Arista Networks’ (ANET) Buy Rating Reiterated at Cowen and Company
Cowen and Company reiterated their buy rating on shares of Arista Networks Inc (NYSE:ANET) in a research report released on Friday. Cowen and Company currently has a $168.00 price target on the technology company’s stock.
Other equities research analysts have also issued reports about the stock. UBS AG increased their target price on shares of Arista Networks from $120.00 to $150.00 and gave the stock a neutral rating in a report on Wednesday, May 31st. William Blair raised shares of Arista Networks from a market perform rating to an outperform rating in a report on Friday. BMO Capital Markets increased their target price on shares of Arista Networks from $145.00 to $155.00 and gave the stock an outperform rating in a report on Friday, May 5th. Gabelli reissued a hold rating on shares of Arista Networks in a report on Friday, April 14th. Finally, DA Davidson lowered shares of Arista Networks from a buy rating to a neutral rating and set a $153.00 target price for the company. in a report on Monday, May 22nd. Sixteen research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $149.71.
Arista Networks (NYSE ANET) opened at 173.75 on Friday. The company has a market capitalization of $12.51 billion, a price-to-earnings ratio of 56.12 and a beta of 1.33. The stock has a 50 day moving average of $153.36 and a 200-day moving average of $133.41. Arista Networks has a 52-week low of $68.75 and a 52-week high of $176.50.
Arista Networks (NYSE:ANET) last released its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.15. The firm had revenue of $405.21 million during the quarter, compared to analysts’ expectations of $361.02 million. The company’s revenue was up 50.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.74 earnings per share. On average, equities research analysts anticipate that Arista Networks will post $4.38 earnings per share for the current fiscal year.
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In related news, SVP Marc Taxay sold 2,000 shares of the stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $147.51, for a total transaction of $295,020.00. Following the sale, the senior vice president now owns 11,775 shares in the company, valued at approximately $1,736,930.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel Scheinman sold 833 shares of the stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $151.68, for a total value of $126,349.44. Following the sale, the director now owns 52,500 shares in the company, valued at approximately $7,963,200. The disclosure for this sale can be found here. Insiders have sold a total of 638,455 shares of company stock worth $96,887,834 in the last 90 days. 28.09% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. LS Investment Advisors LLC acquired a new stake in Arista Networks during the second quarter worth $119,000. SG Americas Securities LLC acquired a new stake in Arista Networks during the first quarter worth $164,000. Financial Architects Inc raised its stake in Arista Networks by 232.0% in the first quarter. Financial Architects Inc now owns 1,255 shares of the technology company’s stock worth $166,000 after buying an additional 877 shares during the last quarter. Daiwa Securities Group Inc. acquired a new stake in Arista Networks during the second quarter worth $202,000. Finally, Comerica Bank acquired a new stake in Arista Networks during the fourth quarter worth $205,000. Institutional investors and hedge funds own 60.84% of the company’s stock.
Arista Networks Company Profile
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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