Arista Networks (NYSE:ANET) Given a $320.00 Price Target at Piper Jaffray Companies

Piper Jaffray Companies set a $320.00 price objective on Arista Networks (NYSE:ANET) in a report issued on Friday, November 2nd. The firm currently has a buy rating on the technology company’s stock.

ANET has been the topic of a number of other reports. Zacks Investment Research lowered shares of Arista Networks from a buy rating to a hold rating in a research note on Wednesday, August 8th. Morgan Stanley downgraded Arista Networks from an overweight rating to an equal weight rating and set a $310.00 price objective for the company. in a research report on Tuesday, September 4th. William Blair reissued an outperform rating on shares of Arista Networks in a research report on Monday, September 17th. Goldman Sachs Group downgraded Arista Networks from a conviction-buy rating to a buy rating in a research report on Thursday, October 4th. Finally, Berenberg Bank set a $350.00 price objective on Arista Networks and gave the stock a buy rating in a research report on Wednesday, September 19th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $291.83.

ANET traded down $7.77 on Friday, hitting $244.43. The company had a trading volume of 778,470 shares, compared to its average volume of 1,201,464. The firm has a market cap of $19.12 billion, a P/E ratio of 52.57, a price-to-earnings-growth ratio of 1.76 and a beta of 1.56. Arista Networks has a 1 year low of $206.86 and a 1 year high of $313.37. The company has a current ratio of 4.51, a quick ratio of 4.11 and a debt-to-equity ratio of 0.02.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Thursday, November 1st. The technology company reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.21. The firm had revenue of $563.31 million for the quarter, compared to analyst estimates of $548.81 million. Arista Networks had a net margin of 28.05% and a return on equity of 29.06%. Arista Networks’s revenue was up 28.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.62 EPS. Equities research analysts forecast that Arista Networks will post 6.77 earnings per share for the current year.

In other Arista Networks news, Director Nikos Theodosopoulos sold 110 shares of the stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $273.27, for a total value of $30,059.70. Following the completion of the transaction, the director now owns 2,073 shares in the company, valued at $566,488.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John F. Mccool sold 1,218 shares of the stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $275.28, for a total value of $335,291.04. The disclosure for this sale can be found here. Insiders have sold 203,820 shares of company stock valued at $60,871,675 in the last 90 days. Company insiders own 24.95% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. HRT Financial LLC acquired a new stake in Arista Networks in the second quarter valued at $252,000. NorthCoast Asset Management LLC grew its holdings in Arista Networks by 377.6% in the second quarter. NorthCoast Asset Management LLC now owns 73,853 shares of the technology company’s stock valued at $19,016,000 after purchasing an additional 58,389 shares during the last quarter. Public Employees Retirement System of Ohio grew its holdings in Arista Networks by 1.4% in the second quarter. Public Employees Retirement System of Ohio now owns 35,479 shares of the technology company’s stock valued at $9,135,000 after purchasing an additional 484 shares during the last quarter. Stanley Laman Group Ltd. grew its holdings in Arista Networks by 1.5% in the second quarter. Stanley Laman Group Ltd. now owns 22,688 shares of the technology company’s stock valued at $5,842,000 after purchasing an additional 330 shares during the last quarter. Finally, Schroder Investment Management Group acquired a new stake in Arista Networks in the second quarter valued at $1,396,000. Hedge funds and other institutional investors own 54.32% of the company’s stock.

Arista Networks Company Profile

Arista Networks, Inc provides cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of its 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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