Arista Networks’ (ANET) Outperform Rating Reaffirmed at BMO Capital Markets

BMO Capital Markets reissued their outperform rating on shares of Arista Networks, Inc. (NYSE:ANET) in a research note published on Friday. The brokerage currently has a $190.00 price objective on the technology company’s stock, up from their prior price objective of $167.00.

Other equities research analysts have also issued reports about the stock. Cowen and Company boosted their target price on shares of Arista Networks from $123.00 to $145.00 and gave the company an outperform rating in a research note on Friday, May 5th. UBS AG boosted their target price on shares of Arista Networks from $120.00 to $150.00 and gave the company a neutral rating in a research note on Wednesday, May 31st. Barclays PLC boosted their target price on shares of Arista Networks from $185.00 to $200.00 and gave the company an overweight rating in a research note on Friday. They noted that the move was a valuation call. J P Morgan Chase & Co upgraded shares of Arista Networks from a neutral rating to an overweight rating in a research note on Friday. Finally, Royal Bank Of Canada boosted their target price on shares of Arista Networks from $135.00 to $160.00 and gave the company a sector perform rating in a research note on Friday. Sixteen 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 a consensus rating of Buy and an average target price of $145.40.

Shares of Arista Networks (ANET) traded up 19.44% during trading on Friday, reaching $172.05. The company’s stock had a trading volume of 4,997,689 shares. Arista Networks has a one year low of $68.75 and a one year high of $175.40. The company has a market capitalization of $12.39 billion, a price-to-earnings ratio of 55.57 and a beta of 1.33. The firm’s 50-day moving average price is $153.36 and its 200-day moving average price is $133.41.

Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.15. The business had revenue of $405.21 million during the quarter, compared to analyst estimates of $361.02 million. Arista Networks had a net margin of 21.74% and a return on equity of 23.86%. The company’s quarterly revenue was up 50.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.74 EPS. On average, equities analysts anticipate that Arista Networks will post $3.98 earnings per share for the current year.

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In other Arista Networks news, SVP Kenneth Duda sold 10,507 shares of the stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $144.23, for a total transaction of $1,515,424.61. Following the completion of the transaction, the senior vice president now owns 811 shares of the company’s stock, valued at approximately $116,970.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jayshree Ullal sold 140,696 shares of the stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $145.17, for a total transaction of $20,424,838.32. The disclosure for this sale can be found here. Insiders have sold a total of 648,962 shares of company stock valued at $98,403,258 in the last three months. Insiders own 28.09% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in ANET. Vanguard Group Inc. increased its position in shares of Arista Networks by 12.8% in the first quarter. Vanguard Group Inc. now owns 3,514,246 shares of the technology company’s stock worth $464,830,000 after buying an additional 399,688 shares during the last quarter. FMR LLC increased its position in shares of Arista Networks by 32.2% in the first quarter. FMR LLC now owns 3,288,755 shares of the technology company’s stock worth $435,004,000 after buying an additional 800,465 shares during the last quarter. BlackRock Inc. increased its position in shares of Arista Networks by 34,238.9% in the first quarter. BlackRock Inc. now owns 1,684,322 shares of the technology company’s stock worth $222,784,000 after buying an additional 1,679,417 shares during the last quarter. Harbour Capital Advisors LLC increased its position in shares of Arista Networks by 13,502.2% in the second quarter. Harbour Capital Advisors LLC now owns 1,228,278 shares of the technology company’s stock worth $8,200,000 after buying an additional 1,219,248 shares during the last quarter. Finally, William Blair Investment Management LLC increased its position in shares of Arista Networks by 9.1% in the first quarter. William Blair Investment Management LLC now owns 1,136,817 shares of the technology company’s stock worth $150,367,000 after buying an additional 94,484 shares during the last quarter. 60.98% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Arista Networks (NYSE:ANET)

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