Wells Fargo & Company restated their outperform rating on shares of Arista Networks, Inc. (NYSE:ANET) in a report issued on Wednesday. The brokerage currently has a $175.00 target price on the technology company’s stock, up from their prior target price of $150.00.
ANET has been the topic of several other reports. MKM Partners restated a neutral rating and set a $125.00 price objective (up from $100.00) on shares of Arista Networks in a research note on Tuesday, May 9th. Barclays PLC raised their price objective on Arista Networks from $161.00 to $185.00 and gave the stock an overweight rating in a research note on Thursday, June 15th. Cowen and Company restated an outperform rating and set a $123.00 price objective on shares of Arista Networks in a research note on Tuesday, March 14th. Oppenheimer Holdings, Inc. restated an outperform rating and set a $160.00 price objective on shares of Arista Networks in a research note on Monday, June 5th. Finally, CIBC restated a buy rating and set a $160.00 price objective on shares of Arista Networks in a research note on Friday, May 5th. Sixteen research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $139.32.
Shares of Arista Networks (NYSE:ANET) traded down 1.03% during mid-day trading on Wednesday, reaching $153.51. 137,432 shares of the company were exchanged. The stock has a 50 day moving average price of $150.63 and a 200-day moving average price of $124.48. Arista Networks has a 12 month low of $68.75 and a 12 month high of $162.97. The stock has a market capitalization of $11.05 billion, a P/E ratio of 49.58 and a beta of 1.35.
Arista Networks (NYSE:ANET) last released its earnings results on Thursday, May 4th. The technology company reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.09. The company had revenue of $335.48 million during the quarter, compared to analysts’ expectations of $326.19 million. Arista Networks had a return on equity of 20.94% and a net margin of 18.95%. The business’s revenue was up 38.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 EPS. Analysts predict that Arista Networks will post $3.96 earnings per share for the current year.
In related news, insider Jayshree Ullal sold 61,325 shares of the firm’s stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $160.25, for a total value of $9,827,331.25. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Daniel Scheinman sold 833 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $151.68, for a total value of $126,349.44. Following the completion of the transaction, the director now directly owns 52,500 shares in the company, valued at $7,963,200. The disclosure for this sale can be found here. Insiders have sold a total of 614,199 shares of company stock valued at $92,935,069 over the last 90 days. Corporate insiders own 28.09% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Reliance Trust Co. of Delaware bought a new position in shares of Arista Networks during the first quarter worth $275,000. First United Bank Trust increased its position in shares of Arista Networks by 29.3% in the first quarter. First United Bank Trust now owns 6,350 shares of the technology company’s stock worth $840,000 after buying an additional 1,440 shares during the last quarter. Affinity Wealth Management acquired a new position in shares of Arista Networks during the first quarter valued at approximately $256,000. Prentiss Smith & Co. Inc. acquired a new position in shares of Arista Networks during the first quarter valued at approximately $7,711,000. Finally, Bank of Montreal Can increased its position in shares of Arista Networks by 7,327.6% in the first quarter. Bank of Montreal Can now owns 22,357 shares of the technology company’s stock valued at $2,957,000 after buying an additional 22,056 shares in the last quarter. 60.61% of the stock is currently owned by institutional investors and hedge funds.
Arista Networks Company Profile
Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.
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