Wells Fargo & Co. reaffirmed their positive rating on shares of Arista Networks Inc. (NYSE:ANET) in a research report sent to investors on Thursday.
A number of other analysts also recently weighed in on the company. Bank of America Corp. downgraded Arista Networks from a buy rating to an underperform rating and set a $65.00 target price for the company. in a research report on Monday, June 27th. MKM Partners downgraded Arista Networks from a buy rating to a neutral rating and dropped their target price for the stock from $81.00 to $79.00 in a research report on Monday, September 19th. BMO Capital Markets started coverage on Arista Networks in a research report on Thursday, August 18th. They issued an outperform rating and a $90.00 target price for the company. Needham & Company LLC restated a buy rating and issued a $105.00 target price on shares of Arista Networks in a research report on Monday, August 8th. Finally, Citigroup Inc. boosted their target price on Arista Networks from $62.00 to $65.00 and gave the stock a neutral rating in a research report on Friday, August 26th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $78.79.
Shares of Arista Networks (NYSE:ANET) traded down 0.39% during trading on Thursday, hitting $85.14. The company had a trading volume of 76,232 shares. The company’s 50 day moving average is $82.10 and its 200 day moving average is $71.83. Arista Networks has a 1-year low of $52.51 and a 1-year high of $86.35. The firm has a market capitalization of $5.90 billion, a P/E ratio of 42.36 and a beta of 1.12.
Arista Networks (NYSE:ANET) last released its earnings results on Thursday, August 4th. The company reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.06. The company earned $268.70 million during the quarter, compared to the consensus estimate of $262.98 million. Arista Networks had a return on equity of 20.45% and a net margin of 15.03%. Arista Networks’s quarterly revenue was up 37.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.54 EPS. Analysts anticipate that Arista Networks will post $2.93 earnings per share for the current fiscal year.
In other news, VP Mark Stephen Smith sold 5,000 shares of the company’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $70.04, for a total transaction of $350,200.00. Following the transaction, the vice president now directly owns 1,244 shares of the company’s stock, valued at $87,129.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Kenneth Duda sold 13,938 shares of the company’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $72.20, for a total value of $1,006,323.60. The disclosure for this sale can be found here. Insiders own 32.39% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quantbot Technologies LP purchased a new position in Arista Networks during the second quarter worth $136,000. Seven Eight Capital LLC purchased a new position in Arista Networks during the first quarter worth $150,000. Metropolitan Life Insurance Co. NY increased its position in Arista Networks by 16.1% in the second quarter. Metropolitan Life Insurance Co. NY now owns 2,933 shares of the company’s stock worth $189,000 after buying an additional 406 shares in the last quarter. Legal & General Group Plc increased its position in Arista Networks by 30.5% in the first quarter. Legal & General Group Plc now owns 3,006 shares of the company’s stock worth $190,000 after buying an additional 703 shares in the last quarter. Finally, Bank of Montreal Can purchased a new position in Arista Networks during the second quarter worth $213,000. 52.69% of the stock is currently owned by hedge funds and other institutional investors.
Arista Networks Company Profile