Arista Networks Inc. (NYSE:ANET) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Arista Networks, Inc. is engaged in providing cloud networking solutions for datacentre and cloud computing environments. It offers ethernet switches, pass-through cards, transceivers, cards, and enhanced operating systems, host adapter solutions and networking services. The Company serves a range of industries, including Internet companies, service providers, financial services organizations, government agencies, and media and entertainment companies. Arista Networks, Inc. is headquartered in Santa Clara, California. “
Other equities analysts also recently issued research reports about the company. Citigroup Inc. reaffirmed a “buy” rating on shares of Arista Networks in a research report on Wednesday, June 22nd. Deutsche Bank AG reaffirmed a “buy” rating on shares of Arista Networks in a research report on Wednesday, June 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $105.00 target price on shares of Arista Networks in a research report on Tuesday, June 14th. TheStreet raised Arista Networks from a “hold” rating to a “buy” rating in a research report on Monday, June 6th. Finally, Bank of America Corp. reaffirmed a “buy” rating and issued a $85.00 target price (up previously from $75.00) on shares of Arista Networks in a research report on Monday, June 6th. Four investment 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 company presently has a consensus rating of “Hold” and an average target price of $78.79.
Shares of Arista Networks (NYSE:ANET) traded up 0.24% during trading on Tuesday, reaching $85.25. The company’s stock had a trading volume of 383,273 shares. The firm’s 50-day moving average is $81.46 and its 200 day moving average is $71.44. The company has a market cap of $5.90 billion, a PE ratio of 42.41 and a beta of 1.12. Arista Networks has a 52-week low of $52.51 and a 52-week high of $86.35.
Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.06. The firm had revenue of $268.70 million for the quarter, compared to analyst estimates of $262.98 million. Arista Networks had a return on equity of 20.45% and a net margin of 15.03%. The business’s revenue for the quarter was up 37.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.54 earnings per share. On average, equities research analysts predict that Arista Networks will post $2.93 EPS for the current fiscal year.
In other news, SVP Kenneth Duda sold 15,150 shares of Arista Networks stock in a transaction dated Friday, July 8th. The stock was sold at an average price of $67.64, for a total value of $1,024,746.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Mark Stephen Smith sold 5,000 shares of Arista Networks stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $70.04, for a total value of $350,200.00. Following the completion of the transaction, the vice president now directly owns 1,244 shares of the company’s stock, valued at $87,129.76. The disclosure for this sale can be found here. Corporate insiders own 32.39% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Quantbot Technologies LP acquired a new position in Arista Networks during the second quarter valued at $136,000. Seven Eight Capital LLC acquired a new position in Arista Networks during the first quarter valued at $150,000. Metropolitan Life Insurance Co. NY raised its position 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 valued at $189,000 after buying an additional 406 shares during the period. Legal & General Group Plc raised its position in Arista Networks by 30.5% in the first quarter. Legal & General Group Plc now owns 3,006 shares of the company’s stock valued at $190,000 after buying an additional 703 shares during the period. Finally, Bank of Montreal Can acquired a new position in Arista Networks during the second quarter valued at $213,000. 52.69% of the stock is owned by hedge funds and other institutional investors.
About Arista Networks
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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