Trading Report: The Arista Networks Inc. (ANET) Earns Outperform Rating from Wells Fargo & Co.

The Arista Networks Inc. (ANET) Earns Outperform Rating from Wells Fargo & Co.

Wells Fargo & Co. reiterated their outperform rating on shares of Arista Networks Inc. (NYSE:ANET) in a research note issued to investors on Wednesday morning.

ANET has been the topic of several other research reports. MKM Partners lowered shares of Arista Networks from a buy rating to a neutral rating and dropped their price objective for the stock from $81.00 to $79.00 in a research note on Monday, September 19th. Credit Suisse Group AG reissued a buy rating and set a $90.00 price objective on shares of Arista Networks in a research note on Wednesday, August 24th. Argus assumed coverage on shares of Arista Networks in a research note on Tuesday, October 25th. They set a buy rating and a $107.00 price objective on the stock. Zacks Investment Research lowered shares of Arista Networks from a hold rating to a sell rating in a research note on Tuesday, October 4th. Finally, Needham & Company LLC boosted their price objective on shares of Arista Networks from $105.00 to $110.00 and gave the stock a buy rating in a research note on Monday, October 31st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of Buy and an average price target of $90.14.

Arista Networks (NYSE:ANET) opened at 94.66 on Wednesday. The company has a market capitalization of $6.65 billion, a P/E ratio of 40.94 and a beta of 1.12. Arista Networks has a 52-week low of $52.51 and a 52-week high of $95.47. The stock’s 50 day moving average is $85.56 and its 200-day moving average is $77.32.

Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, November 3rd. The company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.73 by $0.10. The firm had revenue of $290.26 million for the quarter, compared to analyst estimates of $283.33 million. Arista Networks had a net margin of 16.15% and a return on equity of 20.69%. The company’s revenue for the quarter was up 33.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.59 EPS. Analysts predict that Arista Networks will post $3.08 EPS for the current fiscal year.

In related news, SVP Kenneth Duda sold 12,296 shares of the company’s 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 transaction, the senior vice president now owns 420 shares in the company, valued at $34,162.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Jayshree Ullal sold 54,542 shares of the company’s stock in a transaction on Thursday, September 1st. The stock was sold at an average price of $79.85, for a total transaction of $4,355,178.70. The disclosure for this sale can be found here. Corporate insiders own 32.39% of the company’s stock.

Institutional investors have recently modified their holdings of the company. Public Employees Retirement Association of Colorado raised its position in shares of Arista Networks by 0.4% in the third quarter. Public Employees Retirement Association of Colorado now owns 1,257 shares of the company’s stock worth $107,000 after buying an additional 5 shares in the last quarter. Montag & Caldwell LLC increased its stake in Arista Networks by 0.4% in the second quarter. Montag & Caldwell LLC now owns 10,713 shares of the company’s stock worth $690,000 after buying an additional 40 shares during the last quarter. BlackRock Investment Management LLC increased its stake in Arista Networks by 0.6% in the third quarter. BlackRock Investment Management LLC now owns 15,352 shares of the company’s stock worth $1,306,000 after buying an additional 93 shares during the last quarter. Legal & General Group Plc increased its stake in Arista Networks by 3.5% in the second quarter. Legal & General Group Plc now owns 3,111 shares of the company’s stock worth $200,000 after buying an additional 105 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Arista Networks by 14.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,305 shares of the company’s stock worth $111,000 after buying an additional 167 shares during the last quarter. Hedge funds and other institutional investors own 54.58% of the company’s stock.

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