Evercore ISI Reaffirms “Outperform” Rating for Arista Networks (NYSE:ANET)

Evercore ISI restated their outperform rating on shares of Arista Networks (NYSE:ANET) in a research note released on Friday, Benzinga reports. They currently have a $400.00 price target on the technology company’s stock.

Several other research firms also recently issued reports on ANET. Jefferies Financial Group upped their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the company a buy rating in a research note on Wednesday, July 31st. Needham & Company LLC reissued a buy rating and issued a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. Bank of America lifted their price target on Arista Networks from $320.00 to $380.00 and gave the stock a buy rating in a research report on Thursday, June 20th. Morgan Stanley increased their price objective on Arista Networks from $325.00 to $355.00 and gave the company an overweight rating in a report on Thursday, July 18th. Finally, Rosenblatt Securities lifted their target price on shares of Arista Networks from $220.00 to $265.00 and gave the company a sell rating in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $358.63.

Arista Networks Stock Performance

Shares of NYSE ANET opened at $359.76 on Friday. The stock’s 50-day simple moving average is $341.07 and its 200-day simple moving average is $313.92. The firm has a market capitalization of $113.02 billion, a PE ratio of 50.11, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. Arista Networks has a fifty-two week low of $168.25 and a fifty-two week high of $376.50.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The company had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter last year, the company earned $1.41 earnings per share. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, sell-side analysts forecast that Arista Networks will post 7.38 earnings per share for the current fiscal year.

Insider Transactions at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $5,624,679.72. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total transaction of $264,675.84. Following the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $5,624,679.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Marc Taxay sold 624 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $354.71, for a total value of $221,339.04. The disclosure for this sale can be found here. In the last three months, insiders sold 106,989 shares of company stock valued at $37,891,416. Corporate insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Large investors have recently modified their holdings of the business. GQG Partners LLC purchased a new stake in Arista Networks in the 1st quarter valued at approximately $881,848,000. Norges Bank purchased a new stake in Arista Networks in the 4th quarter valued at about $586,051,000. Swedbank AB purchased a new position in shares of Arista Networks during the 1st quarter worth about $521,767,000. Vanguard Group Inc. boosted its position in shares of Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after acquiring an additional 1,596,040 shares during the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in Arista Networks by 97.2% in the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after purchasing an additional 884,703 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.