JPMorgan Chase & Co. Raises Arista Networks (ANET) Price Target to $262.00

Arista Networks (NYSE:ANET) had its target price raised by equities research analysts at JPMorgan Chase & Co. from $255.00 to $262.00 in a research report issued to clients and investors on Friday, Marketbeat reports. The firm currently has a “hold” rating on the technology company’s stock. JPMorgan Chase & Co.’s price objective points to a potential upside of 1.64% from the stock’s current price.

Several other research firms have also commented on ANET. Morgan Stanley lowered Arista Networks from an “overweight” rating to an “equal weight” rating and set a $310.00 price target for the company. in a research report on Tuesday, September 4th. UBS Group began coverage on Arista Networks in a research report on Wednesday, September 26th. They set a “neutral” rating and a $290.00 price target for the company. Loop Capital raised their price target on Arista Networks to $260.00 and gave the stock a “hold” rating in a research report on Friday, August 3rd. They noted that the move was a valuation call. DA Davidson raised their price target on Arista Networks from $300.00 to $312.00 and gave the stock a “buy” rating in a research report on Friday, August 3rd. Finally, William Blair restated an “outperform” rating on shares of Arista Networks in a research report on Monday, September 17th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $288.91.

ANET stock opened at $257.77 on Friday. The company has a quick ratio of 2.87, a current ratio of 3.17 and a debt-to-equity ratio of 0.02. The firm has a market cap of $17.24 billion, a price-to-earnings ratio of 55.43, a price-to-earnings-growth ratio of 1.68 and a beta of 1.56. Arista Networks has a 52-week low of $192.75 and a 52-week high of $313.37.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, November 1st. The technology company reported $1.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.21. The company had revenue of $563.31 million during the quarter, compared to analysts’ expectations of $548.81 million. Arista Networks had a return on equity of 28.51% and a net margin of 28.07%. The firm’s quarterly revenue was up 28.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.62 earnings per share. As a group, equities research analysts anticipate that Arista Networks will post 6.44 earnings per share for the current fiscal year.

In related news, SVP Kenneth Duda sold 11,000 shares of Arista Networks stock in a transaction on Wednesday, October 10th. The stock was sold at an average price of $229.24, for a total value of $2,521,640.00. Following the completion of the transaction, the senior vice president now directly owns 2,664 shares in the company, valued at $610,695.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jayshree Ullal sold 76,659 shares of Arista Networks stock in a transaction on Friday, August 24th. The shares were sold at an average price of $306.41, for a total value of $23,489,084.19. Following the completion of the transaction, the insider now owns 3,809 shares of the company’s stock, valued at $1,167,115.69. The disclosure for this sale can be found here. Over the last quarter, insiders sold 214,737 shares of company stock valued at $63,805,710. 24.95% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in ANET. Renaissance Technologies LLC lifted its holdings in Arista Networks by 26.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,093,700 shares of the technology company’s stock worth $281,617,000 after buying an additional 227,500 shares during the last quarter. Sumitomo Mitsui Asset Management Company LTD lifted its holdings in Arista Networks by 509.0% during the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 243,420 shares of the technology company’s stock worth $62,678,000 after buying an additional 203,448 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in Arista Networks by 51.5% during the 2nd quarter. Janus Henderson Group PLC now owns 424,339 shares of the technology company’s stock worth $109,264,000 after buying an additional 144,273 shares during the last quarter. BlackRock Inc. lifted its holdings in Arista Networks by 5.3% during the 2nd quarter. BlackRock Inc. now owns 2,805,544 shares of the technology company’s stock worth $722,399,000 after buying an additional 140,468 shares during the last quarter. Finally, Ardevora Asset Management LLP lifted its holdings in Arista Networks by 136,739.7% during the 2nd quarter. Ardevora Asset Management LLP now owns 99,893 shares of the technology company’s stock worth $25,721,000 after buying an additional 99,820 shares during the last quarter. Hedge funds and other institutional investors own 54.49% of the company’s stock.

About Arista Networks

Arista Networks, Inc provides cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of its extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.

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