Arista Networks (ANET) Price Target Raised to $262.00

Arista Networks (NYSE:ANET) had its price objective boosted by JPMorgan Chase & Co. from $255.00 to $262.00 in a report published on Friday morning, Marketbeat Ratings reports. The firm currently has a hold rating on the technology company’s stock.

ANET has been the subject of several other research reports. William Blair restated an outperform rating on shares of Arista Networks in a research report on Monday, September 17th. DA Davidson upped their price target on shares of Arista Networks from $300.00 to $312.00 and gave the stock a buy rating in a research report on Friday, August 3rd. Credit Suisse Group set a $311.00 price target on shares of Arista Networks and gave the stock a buy rating in a research report on Thursday, October 4th. BMO Capital Markets upgraded shares of Arista Networks from a market perform rating to an outperform rating and set a $279.00 price target for the company in a research report on Wednesday, October 17th. They noted that the move was a valuation call. Finally, Goldman Sachs Group lowered shares of Arista Networks from a conviction-buy rating to a buy rating in a research report on Thursday, October 4th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Arista Networks has an average rating of Buy and an average price target of $291.83.

Arista Networks stock opened at $248.96 on Friday. The stock has a market cap of $19.29 billion, a PE ratio of 53.54, a PEG ratio of 1.88 and a beta of 1.56. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.51 and a quick ratio of 4.11. Arista Networks has a one year low of $200.49 and a one year high of $313.37.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, November 1st. The technology company reported $1.83 EPS for the quarter, topping the consensus estimate of $1.62 by $0.21. The business had revenue of $563.31 million during the quarter, compared to analyst estimates of $548.81 million. Arista Networks had a net margin of 28.05% and a return on equity of 29.06%. The company’s quarterly revenue was up 28.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.62 earnings per share. Equities research analysts predict that Arista Networks will post 6.44 EPS for the current year.

In other Arista Networks news, insider Jayshree Ullal sold 76,659 shares of the company’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $306.41, for a total value of $23,489,084.19. Following the completion of the sale, the insider now directly owns 3,809 shares of the company’s stock, valued at approximately $1,167,115.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Ita M. Brennan sold 5,000 shares of the company’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $300.30, for a total transaction of $1,501,500.00. Following the completion of the sale, the chief financial officer now directly owns 19,886 shares of the company’s stock, valued at $5,971,765.80. The disclosure for this sale can be found here. Insiders sold 214,820 shares of company stock valued at $63,827,705 in the last ninety days. Corporate insiders own 24.95% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of ANET. Principal Financial Group Inc. lifted its holdings in Arista Networks by 4.6% in the 1st quarter. Principal Financial Group Inc. now owns 8,202 shares of the technology company’s stock valued at $2,094,000 after acquiring an additional 361 shares during the last quarter. Allianz Asset Management GmbH lifted its stake in Arista Networks by 12.8% during the first quarter. Allianz Asset Management GmbH now owns 731,422 shares of the technology company’s stock valued at $186,732,000 after buying an additional 83,174 shares in the last quarter. Suntrust Banks Inc. lifted its stake in Arista Networks by 35.5% during the first quarter. Suntrust Banks Inc. now owns 4,318 shares of the technology company’s stock valued at $1,100,000 after buying an additional 1,132 shares in the last quarter. Cerebellum GP LLC purchased a new stake in Arista Networks during the second quarter valued at about $159,000. Finally, Gulf International Bank UK Ltd lifted its stake in Arista Networks by 19.8% during the second quarter. Gulf International Bank UK Ltd now owns 17,210 shares of the technology company’s stock valued at $4,431,000 after buying an additional 2,850 shares in the last quarter. 54.32% of the stock is owned by institutional investors.

Arista Networks Company Profile

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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