Arista Networks, Inc. (ANET) Rating Increased to Hold at Jefferies Group LLC
Arista Networks, Inc. (NYSE:ANET) was upgraded by research analysts at Jefferies Group LLC from an “underperform” rating to a “hold” rating in a research note issued to investors on Friday. The brokerage presently has a $100.00 price objective on the stock, up from their previous price objective of $50.00. Jefferies Group LLC’s target price would suggest a potential downside of 16.01% from the company’s current price.
Several other equities research analysts have also commented on the company. Barclays PLC upped their price objective on Arista Networks from $90.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 7th. BMO Capital Markets restated an “outperform” rating and issued a $110.00 price objective on shares of Arista Networks in a research report on Tuesday, January 17th. Oppenheimer Holdings, Inc. set a $90.00 price objective on Arista Networks and gave the stock a “buy” rating in a research report on Monday, November 21st. Raymond James Financial, Inc. restated a “market perform” rating on shares of Arista Networks in a research report on Monday, November 7th. Finally, Argus started coverage on Arista Networks in a research report on Tuesday, October 25th. They issued a “buy” rating and a $107.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $102.89.
Arista Networks (NYSE:ANET) traded up 18.86% on Friday, hitting $119.06. 5,910,420 shares of the company were exchanged. Arista Networks has a 52-week low of $55.00 and a 52-week high of $119.45. The stock’s 50-day moving average price is $95.83 and its 200-day moving average price is $87.00. The stock has a market capitalization of $8.33 billion, a P/E ratio of 47.62 and a beta of 1.15.
Arista Networks (NYSE:ANET) last released 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 business had revenue of $328 million for the quarter, compared to analyst estimates of $315.40 million. During the same quarter in the prior year, the firm posted $0.80 EPS. The business’s quarterly revenue was up 33.6% compared to the same quarter last year. On average, equities research analysts anticipate that Arista Networks will post $3.47 earnings per share for the current fiscal year.
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In other Arista Networks news, SVP Marc Taxay sold 2,000 shares of the firm’s stock in a transaction on Thursday, December 1st. The stock was sold at an average price of $93.58, for a total value of $187,160.00. Following the completion of the sale, the senior vice president now directly owns 9,080 shares of the company’s stock, valued at approximately $849,706.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Mark Stephen Smith sold 5,000 shares of the firm’s stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $96.96, for a total value of $484,800.00. Following the completion of the sale, the vice president now directly owns 1,620 shares of the company’s stock, valued at $157,075.20. The disclosure for this sale can be found here. Insiders sold a total of 687,218 shares of company stock valued at $67,333,547 over the last ninety days. Corporate insiders own 32.39% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Criterion Capital Management LLC bought a new stake in shares of Arista Networks during the second quarter worth about $73,407,000. Alliancebernstein L.P. increased its stake 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. FMR LLC increased its stake in shares of 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. Capital Research Global Investors increased its stake in shares of 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. Finally, Gilder Gagnon Howe & Co. LLC increased its stake in shares of Arista Networks by 121.2% in the third quarter. Gilder Gagnon Howe & Co. LLC now owns 746,540 shares of the company’s stock worth $63,516,000 after buying an additional 409,112 shares during the period. 54.94% 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.
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