Arista Networks’ (NYSE:ANET) Outperform Rating Reiterated at Oppenheimer Holdings, Inc.
Arista Networks, Inc. (NYSE:ANET)‘s stock had its “outperform” rating reiterated by stock analysts at Oppenheimer Holdings, Inc. in a research report issued on Wednesday. They presently have a $180.00 price target on the technology company’s stock, up from their previous price target of $160.00. Oppenheimer Holdings, Inc.’s price target points to a potential upside of 7.49% from the company’s previous close.
Several other research analysts also recently weighed in on ANET. UBS AG increased their price target on shares of Arista Networks from $120.00 to $150.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 31st. Argus restated a “buy” rating on shares of Arista Networks in a research report on Monday. Stifel Nicolaus restated a “hold” rating and set a $165.00 price objective (up from $145.00) on shares of Arista Networks in a research report on Wednesday. Jefferies Group LLC restated a “hold” rating and set a $145.00 price objective (up from $120.00) on shares of Arista Networks in a research report on Wednesday. Finally, William Blair upgraded shares of Arista Networks from a “market perform” rating to an “outperform” rating in a research report on Friday, August 4th. Sixteen research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Arista Networks has a consensus rating of “Buy” and an average price target of $153.32.
Arista Networks (NYSE:ANET) traded down 1.46% on Wednesday, reaching $167.46. 1,119,744 shares of the company were exchanged. Arista Networks has a 12-month low of $71.84 and a 12-month high of $175.40. The firm has a market capitalization of $12.06 billion, a P/E ratio of 54.09 and a beta of 1.33. The firm has a 50-day moving average of $153.51 and a 200 day moving average of $133.84.
Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.15. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. The business had revenue of $405.21 million for the quarter, compared to the consensus estimate of $361.02 million. During the same period last year, the firm earned $0.74 earnings per share. The company’s quarterly revenue was up 50.8% on a year-over-year basis. On average, equities analysts predict that Arista Networks will post $4.58 earnings per share for the current year.
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In related news, Director Daniel Scheinman sold 833 shares of Arista Networks stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $151.68, for a total transaction of $126,349.44. Following the completion of the transaction, the director now directly owns 52,500 shares of the company’s stock, valued at approximately $7,963,200. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Jayshree Ullal sold 200,268 shares of Arista Networks stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $173.37, for a total transaction of $34,720,463.16. The disclosure for this sale can be found here. Insiders sold a total of 987,712 shares of company stock valued at $157,493,646 over the last three months. Corporate insiders own 28.09% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in Arista Networks by 34,238.9% in the first quarter. BlackRock Inc. now owns 1,684,322 shares of the technology company’s stock worth $222,784,000 after buying an additional 1,679,417 shares in the last quarter. Harbour Capital Advisors LLC boosted its position in Arista Networks by 13,502.2% in the second quarter. Harbour Capital Advisors LLC now owns 1,228,278 shares of the technology company’s stock worth $8,200,000 after buying an additional 1,219,248 shares in the last quarter. FMR LLC boosted its position in Arista Networks by 32.2% in the first quarter. FMR LLC now owns 3,288,755 shares of the technology company’s stock worth $435,004,000 after buying an additional 800,465 shares in the last quarter. Vanguard Group Inc. boosted its position in Arista Networks by 12.8% in the first quarter. Vanguard Group Inc. now owns 3,514,246 shares of the technology company’s stock worth $464,830,000 after buying an additional 399,688 shares in the last quarter. Finally, Columbus Circle Investors purchased a new position in Arista Networks during the first quarter worth approximately $42,580,000. 60.84% of the stock is owned by hedge funds and other institutional investors.
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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