J P Morgan Chase & Co upgraded shares of Arista Networks, Inc. (NYSE:ANET) from a neutral rating to an overweight rating in a research report report published on Friday morning, MarketBeat.com reports.
Several other brokerages have also recently weighed in on ANET. MKM Partners reissued a neutral rating and set a $125.00 price target (up previously from $100.00) on shares of Arista Networks in a research report on Tuesday, May 9th. Deutsche Bank AG reissued a buy rating and set a $165.00 price target (up previously from $156.00) on shares of Arista Networks in a research report on Monday, July 17th. William Blair raised shares of Arista Networks from a market perform rating to an outperform rating in a research report on Friday. Barclays PLC boosted their price target on shares of Arista Networks from $161.00 to $185.00 and gave the company an overweight rating in a research report on Thursday, June 15th. Finally, Oppenheimer Holdings, Inc. reissued an outperform rating and set a $160.00 price target on shares of Arista Networks in a research report on Monday, June 5th. Sixteen equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Arista Networks presently has an average rating of Buy and an average target price of $149.71.
Shares of Arista Networks (NYSE:ANET) opened at 173.75 on Friday. Arista Networks has a 52 week low of $68.75 and a 52 week high of $176.50. The stock has a 50 day moving average of $153.36 and a 200 day moving average of $133.41. The stock has a market cap of $12.51 billion, a P/E ratio of 56.12 and a beta of 1.33.
Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.15. The firm had revenue of $405.21 million for the quarter, compared to analysts’ expectations of $361.02 million. Arista Networks had a net margin of 21.74% and a return on equity of 23.86%. The company’s revenue was up 50.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.74 EPS. On average, analysts expect that Arista Networks will post $4.38 earnings per share for the current year.
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In related news, SVP Marc Taxay sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $150.43, for a total value of $300,860.00. Following the completion of the transaction, the senior vice president now directly owns 11,775 shares of the company’s stock, valued at $1,771,313.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jayshree Ullal sold 140,696 shares of the company’s stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $145.17, for a total value of $20,424,838.32. The disclosure for this sale can be found here. Insiders sold 638,455 shares of company stock valued at $96,887,834 over the last ninety days. 28.09% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. LS Investment Advisors LLC acquired a new position in shares of Arista Networks during the second quarter worth about $119,000. SG Americas Securities LLC acquired a new position in shares of Arista Networks during the first quarter worth about $164,000. Financial Architects Inc increased its position in shares of Arista Networks by 232.0% in the first quarter. Financial Architects Inc now owns 1,255 shares of the technology company’s stock worth $166,000 after buying an additional 877 shares during the period. Daiwa Securities Group Inc. acquired a new position in shares of Arista Networks during the second quarter worth about $202,000. Finally, Comerica Bank acquired a new position in shares of Arista Networks during the fourth quarter worth about $205,000. 60.84% of the stock is owned by hedge funds and other institutional investors.
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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