Arista Networks (NYSE:ANET) had its price objective hoisted by Needham & Company LLC from $300.00 to $315.00 in a report published on Friday morning, Marketbeat reports. The firm currently has a buy rating on the technology company’s stock.
A number of other research firms have also recently weighed in on ANET. BMO Capital Markets restated a hold rating and issued a $205.00 price target on shares of Arista Networks in a report on Thursday. Zacks Investment Research cut Arista Networks from a buy rating to a hold rating in a report on Wednesday, February 14th. Royal Bank of Canada upped their price target on Arista Networks to $310.00 and gave the stock an outperform rating in a report on Tuesday, February 13th. JMP Securities upped their price target on Arista Networks from $230.00 to $315.00 and gave the stock a market perform rating in a report on Friday, January 26th. Finally, Loop Capital assumed coverage on Arista Networks in a report on Monday, January 29th. They issued a hold rating and a $250.00 price target on the stock. Fifteen investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of Buy and an average target price of $245.77.
Shares of Arista Networks (NYSE:ANET) opened at $249.49 on Friday. The firm has a market capitalization of $18,240.00, a P/E ratio of 46.63, a P/E/G ratio of 1.92 and a beta of 1.47. The company has a quick ratio of 3.07, a current ratio of 3.66 and a debt-to-equity ratio of 0.03. Arista Networks has a fifty-two week low of $110.31 and a fifty-two week high of $311.67.
Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, February 15th. The technology company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.32. The business had revenue of $467.90 million for the quarter, compared to analysts’ expectations of $463.82 million. Arista Networks had a return on equity of 27.23% and a net margin of 25.71%. The company’s revenue was up 42.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.04 EPS. analysts expect that Arista Networks will post 5.5 earnings per share for the current year.
In other Arista Networks news, SVP Kenneth Duda sold 127,576 shares of the stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $235.15, for a total transaction of $29,999,496.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Andreas Bechtolsheim sold 39,680 shares of the stock in a transaction on Tuesday, November 21st. The stock was sold at an average price of $241.92, for a total value of $9,599,385.60. Following the transaction, the insider now directly owns 73,102 shares in the company, valued at approximately $17,684,835.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 333,126 shares of company stock worth $79,827,040. Corporate insiders own 28.09% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the stock. Jackson Square Partners LLC raised its position in shares of Arista Networks by 380.2% in the 4th quarter. Jackson Square Partners LLC now owns 1,272,515 shares of the technology company’s stock worth $299,779,000 after buying an additional 1,007,491 shares during the period. State Street Corp raised its position in shares of Arista Networks by 44.7% in the 2nd quarter. State Street Corp now owns 1,063,294 shares of the technology company’s stock worth $159,278,000 after buying an additional 328,534 shares during the period. First Trust Advisors LP raised its position in shares of Arista Networks by 18.5% in the 4th quarter. First Trust Advisors LP now owns 904,279 shares of the technology company’s stock worth $213,030,000 after buying an additional 140,944 shares during the period. Renaissance Technologies LLC raised its position in shares of Arista Networks by 22.2% in the 4th quarter. Renaissance Technologies LLC now owns 826,200 shares of the technology company’s stock worth $194,636,000 after buying an additional 150,000 shares during the period. Finally, Eaton Vance Management raised its position in shares of Arista Networks by 0.9% in the 4th quarter. Eaton Vance Management now owns 738,194 shares of the technology company’s stock worth $173,904,000 after buying an additional 6,374 shares during the period. 58.15% of the stock is currently owned by institutional investors and hedge funds.
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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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