Arista Networks Inc (NYSE:ANET) was downgraded by investment analysts at DA Davidson from a “buy” rating to a “neutral” rating in a research note issued to investors on Monday.
A number of other analysts have also commented on the company. Goldman Sachs Group Inc raised Arista Networks from a “sell” rating to a “neutral” rating and lifted their price target for the company from $68.00 to $125.00 in a research note on Monday, March 27th. Citigroup Inc lifted their price target on Arista Networks from $115.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, March 24th. Barclays PLC restated an “overweight” rating on shares of Arista Networks in a research report on Saturday, April 22nd. Gabelli restated a “hold” rating on shares of Arista Networks in a research report on Friday, April 14th. Finally, Deutsche Bank AG raised their price objective on Arista Networks from $130.00 to $140.00 and gave the stock a “buy” rating in a research report on Thursday, March 23rd. Fifteen equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. Arista Networks has an average rating of “Buy” and a consensus target price of $128.52.
Shares of Arista Networks (NYSE:ANET) opened at 144.07 on Monday. The company has a market capitalization of $10.37 billion, a PE ratio of 46.53 and a beta of 1.15. Arista Networks has a 52 week low of $60.51 and a 52 week high of $148.60. The stock has a 50 day moving average price of $138.74 and a 200-day moving average price of $111.97.
Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, May 4th. The technology company reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.09. Arista Networks had a return on equity of 20.69% and a net margin of 16.15%. The firm had revenue of $335.48 million for the quarter, compared to analyst estimates of $326.19 million. During the same period last year, the firm posted $0.68 earnings per share. The business’s revenue for the quarter was up 38.5% on a year-over-year basis. Equities research analysts expect that Arista Networks will post $3.93 EPS for the current year.
In other news, insider Jayshree Ullal sold 140,696 shares of the business’s stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $145.17, for a total transaction of $20,424,838.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Marc Taxay sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $120.15, for a total value of $240,300.00. Following the sale, the senior vice president now owns 10,650 shares of the company’s stock, valued at approximately $1,279,597.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 294,164 shares of company stock valued at $42,532,109. Corporate insiders own 32.39% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Arista Networks by 34,238.9% in the first quarter. BlackRock Inc. now owns 1,684,322 shares of the technology company’s stock valued at $222,784,000 after buying an additional 1,679,417 shares during the last quarter. FMR LLC boosted its position in shares of Arista Networks by 32.2% in the first quarter. FMR LLC now owns 3,288,755 shares of the technology company’s stock valued at $435,004,000 after buying an additional 800,465 shares during the last quarter. Capital Research Global Investors boosted its position in shares of Arista Networks by 11.9% in the third quarter. Capital Research Global Investors now owns 6,592,122 shares of the technology company’s stock valued at $560,858,000 after buying an additional 700,200 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Arista Networks by 12.8% in the first quarter. Vanguard Group Inc. now owns 3,514,246 shares of the technology company’s stock valued at $464,830,000 after buying an additional 399,688 shares during the last quarter. Finally, William Blair Investment Management LLC boosted its position in shares of Arista Networks by 58.9% in the fourth quarter. William Blair Investment Management LLC now owns 1,042,333 shares of the technology company’s stock valued at $100,867,000 after buying an additional 386,253 shares during the last quarter. 54.94% of the stock is currently owned by 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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