Arista Networks, Inc. (NYSE:ANET) was upgraded by research analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a note issued to investors on Wednesday. The brokerage currently has a $210.00 price target on the technology company’s stock, up from their previous price target of $125.00. Morgan Stanley’s price objective indicates a potential upside of 11.41% from the stock’s previous close.
ANET has been the topic of several other reports. BMO Capital Markets restated an “outperform” rating and issued a $190.00 price objective (up from $167.00) on shares of Arista Networks in a research report on Friday, August 4th. J P Morgan Chase & Co upgraded Arista Networks from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $144.00 to $186.00 in a research report on Friday, August 4th. Argus restated a “buy” rating on shares of Arista Networks in a research report on Monday, August 7th. Needham & Company LLC restated a “buy” rating and issued a $175.00 price objective on shares of Arista Networks in a research report on Tuesday, September 12th. Finally, Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $180.00 price objective (up from $160.00) on shares of Arista Networks in a research report on Wednesday, August 9th. Fifteen research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $160.00.
Shares of Arista Networks (NYSE:ANET) opened at 187.23 on Wednesday. Arista Networks has a one year low of $78.82 and a one year high of $188.85. The stock has a market cap of $13.58 billion, a PE ratio of 48.32 and a beta of 1.30. The company’s 50-day moving average price is $171.12 and its 200-day moving average price is $150.29.
Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.15. Arista Networks had a return on equity of 22.64% and a net margin of 21.74%. 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 previous year, the company posted $0.74 earnings per share. Arista Networks’s revenue for the quarter was up 50.8% on a year-over-year basis. Equities research analysts anticipate that Arista Networks will post $4.70 earnings per share for the current year.
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In other news, insider Ita M. Brennan sold 3,500 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $176.12, for a total transaction of $616,420.00. Following the transaction, the insider now owns 16,903 shares of the company’s stock, valued at $2,976,956.36. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Kenneth Duda sold 8,687 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $174.94, for a total value of $1,519,703.78. Following the transaction, the senior vice president now directly owns 1,593 shares in the company, valued at approximately $278,679.42. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 484,942 shares of company stock worth $82,414,703. Insiders own 28.09% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its stake in shares of Arista Networks by 20.5% during the second quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock valued at $111,000 after buying an additional 126 shares during the last quarter. LS Investment Advisors LLC bought a new position in shares of Arista Networks during the second quarter valued at approximately $119,000. D.A. Davidson & CO. grew its stake in shares of Arista Networks by 3.2% during the second quarter. D.A. Davidson & CO. now owns 982 shares of the technology company’s stock valued at $147,000 after buying an additional 30 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Arista Networks during the first quarter valued at approximately $164,000. Finally, Daiwa Securities Group Inc. bought a new position in shares of Arista Networks during the second quarter valued at approximately $202,000. 59.34% of the stock is currently owned by hedge funds and other institutional investors.
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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