Arista Networks’ (ANET) Outperform Rating Reaffirmed at JMP Securities

Arista Networks (NYSE:ANET)‘s stock had its “outperform” rating reaffirmed by analysts at JMP Securities in a research report issued on Friday, The Fly reports. They presently have a $280.00 price objective on the technology company’s stock, down from their previous price objective of $315.00. JMP Securities’ price objective indicates a potential upside of 14.70% from the stock’s current price.

Several other research firms also recently issued reports on ANET. Wolfe Research raised shares of Arista Networks from an “underperform” rating to a “peer perform” rating in a research note on Monday, May 6th. Credit Suisse Group raised their price target on shares of Arista Networks from $317.00 to $347.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th. Zacks Investment Research raised shares of Arista Networks from a “sell” rating to a “hold” rating and set a $284.00 price target for the company in a research note on Monday, July 8th. Morgan Stanley dropped their price target on shares of Arista Networks from $300.00 to $275.00 and set an “equal weight” rating for the company in a research note on Friday, June 7th. Finally, Stifel Nicolaus dropped their price target on shares of Arista Networks from $294.00 to $287.00 and set a “buy” rating for the company in a research note on Friday, May 3rd. Eight equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $310.35.

Shares of ANET stock traded down $28.10 during trading hours on Friday, hitting $244.12. 2,990,317 shares of the company’s stock traded hands, compared to its average volume of 733,457. The firm has a 50 day moving average price of $264.80. The stock has a market cap of $20.86 billion, a PE ratio of 34.53, a PEG ratio of 1.72 and a beta of 1.58. Arista Networks has a 12 month low of $187.08 and a 12 month high of $331.27. The company has a current ratio of 5.34, a quick ratio of 4.70 and a debt-to-equity ratio of 0.04.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, August 1st. The technology company reported $2.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.98 by $0.46. The firm had revenue of $608.32 million during the quarter, compared to the consensus estimate of $606.78 million. Arista Networks had a net margin of 30.86% and a return on equity of 29.96%. The company’s revenue for the quarter was up 17.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.93 earnings per share. Equities analysts forecast that Arista Networks will post 8.4 earnings per share for the current fiscal year.

In related news, insider Ita M. Brennan sold 5,000 shares of Arista Networks stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $243.94, for a total transaction of $1,219,700.00. Following the completion of the transaction, the insider now owns 6,830 shares of the company’s stock, valued at $1,666,110.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Kenneth Duda sold 10,874 shares of Arista Networks stock in a transaction on Friday, May 10th. The stock was sold at an average price of $263.37, for a total transaction of $2,863,885.38. Following the transaction, the senior vice president now directly owns 811 shares of the company’s stock, valued at approximately $213,593.07. The disclosure for this sale can be found here. Insiders have sold 212,178 shares of company stock valued at $54,164,670 in the last three months. 23.83% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of ANET. Geode Capital Management LLC grew its holdings in Arista Networks by 2.3% in the fourth quarter. Geode Capital Management LLC now owns 679,899 shares of the technology company’s stock worth $143,006,000 after purchasing an additional 15,438 shares during the period. Municipal Employees Retirement System of Michigan acquired a new stake in Arista Networks in the fourth quarter worth $291,000. American Century Companies Inc. grew its holdings in Arista Networks by 82.4% in the fourth quarter. American Century Companies Inc. now owns 98,264 shares of the technology company’s stock worth $20,704,000 after purchasing an additional 44,386 shares during the period. Malaga Cove Capital LLC grew its holdings in Arista Networks by 2.8% in the first quarter. Malaga Cove Capital LLC now owns 2,530 shares of the technology company’s stock worth $796,000 after purchasing an additional 70 shares during the period. Finally, Ingalls & Snyder LLC acquired a new stake in Arista Networks in the first quarter worth $220,000. Institutional investors and hedge funds own 57.75% of the company’s stock.

About Arista Networks

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.

See Also: Return on Equity (ROE)

The Fly

Analyst Recommendations for Arista Networks (NYSE:ANET)

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