shares of Arista Networks by 1.9% in the first quarter. Panagora Asset Management Inc. now owns 55,104 shares of the company’s stock worth $3,477,000 after buying an additional 1,040 shares in the last quarter. 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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