Arista Networks (NYSE:ANET) Upgraded to Outperform at BMO Capital Markets

BMO Capital Markets upgraded shares of Arista Networks (NYSE:ANET) from a market perform rating to an outperform rating in a research report released on Wednesday, October 17th, The Fly reports. The firm currently has $279.00 target price on the technology company’s stock. The analysts noted that the move was a valuation call.

A number of other research firms have also weighed in on ANET. Argus upped their target price on shares of Arista Networks to $320.00 and gave the stock a buy rating in a report on Monday, August 6th. UBS Group began coverage on shares of Arista Networks in a research note on Wednesday, September 26th. They issued a neutral rating and a $290.00 price objective for the company. ValuEngine lowered shares of Arista Networks from a buy rating to a hold rating in a research note on Saturday, October 6th. Piper Jaffray Companies upgraded shares of Arista Networks from a neutral rating to an overweight rating and set a $315.00 price objective for the company in a research note on Monday, July 9th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Arista Networks from $282.00 to $287.00 and gave the company a hold rating in a research note on Monday, July 23rd. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Arista Networks presently has a consensus rating of Buy and a consensus price target of $291.83.

Shares of NYSE ANET traded down $7.77 during trading on Wednesday, hitting $244.43. 778,470 shares of the company traded hands, compared to its average volume of 1,201,464. 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 has a fifty-two week low of $206.86 and a fifty-two week high of $313.37. The firm has a market capitalization of $19.12 billion, a P/E ratio of 52.57, a P/E/G ratio of 1.76 and a beta of 1.56.

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

In other news, insider John F. Mccool sold 1,218 shares of the firm’s stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $275.28, for a total transaction of $335,291.04. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Kenneth Duda sold 11,000 shares of the firm’s stock in a transaction on Wednesday, October 10th. The shares were sold at an average price of $229.24, for a total transaction of $2,521,640.00. Following the sale, the senior vice president now owns 2,664 shares in the company, valued at approximately $610,695.36. The disclosure for this sale can be found here. Insiders sold a total of 203,820 shares of company stock worth $60,871,675 over the last quarter. Corporate insiders own 24.95% of the company’s stock.

Large investors have recently modified their holdings of the stock. Dupont Capital Management Corp purchased a new position in Arista Networks in the 3rd quarter worth $109,000. OLD Mutual Customised Solutions Proprietary Ltd. bought a new stake in Arista Networks in the 2nd quarter worth $129,000. Signet Financial Management LLC bought a new stake in Arista Networks in the 2nd quarter worth $142,000. Bbva Compass Bancshares Inc. bought a new stake in Arista Networks in the 3rd quarter worth $157,000. Finally, Cerebellum GP LLC bought a new stake in Arista Networks in the 2nd quarter worth $159,000. Institutional investors own 54.32% of the company’s stock.

About Arista Networks

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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