Arista Networks Inc. (NYSE:ANET) was downgraded by MKM Partners from a “buy” rating to a “neutral” rating in a report issued on Monday. They presently have a $79.00 price objective on the stock, down from their previous price objective of $81.00. MKM Partners’ target price would indicate a potential downside of 3.45% from the stock’s current price.
ANET has been the topic of several other research reports. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Arista Networks in a research note on Wednesday, August 24th. Deutsche Bank AG lifted their target price on Arista Networks from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, September 14th. Citigroup Inc. reissued a “buy” rating on shares of Arista Networks in a research note on Wednesday, June 22nd. Royal Bank Of Canada lifted their target price on Arista Networks from $70.00 to $80.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 31st. Finally, Zacks Investment Research downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 6th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and sixteen have issued a buy rating to the stock. Arista Networks presently has an average rating of “Hold” and a consensus target price of $78.79.
Shares of Arista Networks (NYSE:ANET) opened at 81.82 on Monday. The firm has a 50-day moving average price of $78.29 and a 200 day moving average price of $69.81. Arista Networks has a 12 month low of $52.51 and a 12 month high of $85.10. The company has a market cap of $5.67 billion, a P/E ratio of 40.71 and a beta of 1.14.
Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.74 EPS for the quarter, topping the 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 firm had revenue of $268.70 million for the quarter, compared to the consensus estimate of $262.98 million. During the same quarter last year, the company earned $0.54 earnings per share. The business’s revenue for the quarter was up 37.4% compared to the same quarter last year. Equities analysts predict that Arista Networks will post $2.93 earnings per share for the current year.
In other news, SVP Kenneth Duda sold 15,150 shares of Arista Networks stock in a transaction that occurred on Friday, July 8th. The stock was sold at an average price of $67.64, for a total value of $1,024,746.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jayshree Ullal sold 56,279 shares of Arista Networks stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $80.70, for a total value of $4,541,715.30. The disclosure for this sale can be found here. 32.39% of the stock is owned by insiders.
Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Arista Networks by 10.7% in the second quarter. Vanguard Group Inc. now owns 2,832,779 shares of the company’s stock worth $182,373,000 after buying an additional 273,119 shares during the period. Alliancebernstein L.P. boosted its position in shares of Arista Networks by 60.4% in the second quarter. Alliancebernstein L.P. now owns 2,552,042 shares of the company’s stock worth $164,300,000 after buying an additional 960,594 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Arista Networks by 4.0% in the second quarter. Ameriprise Financial Inc. now owns 1,327,805 shares of the company’s stock worth $85,483,000 after buying an additional 50,686 shares during the period. Criterion Capital Management LLC bought a new position in shares of Arista Networks during the second quarter worth approximately $73,407,000. Finally, FMR LLC boosted its position in shares of Arista Networks by 261.4% in the second quarter. FMR LLC now owns 1,060,697 shares of the company’s stock worth $68,288,000 after buying an additional 767,197 shares during the period. 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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