Arista Networks (NYSE:ANET) Given a $272.00 Price Target at Piper Jaffray Companies

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Arista Networks (NYSE:ANET) has been assigned a $272.00 price objective by investment analysts at Piper Jaffray Companies in a research note issued on Friday, TipRanks reports. The firm currently has a “buy” rating on the technology company’s stock. Piper Jaffray Companies’ price target indicates a potential upside of 16.14% from the stock’s previous close.

Several other research firms have also recently issued reports on ANET. JMP Securities restated an “outperform” rating and set a $280.00 target price (down previously from $315.00) on shares of Arista Networks in a research note on Friday, August 2nd. Royal Bank of Canada set a $300.00 target price on shares of Arista Networks and gave the company a “buy” rating in a research note on Friday, July 19th. Zacks Investment Research upgraded shares of Arista Networks from a “sell” rating to a “hold” rating and set a $284.00 target price on the stock in a research note on Monday, July 8th. Barclays began coverage on shares of Arista Networks in a research note on Wednesday, August 7th. They set an “overweight” rating and a $284.00 target price on the stock. Finally, Evercore ISI began coverage on shares of Arista Networks in a research report on Wednesday, September 11th. They set an “inline” rating and a $240.00 price target for the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Arista Networks has an average rating of “Buy” and a consensus price target of $292.23.

ANET traded down $2.23 during midday trading on Friday, hitting $234.21. 226,724 shares of the company traded hands, compared to its average volume of 570,595. The company has a quick ratio of 5.17, a current ratio of 5.77 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $18.03 billion, a PE ratio of 33.13, a price-to-earnings-growth ratio of 1.37 and a beta of 1.58. The company’s 50-day moving average is $233.65 and its 200 day moving average is $261.93. Arista Networks has a 52 week low of $187.08 and a 52 week high of $331.27.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, August 1st. The technology company reported $2.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.98 by $0.46. The business had revenue of $608.32 million for the quarter, compared to analysts’ expectations of $606.78 million. Arista Networks had a net margin of 30.86% and a return on equity of 28.76%. The business’s revenue for the quarter was up 17.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.93 EPS. On average, sell-side analysts predict that Arista Networks will post 8.7 earnings per share for the current fiscal year.

In related news, Director Nikos Theodosopoulos sold 1,360 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $225.31, for a total value of $306,421.60. Following the completion of the sale, the director now directly owns 4,630 shares of the company’s stock, valued at approximately $1,043,185.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Anshul Sadana sold 1,350 shares of the stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $280.07, for a total transaction of $378,094.50. Following the completion of the sale, the chief operating officer now directly owns 1,783 shares of the company’s stock, valued at $499,364.81. The disclosure for this sale can be found here. Insiders have sold a total of 38,785 shares of company stock valued at $9,494,568 in the last ninety days. Insiders own 23.83% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in ANET. Belpointe Asset Management LLC purchased a new stake in Arista Networks in the 1st quarter worth approximately $531,000. Meridian Wealth Management LLC purchased a new stake in Arista Networks in the 1st quarter worth approximately $203,000. Clearbridge Investments LLC boosted its stake in Arista Networks by 3.9% in the 1st quarter. Clearbridge Investments LLC now owns 52,864 shares of the technology company’s stock worth $16,624,000 after purchasing an additional 1,983 shares during the period. Rehmann Capital Advisory Group boosted its stake in Arista Networks by 56.6% in the 1st quarter. Rehmann Capital Advisory Group now owns 296 shares of the technology company’s stock worth $93,000 after purchasing an additional 107 shares during the period. Finally, Holderness Investments Co. bought a new position in Arista Networks in the 1st quarter worth approximately $267,000. 58.74% of the stock is owned by institutional investors.

Arista Networks Company Profile

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.

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