Todays Report: The Arista Networks Inc. (ANET) Receives New Coverage from Analysts at Argus

The Arista Networks Inc. (ANET) Receives New Coverage from Analysts at Argus

Argus assumed coverage on shares of Arista Networks Inc. (NYSE:ANET) in a research note issued to investors on Tuesday morning. The brokerage issued a buy rating and a $107.00 price objective on the stock.

A number of other research analysts also recently issued reports on the company. Bank of America Corp. downgraded Arista Networks from a buy rating to an underperform rating and set a $65.00 price target on the stock. in a research note on Monday, June 27th. Oppenheimer Holdings Inc. set a $90.00 price target on Arista Networks and gave the stock a buy rating in a research note on Friday, August 5th. Pacific Crest restated an overweight rating and set a $90.00 price target (down previously from $99.00) on shares of Arista Networks in a research note on Friday, July 22nd. Jefferies Group restated a sell rating and set a $40.25 price target on shares of Arista Networks in a research note on Friday, August 5th. Finally, Wells Fargo & Co. restated a positive rating on shares of Arista Networks in a research note on Thursday, October 6th. Four analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $79.90.

Arista Networks (NYSE:ANET) opened at 85.10 on Tuesday. The stock’s 50 day moving average price is $83.61 and its 200 day moving average price is $74.14. The firm has a market capitalization of $5.89 billion, a P/E ratio of 42.34 and a beta of 1.12. Arista Networks has a 52 week low of $52.51 and a 52 week high of $87.62.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.06. Arista Networks had a return on equity of 20.45% and a net margin of 15.03%. The business had revenue of $268.70 million for the quarter, compared to the consensus estimate of $262.98 million. During the same quarter in the prior year, the business posted $0.54 EPS. The business’s revenue for the quarter was up 37.4% on a year-over-year basis. On average, equities analysts expect that Arista Networks will post $2.94 EPS for the current year.

In other news, insider Jayshree Ullal sold 105,847 shares of Arista Networks stock in a transaction on Tuesday, August 30th. The stock was sold at an average price of $79.85, for a total value of $8,451,882.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Mark Stephen Smith sold 11,150 shares of Arista Networks stock in a transaction on Monday, October 17th. The shares were sold at an average price of $82.52, for a total value of $920,098.00. Following the completion of the sale, the vice president now directly owns 1,620 shares of the company’s stock, valued at approximately $133,682.40. The disclosure for this sale can be found here. 32.39% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in ANET. Brighton Jones LLC acquired a new stake in shares of Arista Networks during the third quarter worth approximately $408,000. Pembroke Management LTD acquired a new stake in shares of Arista Networks during the third quarter worth approximately $3,743,000. Sumitomo Life Insurance Co. acquired a new stake in shares of Arista Networks during the third quarter worth approximately $1,311,000. California Public Employees Retirement System purchased a new stake in Arista Networks during the third quarter worth about $2,978,000. Finally, D. Scott Neal Inc. purchased a new stake in Arista Networks during the third quarter worth about $128,000. 52.74% of the stock is owned by institutional investors and hedge funds.

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