Arista Networks Inc (NYSE:ANET)‘s stock had its “outperform” rating reaffirmed by investment analysts at Oppenheimer Holdings Inc. in a research report issued on Friday. They currently have a $142.00 price target on the stock, up from their previous price target of $120.00. Oppenheimer Holdings Inc.’s price objective suggests a potential upside of 8.95% from the stock’s previous close.
Several other equities research analysts have also commented on ANET. Stifel Nicolaus reiterated a “buy” rating and set a $102.00 price objective on shares of Arista Networks in a research note on Friday, November 18th. Royal Bank of Canada boosted their price objective on Arista Networks from $84.00 to $95.00 and gave the stock a “sector perform” rating in a research note on Monday, November 21st. BMO Capital Markets boosted their price objective on Arista Networks from $93.00 to $110.00 and gave the stock a “positive” rating in a research note on Monday, November 21st. Bank of America Corp upgraded Arista Networks from an “underperform” rating to a “neutral” rating and set a $97.00 price objective for the company in a research note on Tuesday, November 22nd. Finally, Pacific Crest boosted their price objective on Arista Networks from $94.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 22nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. Arista Networks has a consensus rating of “Buy” and a consensus price target of $111.56.
Shares of Arista Networks (NYSE:ANET) opened at 130.33 on Friday. Arista Networks has a 52 week low of $57.89 and a 52 week high of $131.43. The company’s 50 day moving average price is $111.54 and its 200-day moving average price is $94.72. The company has a market capitalization of $9.25 billion, a price-to-earnings ratio of 52.13 and a beta of 1.15.
Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, February 16th. The company reported $1.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.22. Arista Networks had a return on equity of 20.69% and a net margin of 16.15%. The company earned $328 million during the quarter, compared to analyst estimates of $315.40 million. During the same period in the previous year, the business earned $0.80 EPS. Arista Networks’s quarterly revenue was up 33.6% on a year-over-year basis. Analysts anticipate that Arista Networks will post $3.74 earnings per share for the current fiscal year.
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In related news, insider Anshul Sadana sold 15,000 shares of the stock in a transaction that occurred on Wednesday, January 4th. The stock was sold at an average price of $100.34, for a total value of $1,505,100.00. Following the completion of the transaction, the insider now directly owns 192,664 shares in the company, valued at $19,331,905.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Marc Taxay sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $120.15, for a total value of $240,300.00. Following the completion of the transaction, the senior vice president now owns 10,650 shares of the company’s stock, valued at $1,279,597.50. The disclosure for this sale can be found here. Insiders sold 22,000 shares of company stock valued at $2,194,850 over the last quarter. 32.39% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ANET. Capital Research Global Investors boosted its position in Arista Networks by 11.9% in the third quarter. Capital Research Global Investors now owns 6,592,122 shares of the company’s stock worth $560,858,000 after buying an additional 700,200 shares during the period. FMR LLC boosted its position in Arista Networks by 44.5% in the fourth quarter. FMR LLC now owns 2,488,290 shares of the company’s stock worth $240,792,000 after buying an additional 766,800 shares during the period. Ameriprise Financial Inc. boosted its position in Arista Networks by 8.8% in the third quarter. Ameriprise Financial Inc. now owns 1,445,297 shares of the company’s stock worth $122,966,000 after buying an additional 117,492 shares during the period. Criterion Capital Management LLC boosted its position in Arista Networks by 4.9% in the third quarter. Criterion Capital Management LLC now owns 1,195,947 shares of the company’s stock worth $101,751,000 after buying an additional 55,730 shares during the period. Finally, William Blair Investment Management LLC boosted its position in Arista Networks by 58.9% in the fourth quarter. William Blair Investment Management LLC now owns 1,042,333 shares of the company’s stock worth $100,867,000 after buying an additional 386,253 shares during the period. Institutional investors own 54.94% of the company’s stock.
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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