Arista Networks (NYSE:ANET) Issues Quarterly Earnings Results

Arista Networks (NYSE:ANET) issued its quarterly earnings results on Thursday. The technology company reported $2.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.98 by $0.46, Bloomberg Earnings reports. Arista Networks had a return on equity of 29.36% and a net margin of 30.36%. The firm had revenue of $608.32 million during the quarter, compared to analyst estimates of $606.78 million. During the same quarter in the previous year, the company posted $1.93 earnings per share. The company’s revenue was up 17.0% compared to the same quarter last year. Arista Networks updated its Q3 2019 guidance to EPS.

Shares of ANET stock traded down $28.10 during midday trading on Friday, reaching $244.12. 2,990,317 shares of the stock were exchanged, compared to its average volume of 674,515. Arista Networks has a 1 year low of $187.08 and a 1 year high of $331.27. The company has a 50 day simple moving average of $264.80. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.70 and a current ratio of 5.34. The firm has a market cap of $18.70 billion, a price-to-earnings ratio of 34.53, a PEG ratio of 1.73 and a beta of 1.58.

In related news, insider Andreas Bechtolsheim sold 140,241 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $252.84, for a total value of $35,458,534.44. Following the sale, the insider now owns 16,113 shares in the company, valued at approximately $4,074,010.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Anshul Sadana sold 8,325 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $280.96, for a total value of $2,338,992.00. Following the completion of the sale, the chief operating officer now owns 2,741 shares in the company, valued at approximately $770,111.36. The disclosure for this sale can be found here. Insiders have sold a total of 212,178 shares of company stock worth $54,164,670 in the last quarter. Company insiders own 23.83% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Lenox Wealth Management Inc. purchased a new stake in shares of Arista Networks in the 1st quarter worth approximately $26,000. Gradient Investments LLC purchased a new stake in shares of Arista Networks in the 2nd quarter worth approximately $37,000. Financial Management Professionals Inc. grew its stake in shares of Arista Networks by 548.0% in the 2nd quarter. Financial Management Professionals Inc. now owns 162 shares of the technology company’s stock worth $42,000 after buying an additional 137 shares during the last quarter. Whittier Trust Co. purchased a new stake in shares of Arista Networks in the 1st quarter worth approximately $44,000. Finally, Coastal Investment Advisors Inc. grew its stake in shares of Arista Networks by 311.1% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 185 shares of the technology company’s stock worth $48,000 after buying an additional 140 shares during the last quarter. Institutional investors own 57.75% of the company’s stock.

Several equities research analysts have issued reports on ANET shares. Credit Suisse Group lifted their price target on Arista Networks from $317.00 to $347.00 and gave the stock an “outperform” rating in a research note on Thursday, April 25th. Nomura boosted their price target on Arista Networks from $275.00 to $375.00 and gave the company a “buy” rating in a report on Friday, April 26th. Zacks Investment Research upgraded Arista Networks from a “sell” rating to a “hold” rating and set a $284.00 price target on the stock in a report on Monday, July 8th. MKM Partners boosted their price target on Arista Networks to $295.00 and gave the company a “neutral” rating in a report on Monday, May 6th. Finally, KeyCorp boosted their price target on Arista Networks from $320.00 to $350.00 and gave the company an “overweight” rating in a report on Thursday, April 18th. They noted that the move was a valuation call. Nine research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $308.40.

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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Earnings History for Arista Networks (NYSE:ANET)

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