Arista Networks (NYSE:ANET) Given “Outperform” Rating at Evercore ISI

Evercore ISI reiterated their outperform rating on shares of Arista Networks (NYSE:ANET) in a research report released on Friday, Benzinga reports. Evercore ISI currently has a $400.00 price objective on the technology company’s stock.

Several other research firms have also commented on ANET. UBS Group lifted their price objective on shares of Arista Networks from $285.00 to $369.00 and gave the stock a neutral rating in a research note on Wednesday, September 4th. Needham & Company LLC reiterated a buy rating and set a $375.00 price target on shares of Arista Networks in a report on Wednesday, July 31st. Jefferies Financial Group raised their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the stock a buy rating in a research note on Wednesday, July 31st. Rosenblatt Securities upped their target price on Arista Networks from $220.00 to $265.00 and gave the company a sell rating in a research note on Wednesday, July 31st. Finally, Barclays raised their price target on Arista Networks from $320.00 to $341.00 and gave the stock an overweight rating in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $358.63.

Arista Networks Stock Down 0.2 %

Arista Networks stock opened at $359.16 on Friday. Arista Networks has a twelve month low of $168.25 and a twelve month high of $376.50. The company’s 50-day moving average price is $340.84 and its 200-day moving average price is $314.50. The company has a market cap of $112.55 billion, a PE ratio of 50.02, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07.

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

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 1,689 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $321.28, for a total transaction of $542,641.92. Following the completion of the sale, the senior vice president now owns 182,600 shares in the company, valued at approximately $58,665,728. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $347.00, for a total value of $8,675,000.00. Following the completion of the transaction, the chief executive officer now owns 1,600,800 shares of the company’s stock, valued at $555,477,600. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Kenneth Duda sold 1,689 shares of Arista Networks stock in a transaction on Friday, September 6th. The stock was sold at an average price of $321.28, for a total transaction of $542,641.92. Following the sale, the senior vice president now owns 182,600 shares of the company’s stock, valued at $58,665,728. The disclosure for this sale can be found here. Over the last three months, insiders have sold 106,989 shares of company stock valued at $37,891,416. 3.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arista Networks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ANET. Benjamin Edwards Inc. acquired a new position in shares of Arista Networks in the first quarter valued at about $26,000. Beacon Capital Management LLC raised its position in Arista Networks by 500.0% during the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after buying an additional 65 shares during the last quarter. LGT Financial Advisors LLC purchased a new stake in shares of Arista Networks in the 2nd quarter valued at $27,000. Financial Synergies Wealth Advisors Inc. increased its stake in shares of Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after acquiring an additional 96 shares during the period. Finally, Byrne Asset Management LLC purchased a new position in shares of Arista Networks during the second quarter worth $33,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Company Profile

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.