According to Zacks, “Arista Networks, Inc. is engaged in providing cloud networking solutions for datacentre and cloud computing environments. It offers ethernet switches, pass-through cards, transceivers, cards, and enhanced operating systems, host adapter solutions and networking services. The Company serves a range of industries, including Internet companies, service providers, financial services organizations, government agencies, and media and entertainment companies. Arista Networks, Inc. is headquartered in Santa Clara, California. “
Several other equities analysts also recently issued reports on the stock. MKM Partners downgraded shares of Arista Networks from a buy rating to a neutral rating and reduced their price objective for the company from $81.00 to $79.00 in a research note on Monday, September 19th. Deutsche Bank AG upped their price objective on shares of Arista Networks from $80.00 to $85.00 and gave the company a buy rating in a research note on Wednesday, September 14th. RBC Capital Markets reissued a hold rating and set a $80.00 price objective (up previously from $70.00) on shares of Arista Networks in a research note on Wednesday, August 31st. Royal Bank Of Canada upped their price objective on shares of Arista Networks from $70.00 to $80.00 and gave the company a sector perform rating in a research note on Wednesday, August 31st. Finally, Citigroup Inc. increased their price target on shares of Arista Networks from $62.00 to $65.00 and gave the stock a neutral rating in a research note on Friday, August 26th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the stock. The company presently has an average rating of Hold and an average target price of $78.79.
Arista Networks (NYSE:ANET) opened at 85.47 on Tuesday. The company has a 50-day moving average of $82.10 and a 200-day moving average of $71.83. The stock has a market capitalization of $5.92 billion, a price-to-earnings ratio of 42.52 and a beta of 1.12. Arista Networks has a 52 week low of $52.51 and a 52 week high of $86.35.
Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.06. The business had revenue of $268.70 million for the quarter, compared to the consensus estimate of $262.98 million. Arista Networks had a net margin of 15.03% and a return on equity of 20.45%. The company’s quarterly revenue was up 37.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.54 earnings per share. Analysts anticipate that Arista Networks will post $2.93 earnings per share for the current year.
In related news, SVP Kenneth Duda sold 12,296 shares of Arista Networks stock in a transaction dated Thursday, September 8th. The shares were sold at an average price of $81.34, for a total value of $1,000,156.64. Following the sale, the senior vice president now directly owns 420 shares in the company, valued at approximately $34,162.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Mark Stephen Smith sold 5,000 shares of Arista Networks stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $70.04, for a total transaction of $350,200.00. Following the completion of the sale, the vice president now owns 1,244 shares in the company, valued at $87,129.76. The disclosure for this sale can be found here. 32.39% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of 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 in the last quarter. Alliancebernstein L.P. increased its stake in shares of 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 in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Arista Networks by 4.0% in the second quarter. Ameriprise Financial Inc. now owns 1,327,805 shares of the company’s stock valued at $85,483,000 after buying an additional 50,686 shares in the last quarter. Criterion Capital Management LLC purchased a new stake in shares of Arista Networks during the second quarter valued at $73,407,000. Finally, FMR LLC increased its stake in shares of Arista Networks by 261.4% in the second quarter. FMR LLC now owns 1,060,697 shares of the company’s stock valued at $68,288,000 after buying an additional 767,197 shares in the last quarter. Hedge funds and other institutional investors own 52.69% of the company’s stock.
About Arista Networks
Arista Networks, Inc is a supplier of cloud networking solutions that address the needs of Internet companies, cloud service providers and next-generation data centers for enterprises. The Company’s cloud networking solutions consist of its Extensible Operating System (EOS), which is a set of network applications and its 10/25/40/50/100 Gigabit Ethernet switches.
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