Stifel Nicolaus initiated coverage on shares of Arista Networks (NYSE:ANET) in a research note published on Thursday morning. The firm issued a buy rating and a $270.00 price objective on the technology company’s stock.
Other equities research analysts also recently issued reports about the stock. KeyCorp reiterated an overweight rating and set a $240.00 price objective (up from $213.00) on shares of Arista Networks in a research note on Thursday. DA Davidson upgraded shares of Arista Networks from a neutral rating to a buy rating and set a $224.00 price objective for the company in a research note on Friday, November 3rd. Piper Jaffray Companies began coverage on shares of Arista Networks in a research note on Monday, November 13th. They set a neutral rating and a $230.00 price objective for the company. Needham & Company LLC reiterated a buy rating and set a $217.00 price objective (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, Morgan Stanley upgraded shares of Arista Networks from an equal weight rating to an overweight rating and lifted their price objective for the stock from $125.00 to $210.00 in a research note on Wednesday, September 20th. Fourteen analysts have rated the stock with a hold rating, nineteen have given 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 price target of $197.55.
Arista Networks (NYSE:ANET) traded up $4.31 during trading hours on Thursday, hitting $231.03. 1,064,155 shares of the stock traded hands, compared to its average volume of 831,316. Arista Networks has a 1-year low of $87.33 and a 1-year high of $245.65. The company has a quick ratio of 3.07, a current ratio of 3.66 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $16,457.15, a P/E ratio of 54.12, a P/E/G ratio of 2.04 and a beta of 1.38.
Several hedge funds have recently added to or reduced their stakes in the company. Aperio Group LLC purchased a new stake in Arista Networks during the 2nd quarter valued at about $378,000. Great West Life Assurance Co. Can grew its stake in Arista Networks by 230.7% during the 2nd quarter. Great West Life Assurance Co. Can now owns 15,566 shares of the technology company’s stock valued at $2,328,000 after acquiring an additional 10,859 shares in the last quarter. Daiwa Securities Group Inc. purchased a new stake in Arista Networks during the 2nd quarter valued at about $202,000. Pictet Asset Management Ltd. purchased a new stake in Arista Networks during the 2nd quarter valued at about $2,167,000. Finally, Canada Pension Plan Investment Board purchased a new stake in Arista Networks during the 2nd quarter valued at about $6,441,000. 58.22% of the stock is owned by institutional investors and hedge funds.
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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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