Other equities research analysts have also issued research reports about the stock. UBS AG upped their target price on shares of Arista Networks from $120.00 to $150.00 and gave the stock a neutral rating in a report on Wednesday, May 31st. William Blair raised shares of Arista Networks from a market perform rating to an outperform rating in a report on Friday, August 4th. DA Davidson lowered shares of Arista Networks from a buy rating to a neutral rating and set a $153.00 target price for the company. in a report on Monday, May 22nd. Barclays PLC upped their target price on shares of Arista Networks from $161.00 to $185.00 and gave the stock an overweight rating in a report on Thursday, June 15th. Finally, Wells Fargo & Company reaffirmed an outperform rating on shares of Arista Networks in a report on Tuesday, July 4th. Sixteen equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Arista Networks has a consensus rating of Buy and a consensus price target of $155.29.
Arista Networks (NYSE:ANET) opened at 173.53 on Tuesday. The stock has a market capitalization of $12.59 billion, a PE ratio of 44.78 and a beta of 1.30. The firm has a 50 day moving average of $167.04 and a 200-day moving average of $147.79. Arista Networks has a 52 week low of $78.82 and a 52 week high of $179.71.
Arista Networks (NYSE:ANET) last released its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.15. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. The business had revenue of $405.21 million during the quarter, compared to analyst estimates of $361.02 million. During the same quarter in the prior year, the firm earned $0.74 earnings per share. The company’s revenue for the quarter was up 50.8% compared to the same quarter last year. On average, equities analysts predict that Arista Networks will post $4.69 EPS for the current year.
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In other news, insider Anshul Sadana sold 12,000 shares of the stock in a transaction dated 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 owns 99,841 shares of the company’s stock, valued at $15,426,432.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ita M. Brennan sold 5,000 shares of the stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $175.00, for a total transaction of $875,000.00. Following the sale, the insider now directly owns 21,079 shares in the company, valued at approximately $3,688,825. The disclosure for this sale can be found here. Insiders have sold 634,332 shares of company stock worth $106,156,949 in the last three months. Corporate insiders own 28.09% of the company’s stock.
Several institutional investors and hedge funds have recently modified their holdings of the company. State Board of Administration of Florida Retirement System raised its holdings in Arista Networks by 1.3% in the first quarter. State Board of Administration of Florida Retirement System now owns 57,509 shares of the technology company’s stock valued at $7,607,000 after acquiring an additional 766 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in Arista Networks by 50.5% in the first quarter. Advisors Asset Management Inc. now owns 7,631 shares of the technology company’s stock valued at $1,009,000 after acquiring an additional 2,562 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Arista Networks by 45.6% in the first quarter. Bank of New York Mellon Corp now owns 207,912 shares of the technology company’s stock valued at $27,501,000 after acquiring an additional 65,120 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in Arista Networks by 137.3% in the first quarter. BNP Paribas Arbitrage SA now owns 5,648 shares of the technology company’s stock valued at $747,000 after acquiring an additional 3,268 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Arista Networks by 39.0% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,814 shares of the technology company’s stock valued at $240,000 after acquiring an additional 509 shares in the last quarter. 59.40% of the stock is currently 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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