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.
About Arista Networks