Arista Networks Inc. (ANET) Downgraded to Sell at Zacks Investment Research
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 have also issued reports about the stock. 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 price objective on shares of Arista Networks in a research report on Tuesday, June 14th. TheStreet raised shares of Arista Networks from a hold rating to a buy rating in a research report on Monday, June 6th. Finally, Bank of America Corp. reiterated a buy rating and issued a $85.00 price target (up previously from $75.00) on shares of Arista Networks in a report on Monday, June 6th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the stock. The company has an average rating of Hold and an average price target of $78.79.
Arista Networks (NYSE:ANET) opened at 85.14 on Tuesday. Arista Networks has a 12-month low of $52.51 and a 12-month high of $86.35. The stock has a 50 day moving average of $82.27 and a 200 day moving average of $72.00. The stock has a market cap of $5.90 billion, a P/E ratio of 42.36 and a beta of 1.12.
Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.06. The firm earned $268.70 million during the quarter, compared to analyst estimates of $262.98 million. Arista Networks had a net margin of 15.03% and a return on equity of 20.45%. Arista Networks’s revenue was up 37.4% on a year-over-year basis. During the same period last year, the firm posted $0.54 EPS. On average, equities research analysts anticipate that Arista Networks will post $2.93 earnings per share for the current fiscal year.
In other news, VP Mark Stephen Smith sold 5,000 shares of the stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $70.04, for a total transaction of $350,200.00. Following the transaction, the vice president now owns 1,244 shares in the company, valued at approximately $87,129.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kenneth Duda sold 13,938 shares of the stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $72.20, for a total value of $1,006,323.60. The disclosure for this sale can be found here. Insiders own 32.39% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in ANET. State Street Corp raised its position in shares of Arista Networks by 5.5% in the first quarter. State Street Corp now owns 635,968 shares of the company’s stock worth $40,130,000 after buying an additional 32,964 shares during the period. BlackRock Inc. raised its position in shares of Arista Networks by 315.7% in the first quarter. BlackRock Inc. now owns 3,999 shares of the company’s stock worth $252,000 after buying an additional 3,037 shares during the period. Smith Asset Management Group LP acquired a new position in shares of Arista Networks during the second quarter worth about $1,124,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Arista Networks during the first quarter worth about $5,978,000. Finally, Baltimore Washington Financial Advisors Inc. raised its position in shares of Arista Networks by 4.9% in the second quarter. Baltimore Washington Financial Advisors Inc. now owns 41,950 shares of the company’s stock worth $2,700,000 after buying an additional 1,975 shares during the period. Hedge funds and other institutional investors own 52.69% of the company’s stock.
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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