Arista Networks (NYSE:ANET) PT Raised to $424.00

Arista Networks (NYSE:ANET) had its price objective upped by analysts at KeyCorp from $370.00 to $424.00 in a note issued to investors on Thursday, The Fly reports. The firm presently has an “overweight” rating on the technology company’s stock. KeyCorp’s target price points to a potential upside of 15.48% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Morgan Stanley boosted their price objective on shares of Arista Networks from $345.00 to $420.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 6th. Credit Suisse Group boosted their price objective on shares of Arista Networks from $359.00 to $362.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 5th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $345.32.

Arista Networks stock opened at $367.17 on Thursday. The company’s 50 day moving average is $355.03. Arista Networks has a fifty-two week low of $192.96 and a fifty-two week high of $378.70. The company has a market capitalization of $28.00 billion, a P/E ratio of 43.04, a PEG ratio of 3.26 and a beta of 1.16.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Monday, May 3rd. The technology company reported $2.50 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.38 by $0.12. Arista Networks had a net margin of 27.48% and a return on equity of 20.73%. The firm had revenue of $667.56 million during the quarter, compared to the consensus estimate of $642.57 million. During the same quarter in the previous year, the firm posted $2.02 earnings per share. The company’s revenue was up 27.6% on a year-over-year basis. As a group, equities research analysts forecast that Arista Networks will post 8.75 earnings per share for the current year.

In other Arista Networks news, SVP Marc Taxay sold 498 shares of the company’s stock in a transaction dated Monday, May 3rd. The shares were sold at an average price of $315.82, for a total value of $157,278.36. Following the completion of the transaction, the senior vice president now owns 166 shares in the company, valued at $52,426.12. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 2,375 shares of the company’s stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $314.18, for a total transaction of $746,177.50. Following the completion of the transaction, the chief executive officer now owns 860 shares of the company’s stock, valued at approximately $270,194.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 89,146 shares of company stock worth $30,744,433. 22.01% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Carroll Financial Associates Inc. acquired a new position in shares of Arista Networks during the 1st quarter worth about $33,000. Parkside Financial Bank & Trust raised its position in shares of Arista Networks by 187.8% during the 1st quarter. Parkside Financial Bank & Trust now owns 118 shares of the technology company’s stock worth $36,000 after purchasing an additional 77 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in Arista Networks during the 4th quarter valued at about $40,000. Allred Capital Management LLC purchased a new stake in Arista Networks during the 1st quarter valued at about $45,000. Finally, Laffer Tengler Investments purchased a new stake in Arista Networks during the 4th quarter valued at about $53,000. Hedge funds and other institutional investors own 61.58% of the company’s stock.

About Arista Networks

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.

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