Arista Networks Inc. (NYSE:ANET)‘s stock had its “sector perform” rating reissued by analysts at RBC Capital Markets in a note issued to investors on Monday. They currently have a $85.00 price objective on the stock. RBC Capital Markets’ price target suggests a potential downside of 10.20% from the company’s current price.
ANET has been the subject of a number of other reports. MKM Partners lowered shares of Arista Networks from a “buy” rating to a “neutral” rating and cut their price objective for the company from $81.00 to $79.00 in a research report on Monday, September 19th. Credit Suisse Group AG reaffirmed a “buy” rating and issued a $90.00 target price on shares of Arista Networks in a research note on Wednesday, August 24th. Argus started coverage on shares of Arista Networks in a research note on Tuesday, October 25th. They issued a “buy” rating and a $107.00 target price on the stock. Zacks Investment Research downgraded shares of Arista Networks from a “hold” rating to a “sell” rating in a research note on Tuesday, October 4th. Finally, Needham & Company LLC raised their target price on shares of Arista Networks from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Monday, October 31st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $90.14.
Arista Networks (NYSE:ANET) traded down 0.56% during midday trading on Monday, reaching $94.66. 365,498 shares of the company’s stock were exchanged. Arista Networks has a 12 month low of $52.51 and a 12 month high of $95.47. The firm has a 50 day moving average of $85.56 and a 200-day moving average of $77.32. The stock has a market cap of $6.65 billion, a PE ratio of 40.94 and a beta of 1.12.
Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, November 3rd. The company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.10. Arista Networks had a net margin of 16.15% and a return on equity of 20.69%. The company earned $290.26 million during the quarter, compared to analyst estimates of $283.33 million. During the same period last year, the business earned $0.59 earnings per share. Arista Networks’s revenue was up 33.4% compared to the same quarter last year. On average, equities research analysts predict that Arista Networks will post $3.08 earnings per share for the current year.
In related news, insider Jayshree Ullal sold 54,542 shares of Arista Networks stock in a transaction on Thursday, September 1st. The shares were sold at an average price of $79.85, for a total value of $4,355,178.70. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Kenneth Duda sold 12,296 shares of Arista Networks stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $81.34, for a total transaction of $1,000,156.64. Following the completion of the sale, the senior vice president now owns 420 shares in the company, valued at approximately $34,162.80. The disclosure for this sale can be found here. 32.39% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in ANET. Capital Research Global Investors boosted its stake in Arista Networks by 11.9% in the third quarter. Capital Research Global Investors now owns 6,592,122 shares of the company’s stock valued at $560,858,000 after buying an additional 700,200 shares during the period. Vanguard Group Inc. boosted its stake in Arista Networks by 10.7% in the second quarter. Vanguard Group Inc. now owns 2,832,779 shares of the company’s stock valued at $182,373,000 after buying an additional 273,119 shares during the period. Alliancebernstein L.P. boosted its stake in Arista Networks by 60.4% in the second quarter. Alliancebernstein L.P. now owns 2,552,042 shares of the company’s stock valued at $164,300,000 after buying an additional 960,594 shares during the period. Ameriprise Financial Inc. boosted its stake in Arista Networks by 8.8% in the third quarter. Ameriprise Financial Inc. now owns 1,445,297 shares of the company’s stock valued at $122,966,000 after buying an additional 117,492 shares during the period. Finally, Criterion Capital Management LLC boosted its stake in Arista Networks by 4.9% in the third quarter. Criterion Capital Management LLC now owns 1,195,947 shares of the company’s stock valued at $101,751,000 after buying an additional 55,730 shares during the period. Institutional investors and hedge funds own 54.58% of the company’s stock.
About Arista Networks