Equities analysts expect Arista Networks, Inc. (NYSE:ANET) to announce $416.57 million in sales for the current fiscal quarter, according to Zacks. Nine analysts have issued estimates for Arista Networks’ earnings, with estimates ranging from $410.00 million to $425.50 million. Arista Networks posted sales of $290.26 million in the same quarter last year, which would indicate a positive year over year growth rate of 43.5%. The firm is expected to report its next quarterly earnings results on Thursday, November 2nd.
On average, analysts expect that Arista Networks will report full year sales of $416.57 million for the current fiscal year, with estimates ranging from $1.46 billion to $1.62 billion. For the next year, analysts anticipate that the firm will report sales of $1.89 billion per share, with estimates ranging from $1.69 billion to $2.15 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that cover Arista Networks.
Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported $1.10 EPS for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.15. The company had revenue of $405.21 million during the quarter, compared to the consensus estimate of $361.02 million. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. Arista Networks’s quarterly revenue was up 50.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.74 EPS.
ANET has been the topic of several recent research reports. CIBC reaffirmed a “buy” rating and issued a $160.00 price target on shares of Arista Networks in a report on Friday, May 5th. Oppenheimer Holdings, Inc. set a $160.00 price objective on shares of Arista Networks and gave the company a “buy” rating in a research note on Thursday, May 4th. Cowen and Company upped their price objective on shares of Arista Networks from $123.00 to $145.00 and gave the company an “outperform” rating in a research note on Monday, May 15th. Zacks Investment Research downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $115.00 price objective on shares of Arista Networks in a research note on Tuesday, May 2nd. Sixteen equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $153.32.
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Shares of Arista Networks (ANET) opened at 166.195 on Thursday. Arista Networks has a 12-month low of $73.83 and a 12-month high of $176.50. The firm has a 50-day moving average of $154.88 and a 200-day moving average of $135.91. The firm has a market cap of $12.05 billion, a P/E ratio of 42.889 and a beta of 1.33.
In related news, insider Jayshree Ullal sold 200,268 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $173.37, for a total transaction of $34,720,463.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Anshul Sadana sold 12,000 shares of the firm’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $154.51, for a total transaction of $1,854,120.00. Following the sale, the insider now directly owns 99,841 shares of the company’s stock, valued at $15,426,432.91. The disclosure for this sale can be found here. Insiders sold 847,016 shares of company stock valued at $137,068,807 in the last three months. Company insiders own 28.09% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Janus Capital Management LLC raised its stake in Arista Networks by 115.5% in the first quarter. Janus Capital Management LLC now owns 35,749 shares of the technology company’s stock worth $4,728,000 after buying an additional 19,160 shares during the last quarter. California Public Employees Retirement System raised its stake in Arista Networks by 154.9% in the first quarter. California Public Employees Retirement System now owns 90,500 shares of the technology company’s stock worth $11,970,000 after buying an additional 55,000 shares during the last quarter. Swiss National Bank raised its stake in Arista Networks by 0.9% in the first quarter. Swiss National Bank now owns 75,200 shares of the technology company’s stock worth $9,947,000 after buying an additional 700 shares during the last quarter. Columbus Circle Investors purchased a new stake in Arista Networks during the first quarter worth $42,580,000. Finally, Credit Suisse AG raised its stake in Arista Networks by 1.4% in the first quarter. Credit Suisse AG now owns 62,634 shares of the technology company’s stock worth $8,285,000 after buying an additional 859 shares during the last quarter. 60.84% of the stock is owned by institutional investors and hedge funds.
About Arista Networks
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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