Arista Networks (NYSE:ANET) had its target price raised by Citigroup from $300.00 to $315.00 in a report released on Friday morning. They currently have a buy rating on the technology company’s stock.
A number of other research analysts have also weighed in on ANET. Piper Jaffray Companies set a $320.00 price target on shares of Arista Networks and gave the company a buy rating in a research note on Friday. Stifel Nicolaus set a $275.00 price target on shares of Arista Networks and gave the company a buy rating in a research note on Friday. KeyCorp lifted their price target on shares of Arista Networks from $310.00 to $320.00 and gave the company an overweight rating in a research note on Friday. JPMorgan Chase & Co. lifted their price target on shares of Arista Networks from $255.00 to $262.00 and gave the company a hold rating in a research note on Friday. Finally, BMO Capital Markets lifted their price target on shares of Arista Networks from $279.00 to $296.00 and gave the company an outperform rating in a research note on Friday. One analyst has rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. Arista Networks presently has a consensus rating of Buy and an average target price of $288.91.
NYSE ANET traded up $16.81 during trading on Friday, reaching $257.77. 3,090,279 shares of the stock traded hands, compared to its average volume of 1,165,577. The stock has a market cap of $19.29 billion, a P/E ratio of 39.96, a P/E/G ratio of 1.88 and a beta of 1.56. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.87 and a current ratio of 3.17. Arista Networks has a fifty-two week low of $192.75 and a fifty-two week high of $313.37.
Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Thursday, November 1st. The technology company reported $1.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.62 by $0.21. The firm had revenue of $563.31 million during the quarter, compared to analysts’ expectations of $548.81 million. Arista Networks had a net margin of 28.05% and a return on equity of 29.91%. The business’s revenue for the quarter was up 28.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.62 earnings per share. Analysts predict that Arista Networks will post 6.44 earnings per share for the current fiscal year.
In other news, SVP Kenneth Duda sold 11,000 shares of the business’s stock in a transaction on Wednesday, October 10th. The shares were sold at an average price of $229.24, for a total value of $2,521,640.00. Following the sale, the senior vice president now owns 2,664 shares of the company’s stock, valued at $610,695.36. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Nikos Theodosopoulos sold 110 shares of the business’s stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $273.27, for a total transaction of $30,059.70. Following the completion of the sale, the director now directly owns 2,073 shares in the company, valued at approximately $566,488.71. The disclosure for this sale can be found here. In the last three months, insiders sold 214,737 shares of company stock worth $63,805,710. 24.95% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in ANET. OLD Mutual Customised Solutions Proprietary Ltd. acquired a new position in Arista Networks during the second quarter worth $129,000. Signet Financial Management LLC acquired a new position in Arista Networks during the second quarter worth $142,000. Bbva Compass Bancshares Inc. acquired a new position in Arista Networks during the third quarter worth $157,000. Cerebellum GP LLC acquired a new position in Arista Networks during the second quarter worth $159,000. Finally, NewSquare Capital LLC acquired a new position in Arista Networks during the second quarter worth $181,000. 54.49% of the stock is currently owned by institutional investors and hedge funds.
About Arista Networks
Arista Networks, Inc provides cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of its extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.
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