Arista Networks, Inc. (NYSE:ANET – Get Rating) has received a consensus rating of “Moderate Buy” from the 24 research firms covering the company, reports Marketbeat. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company. The average 12-month target price among brokers who have updated their coverage of the stock over the past year is $147.31.
A number of brokers have recently commented on ANET. StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, May 5th. Rosenblatt Securities began reporting on Arista Networks in a research note on Tuesday, July 12. They provided a buy rating and a price target of $140.00 on the company. JPMorgan Chase & Co. lowered its price target on Arista Networks to $150.00 from $160.00 and gave the company an “overweight” rating in a research note on Thursday, July 14. Oppenheimer reiterated a “market perform” rating and a price target of $305.00 on Arista Networks shares in a research note on Wednesday, May 4. Finally, Bank of America downgraded Arista Networks from a “buy” rating to an “underperform” rating in a research note on Wednesday, July 20, and lowered its price target on the company to 105.00 from $140.00 $.
Arista Networks trade up 5.6%
Arista Networks shares opened at $109.10 on Thursday. The stock has a 50-day moving average of $99.47 and a 200-day moving average of $115.23. Arista Networks has a 12-month low of $85.18 and a 12-month high of $148.57. The company has a market cap of $33.63 billion, a PE ratio of 37.36, a PEG ratio of 1.76 and a beta of 1.28.
Arista Networks (NYSE:ANET – Get Rating) last reported its quarterly results on Monday, May 2nd. The tech company reported $0.78 per share for the quarter, beating analysts’ consensus estimate of $0.68 by $0.10. Arista Networks had a return on equity of 21.16% and a net margin of 29.54%. The company had revenue of $877.07 million for the quarter, compared to analyst estimates of $854.01 million. In the same period last year, the company generated earnings per share of $0.57. As a group, equity analysts are forecasting that Arista Networks will report fiscal year-to-date earnings per share of 3.16.
Insider buying and selling at Arista Networks
In other news from Arista Networks, SVP Marc Taxay sold 1,044 shares of the stock in one transaction on Monday, May 2nd. The stock sold at an average price of $115.71 for a total transaction of $120,801.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC’s website. In other Arista Networks news, SVP Marc Taxay sold 1,044 shares of Arista Networks stock in a transaction on Monday, May 2nd. The stock sold at an average price of $115.71 for a total transaction of $120,801.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In addition, Director Charles H. Giancarlo sold 6,660 shares of Arista Networks in a transaction on Monday, May 2nd. The stock sold at an average price of $116.57 for a total value of $776,356.20. Following the sale, the Director now directly owns 118,926 shares of the Company, valued at approximately $13,863,203.82. The disclosure for this sale can be found here. Over the past 90 days, insiders have sold 531,976 shares of the company’s shares, valued at $54,986,459. 19.59% of the shares are currently owned by company insiders.
Hedge funds rely on Arista Networks
A number of institutional investors have recently changed their holdings in ANET. National Bank of Canada FI acquired a new position in shares of Arista Networks valued at approximately $1,278,000 during the fourth quarter. Van ECK Associates Corp increased its stake in Arista Networks by 326.5% during the fourth quarter. Van ECK Associates Corp now owns 21,795 shares of the technology company’s stock valued at $3,133,000 after purchasing an additional 16,685 shares last quarter. NN Investment Partners Holdings NV increased its stake in Arista Networks by 351.6% during the fourth quarter. NN Investment Partners Holdings NV now owns 58,587 shares of the technology company, valued at $8,423,000, after purchasing an additional 45,615 shares last quarter. Conning Inc. acquired a new position in Arista Networks stock valued at approximately $231,000 during the fourth quarter. Finally, the State of Michigan Retirement System increased its stake in Arista Networks by 301.4% during the fourth quarter. The State of Michigan Retirement System now owns 56,480 shares of the tech company, valued at $8,119,000, after buying another 42,410 shares last quarter. Hedge funds and other institutional investors own 67.10% of the company’s shares.
Company Profile of Arista Networks
Arista Networks, Inc designs, markets and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa and Asia Pacific. The company’s cloud networking solutions consist of extensible operating systems, a range of networking appliances, and Gigabit Ethernet switching and routing platforms.
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