Arista Networks (ANET) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Arista Networks (NYSE:ANET) from a buy rating to a hold rating in a research report released on Wednesday.

According to Zacks, “Arista is a dominant name in the data center networking market. Shares of the company have outperformed the industry over the past one year. The company’s robust product portfolio remains a key catalyst. Arista is benefiting from strong demand for 100-gigabit routing and switching products, particularly from cloud titans. Management stated that FlexRoute license (almost 150 customers) has helped the company enter additional layers of the spine for routing and data-center interconnect, where Cisco and Juniper were dominant names. Moreover, ample cash balance provides Arista the flexibility required to pursue any growth strategy, whether by way of acquisitions or otherwise. However, Arista faces stiff competition in the cloud networking solutions, particularly in the 10 Gigabit Ethernet and above. Moreover, ongoing lawsuits with Cisco are the primary headwind.”

Other analysts have also issued reports about the stock. KeyCorp reissued a buy rating on shares of Arista Networks in a research note on Friday, November 3rd. Cowen reissued a buy rating and set a $200.00 target price on shares of Arista Networks in a research note on Friday, November 3rd. Citigroup reissued a buy rating and set a $220.00 target price (up from $215.00) on shares of Arista Networks in a research note on Friday, November 3rd. Needham & Company LLC reissued a buy rating and set a $217.00 target price (up from $175.00) on shares of Arista Networks in a research note on Friday, November 3rd. They noted that the move was a valuation call. Finally, DA Davidson raised shares of Arista Networks from a neutral rating to a buy rating and set a $224.00 target price for the company in a research note on Friday, November 3rd. Fifteen analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Arista Networks has an average rating of Buy and an average target price of $230.17.

Arista Networks (NYSE ANET) opened at $307.02 on Wednesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.07 and a current ratio of 3.66. The company has a market cap of $22,090.00, a price-to-earnings ratio of 62.68, a price-to-earnings-growth ratio of 2.25 and a beta of 1.47. Arista Networks has a one year low of $99.51 and a one year high of $307.02.

In other Arista Networks news, insider Andreas Bechtolsheim sold 132,370 shares of the business’s stock in a transaction dated Friday, November 24th. The shares were sold at an average price of $240.17, for a total value of $31,791,302.90. Following the completion of the transaction, the insider now directly owns 73,102 shares in the company, valued at $17,556,907.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Marc Taxay sold 2,000 shares of the business’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $230.09, for a total transaction of $460,180.00. Following the completion of the transaction, the senior vice president now owns 12,335 shares of the company’s stock, valued at $2,838,160.15. The disclosure for this sale can be found here. Insiders sold 333,126 shares of company stock valued at $79,827,040 over the last 90 days. 28.09% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the business. PNC Financial Services Group Inc. raised its holdings in Arista Networks by 20.5% in the second quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock worth $111,000 after purchasing an additional 126 shares in the last quarter. Bronfman E.L. Rothschild L.P. raised its holdings in Arista Networks by 164.5% in the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 484 shares of the technology company’s stock worth $114,000 after purchasing an additional 301 shares in the last quarter. Fieldpoint Private Securities LLC bought a new position in Arista Networks in the third quarter worth about $130,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Arista Networks in the third quarter worth about $151,000. Finally, TRUE Private Wealth Advisors bought a new position in Arista Networks in the fourth quarter worth about $210,000. Institutional investors and hedge funds own 58.15% of the company’s stock.

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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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