A number of other research analysts have also recently commented on the company. Bank of America Corp. cut Arista Networks from a buy rating to an underperform rating and set a $65.00 price target on the stock. in a report on Monday, June 27th. MKM Partners cut Arista Networks from a buy rating to a neutral rating and decreased their price objective for the stock from $81.00 to $79.00 in a report on Monday, September 19th. BMO Capital Markets began coverage on Arista Networks in a report on Thursday, August 18th. They set an outperform rating and a $90.00 price objective on the stock. Needham & Company LLC reaffirmed a buy rating and set a $105.00 price objective on shares of Arista Networks in a report on Monday, August 8th. Finally, Citigroup Inc. upped their price objective on Arista Networks from $62.00 to $65.00 and gave the stock a neutral rating in a report on Friday, August 26th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $78.79.
Shares of Arista Networks (NYSE:ANET) opened at 83.01 on Thursday. Arista Networks has a 52 week low of $52.51 and a 52 week high of $87.62. The company has a 50-day moving average price of $82.64 and a 200-day moving average price of $72.46. The stock has a market cap of $5.75 billion, a price-to-earnings ratio of 41.30 and a beta of 1.12.
Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.74 EPS for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.06. Arista Networks had a return on equity of 20.45% and a net margin of 15.03%. The company had revenue of $268.70 million for the quarter, compared to analysts’ expectations of $262.98 million. During the same period in the previous year, the firm earned $0.54 EPS. The firm’s revenue was up 37.4% compared to the same quarter last year. Equities analysts anticipate that Arista Networks will post $2.93 EPS for the current year.
In related news, SVP Kenneth Duda sold 11,746 shares of the company’s stock in a transaction on Monday, October 10th. The stock was sold at an average price of $86.53, for a total transaction of $1,016,381.38. Following the completion of the sale, the senior vice president now directly owns 420 shares in the company, valued at approximately $36,342.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Mark Stephen Smith sold 5,000 shares of the company’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $70.04, for a total value of $350,200.00. Following the sale, the vice president now owns 1,244 shares of the company’s stock, valued at $87,129.76. The disclosure for this sale can be found here. 32.39% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of ANET. Quantbot Technologies LP acquired a new stake in Arista Networks during the second quarter worth approximately $136,000. Seven Eight Capital LLC acquired a new stake in Arista Networks during the first quarter worth approximately $150,000. Metropolitan Life Insurance Co. NY boosted its stake in Arista Networks by 16.1% in the second quarter. Metropolitan Life Insurance Co. NY now owns 2,933 shares of the company’s stock worth $189,000 after buying an additional 406 shares during the period. Legal & General Group Plc boosted its stake in Arista Networks by 30.5% in the first quarter. Legal & General Group Plc now owns 3,006 shares of the company’s stock worth $190,000 after buying an additional 703 shares during the period. Finally, Bank of Montreal Can acquired a new stake in Arista Networks during the second quarter worth approximately $213,000. Hedge funds and other institutional investors own 52.69% of the company’s stock.
Arista Networks Company Profile
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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