Pacific Crest Increases Arista Networks Inc. (ANET) Price Target to $100.00
Arista Networks Inc. (NYSE:ANET) had its price target raised by investment analysts at Pacific Crest from $94.00 to $100.00 in a research note issued on Tuesday. The brokerage presently has an “overweight” rating on the stock. Pacific Crest’s price objective indicates a potential upside of 5.05% from the company’s current price.
Other research analysts have also issued reports about the company. Credit Suisse Group AG reissued a “buy” rating and set a $90.00 target price on shares of Arista Networks in a report on Wednesday, August 24th. Deutsche Bank AG boosted their price target on Arista Networks from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, September 14th. Needham & Company LLC restated a “buy” rating and issued a $105.00 price target on shares of Arista Networks in a research note on Monday, August 8th. Oppenheimer Holdings Inc. set a $90.00 price target on Arista Networks and gave the company a “buy” rating in a research note on Friday, August 5th. Finally, Argus assumed coverage on Arista Networks in a research note on Tuesday, October 25th. They issued a “buy” rating and a $107.00 price target 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 given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $90.14.
Shares of Arista Networks (NYSE:ANET) opened at 95.19 on Tuesday. Arista Networks has a 52 week low of $52.51 and a 52 week high of $95.47. The stock has a 50 day moving average price of $85.29 and a 200-day moving average price of $77.11. The firm 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 posted its earnings results on Thursday, November 3rd. The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.10. The business had revenue of $290.26 million for the quarter, compared to analyst estimates of $283.33 million. Arista Networks had a return on equity of 20.69% and a net margin of 16.15%. The firm’s revenue was up 33.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.59 EPS. On average, equities research analysts forecast that Arista Networks will post $3.08 earnings per share for the current year.
In other news, VP Mark Stephen Smith sold 5,000 shares of the stock in a transaction dated Tuesday, November 15th. The stock was sold at an average price of $87.86, for a total value of $439,300.00. Following the completion of the sale, the vice president now owns 1,620 shares of the company’s stock, valued at $142,333.20. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jayshree Ullal sold 54,542 shares of the stock in a transaction dated 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. 32.39% of the stock is owned by insiders.
Large investors have recently modified their holdings of the stock. Marcus Capital LLC boosted its stake in shares of Arista Networks by 14.8% in the second quarter. Marcus Capital LLC now owns 32,950 shares of the company’s stock valued at $2,121,000 after buying an additional 4,250 shares during the last quarter. Nordea Investment Management AB boosted its stake in shares of Arista Networks by 251.8% in the second quarter. Nordea Investment Management AB now owns 8,173 shares of the company’s stock valued at $526,000 after buying an additional 5,850 shares during the last quarter. Creative Planning boosted its stake in shares of Arista Networks by 4.0% in the second quarter. Creative Planning now owns 4,658 shares of the company’s stock valued at $300,000 after buying an additional 177 shares during the last quarter. Alpha Windward LLC bought a new stake in shares of Arista Networks during the second quarter valued at $371,000. Finally, Herald Investment Management Ltd boosted its stake in shares of Arista Networks by 145.8% in the first quarter. Herald Investment Management Ltd now owns 7,250 shares of the company’s stock valued at $457,000 after buying an additional 4,300 shares during the last quarter. 54.58% of the stock is owned by institutional investors.
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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