Arista Networks’ (ANET) “Positive” Rating Reiterated at Wells Fargo & Co.
Arista Networks Inc. (NYSE:ANET)‘s stock had its “positive” rating reaffirmed by equities research analysts at Wells Fargo & Co. in a report issued on Thursday.
A number of other brokerages have also weighed in on ANET. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $90.00 price target on shares of Arista Networks in a research note on Wednesday, August 24th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Arista Networks in a research note on Sunday, June 26th. Needham & Company LLC reaffirmed a “buy” rating on shares of Arista Networks in a research note on Sunday, June 26th. Zacks Investment Research lowered shares of Arista Networks from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, Citigroup Inc. reaffirmed a “buy” rating on shares of Arista Networks in a research note on Wednesday, June 22nd. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $78.79.
Arista Networks (NYSE:ANET) opened at 84.97 on Thursday. The company has a 50-day moving average of $81.87 and a 200-day moving average of $71.73. The firm has a market capitalization of $5.88 billion, a price-to-earnings ratio of 42.27 and a beta of 1.12. Arista Networks has a 1-year low of $52.51 and a 1-year high of $86.35.
Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.06. Arista Networks had a net margin of 15.03% and a return on equity of 20.45%. The firm had revenue of $268.70 million for the quarter, compared to analyst estimates of $262.98 million. During the same quarter in the previous year, the firm posted $0.54 earnings per share. The business’s revenue was up 37.4% on a year-over-year basis. On average, equities analysts predict that Arista Networks will post $2.93 earnings per share for the current year.
In related news, SVP Kenneth Duda sold 12,296 shares of the company’s stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $81.34, for a total transaction of $1,000,156.64. Following the completion of the sale, the senior vice president now owns 420 shares of the company’s stock, valued at $34,162.80. The transaction 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 dated Friday, July 15th. The stock was sold at an average price of $70.04, for a total transaction of $350,200.00. Following the sale, the vice president now directly owns 1,244 shares of the company’s stock, valued at approximately $87,129.76. The disclosure for this sale can be found here. 32.39% of the stock is currently owned by corporate insiders.
A number of large investors have recently bought and sold shares of ANET. Criterion Capital Management LLC purchased a new stake in Arista Networks during the second quarter valued at $73,407,000. Alliancebernstein L.P. boosted its stake in Arista Networks by 60.4% in the second quarter. Alliancebernstein L.P. now owns 2,552,042 shares of the company’s stock valued at $164,300,000 after buying an additional 960,594 shares in the last quarter. FMR LLC boosted its stake in Arista Networks by 261.4% in the second quarter. FMR LLC now owns 1,060,697 shares of the company’s stock valued at $68,288,000 after buying an additional 767,197 shares in the last quarter. Eaton Vance Management boosted its stake in Arista Networks by 166.5% in the second quarter. Eaton Vance Management now owns 523,374 shares of the company’s stock valued at $33,695,000 after buying an additional 327,000 shares in the last quarter. Finally, Henderson Group PLC purchased a new stake in Arista Networks during the second quarter valued at $20,274,000. 52.69% of the stock is owned by institutional investors and hedge funds.
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.
Receive News & Ratings for Arista Networks Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arista Networks Inc. and related companies with MarketBeat.com's FREE daily email newsletter.