Arista Networks, Inc. (NYSE:ANET) was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Wednesday.
ANET has been the topic of a number of other reports. UBS AG raised their price target on Arista Networks from $120.00 to $150.00 and gave the company a “neutral” rating in a report on Wednesday, May 31st. Argus reissued a “buy” rating on shares of Arista Networks in a report on Monday, August 7th. Jefferies Group LLC reissued a “hold” rating and set a $145.00 price target (up from $120.00) on shares of Arista Networks in a report on Wednesday, August 9th. Stifel Nicolaus reissued a “hold” rating and set a $165.00 price target (up from $145.00) on shares of Arista Networks in a report on Wednesday, August 9th. Finally, J P Morgan Chase & Co raised Arista Networks from a “neutral” rating to an “overweight” rating and raised their price target for the company from $144.00 to $186.00 in a report on Friday, August 4th. Fifteen analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $156.00.
Arista Networks (ANET) opened at 181.72 on Wednesday. Arista Networks has a 12 month low of $78.82 and a 12 month high of $185.41. The stock has a market capitalization of $13.18 billion, a PE ratio of 46.90 and a beta of 1.30. The stock has a 50 day moving average price of $171.12 and a 200 day moving average price of $150.29.
Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, August 3rd. The technology company reported $1.10 EPS for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.15. Arista Networks had a return on equity of 22.64% and a net margin of 21.74%. The company had revenue of $405.21 million for the quarter, compared to analysts’ expectations of $361.02 million. During the same period last year, the firm earned $0.74 EPS. Arista Networks’s revenue for the quarter was up 50.8% compared to the same quarter last year. On average, equities research analysts forecast that Arista Networks will post $4.66 earnings per share for the current fiscal year.
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In other news, insider Jayshree Ullal sold 80,064 shares of the business’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $158.08, for a total transaction of $12,656,517.12. Following the sale, the insider now directly owns 2,576 shares of the company’s stock, valued at $407,214.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Kenneth Duda sold 8,687 shares of the business’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $174.94, for a total transaction of $1,519,703.78. Following the sale, the senior vice president now directly owns 1,593 shares in the company, valued at $278,679.42. The disclosure for this sale can be found here. Insiders sold 626,331 shares of company stock worth $104,898,551 over the last ninety days. Corporate insiders own 28.09% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. Capital Research Global Investors boosted its holdings in Arista Networks by 2.8% in the second quarter. Capital Research Global Investors now owns 7,579,814 shares of the technology company’s stock valued at $1,135,380,000 after purchasing an additional 209,783 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Arista Networks by 7.1% in the second quarter. Vanguard Group Inc. now owns 3,763,999 shares of the technology company’s stock valued at $563,810,000 after purchasing an additional 249,753 shares during the last quarter. FMR LLC boosted its holdings in Arista Networks by 32.2% in the first quarter. FMR LLC now owns 3,288,755 shares of the technology company’s stock valued at $435,004,000 after purchasing an additional 800,465 shares during the last quarter. BlackRock Inc. boosted its holdings in Arista Networks by 41.1% in the second quarter. BlackRock Inc. now owns 2,376,973 shares of the technology company’s stock valued at $356,048,000 after purchasing an additional 692,651 shares during the last quarter. Finally, Harbour Capital Advisors LLC boosted its holdings in Arista Networks by 13,502.2% in the second quarter. Harbour Capital Advisors LLC now owns 1,228,278 shares of the technology company’s stock valued at $8,200,000 after purchasing an additional 1,219,248 shares during the last quarter. 59.34% of the stock is currently owned by institutional investors.
About Arista Networks
Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.
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