Arista Networks, Inc. (NYSE:ANET) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Arista Networks, Inc. (NYSE:ANET) has received a consensus recommendation of “Moderate Buy” from the twenty research firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and sixteen have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $364.81.

A number of research firms have issued reports on ANET. Jefferies Financial Group boosted their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. KeyCorp upped their price target on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Bank of America increased their target price on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Finally, Morgan Stanley lifted their price target on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $395.99 on Friday. Arista Networks has a 1 year low of $168.25 and a 1 year high of $396.80. The company has a 50 day simple moving average of $351.55 and a two-hundred day simple moving average of $323.80. The firm has a market cap of $124.09 billion, a PE ratio of 55.15, a PEG ratio of 3.04 and a beta of 1.07.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business’s revenue was up 15.9% compared to the same quarter last year. During the same period last year, the firm posted $1.41 earnings per share. As a group, research analysts anticipate that Arista Networks will post 7.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Marc Taxay sold 624 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $388.37, for a total value of $242,342.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Arista Networks news, SVP Marc Taxay sold 624 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $388.37, for a total transaction of $242,342.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the sale, the senior vice president now owns 3,244 shares in the company, valued at $1,202,550.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 57,361 shares of company stock worth $20,523,830 over the last three months. 3.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arista Networks

Several hedge funds have recently bought and sold shares of the business. UniSuper Management Pty Ltd lifted its stake in shares of Arista Networks by 20.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock worth $10,535,000 after purchasing an additional 6,133 shares during the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of Arista Networks during the first quarter worth about $1,405,000. M&G Plc purchased a new stake in shares of Arista Networks during the first quarter worth approximately $3,238,000. Nordea Investment Management AB raised its holdings in Arista Networks by 32.5% in the 1st quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after acquiring an additional 6,578 shares during the last quarter. Finally, Cim LLC purchased a new position in shares of Arista Networks during the 4th quarter worth $2,589,000. Institutional investors own 82.47% of the company’s stock.

About Arista Networks

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.