Arista Networks (ANET) Upgraded to Buy by Bank of America

Bank of America upgraded shares of Arista Networks (NYSE:ANET) from a neutral rating to a buy rating in a research report sent to investors on Thursday morning, Marketbeat.com reports. The brokerage currently has $300.00 target price on the technology company’s stock.

ANET has been the subject of several other research reports. William Blair reaffirmed an outperform rating on shares of Arista Networks in a research note on Monday, September 17th. JPMorgan Chase & Co. increased their target price on shares of Arista Networks from $255.00 to $262.00 and gave the company a hold rating in a research report on Friday, November 2nd. Credit Suisse Group set a $311.00 target price on shares of Arista Networks and gave the company a buy rating in a research report on Thursday, October 4th. BMO Capital Markets raised shares of Arista Networks from a market perform rating to an outperform rating and set a $279.00 target price for the company in a research report on Wednesday, October 17th. They noted that the move was a valuation call. Finally, MKM Partners increased their target price on shares of Arista Networks to $275.00 and gave the company a neutral rating in a research report on Monday, November 5th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $295.40.

Shares of ANET stock traded down $6.73 on Thursday, reaching $231.70. The company had a trading volume of 163,073 shares, compared to its average volume of 661,299. The stock has a market capitalization of $17.33 billion, a P/E ratio of 49.83, a price-to-earnings-growth ratio of 1.58 and a beta of 1.56. The company has a current ratio of 4.51, a quick ratio of 4.11 and a debt-to-equity ratio of 0.02. Arista Networks has a one year low of $210.55 and a one year high of $313.37.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, November 1st. The technology company reported $1.83 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.21. Arista Networks had a return on equity of 29.06% and a net margin of 28.05%. The company had revenue of $563.31 million during the quarter, compared to the consensus estimate of $548.81 million. During the same quarter in the prior year, the firm posted $1.62 earnings per share. The firm’s revenue was up 28.7% compared to the same quarter last year. As a group, equities analysts predict that Arista Networks will post 6.84 EPS for the current fiscal year.

In other Arista Networks news, insider John F. Mccool sold 567 shares of the firm’s stock in a transaction on Wednesday, November 21st. The stock was sold at an average price of $220.25, for a total transaction of $124,881.75. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Marc Taxay sold 2,000 shares of the firm’s stock in a transaction on Monday, October 1st. The shares were sold at an average price of $263.31, for a total value of $526,620.00. Following the transaction, the senior vice president now owns 16,963 shares in the company, valued at $4,466,527.53. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,241 shares of company stock worth $10,545,875. 24.95% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of the business. Dupont Capital Management Corp purchased a new stake in shares of Arista Networks during the 3rd quarter valued at $109,000. OLD Mutual Customised Solutions Proprietary Ltd. purchased a new stake in shares of Arista Networks during the 2nd quarter valued at $129,000. Signet Financial Management LLC purchased a new stake in shares of Arista Networks during the 2nd quarter valued at $142,000. Bbva Compass Bancshares Inc. purchased a new stake in shares of Arista Networks during the 3rd quarter valued at $157,000. Finally, Atlas Capital Advisors LLC purchased a new stake in shares of Arista Networks during the 3rd quarter valued at $164,000. Institutional investors and hedge funds own 58.54% of the company’s stock.

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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