Arista Networks, Inc. (ANET) Price Target Raised to $167.00 at BMO Capital Markets

Arista Networks, Inc. (NYSE:ANET) had its price objective lifted by BMO Capital Markets from $155.00 to $167.00 in a research report sent to investors on Monday. They currently have an outperform rating on the technology company’s stock.

A number of other research firms have also issued reports on ANET. CIBC began coverage on Arista Networks in a report on Monday, June 5th. They issued an outperform rating and a $160.00 target price for the company. Wells Fargo & Co reiterated an outperform rating on shares of Arista Networks in a report on Saturday, June 3rd. Needham & Company LLC reiterated a buy rating on shares of Arista Networks in a report on Saturday, June 3rd. Credit Suisse Group reiterated a neutral rating and issued a $140.00 target price on shares of Arista Networks in a report on Saturday, June 3rd. Finally, Oppenheimer Holdings, Inc. reiterated an outperform rating and issued a $160.00 target price on shares of Arista Networks in a report on Monday, June 5th. Fifteen equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $134.74.

Shares of Arista Networks (ANET) traded down 0.64% during midday trading on Monday, reaching $155.65. The company’s stock had a trading volume of 193,724 shares. Arista Networks has a one year low of $60.51 and a one year high of $158.57. The company has a market capitalization of $11.21 billion, a P/E ratio of 50.27 and a beta of 1.35. The stock’s 50-day moving average is $147.53 and its 200-day moving average is $121.30.

Arista Networks (NYSE:ANET) last released its earnings results on Thursday, May 4th. The technology company reported $0.79 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.09. The firm had revenue of $335.48 million during the quarter, compared to analyst estimates of $326.19 million. Arista Networks had a return on equity of 20.94% and a net margin of 18.95%. Arista Networks’s revenue was up 38.5% compared to the same quarter last year. During the same period last year, the business posted $0.68 earnings per share. On average, equities analysts expect that Arista Networks will post $3.95 earnings per share for the current fiscal year.

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In related news, SVP Kenneth Duda sold 9,539 shares of the firm’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $156.19, for a total transaction of $1,489,896.41. Following the transaction, the senior vice president now owns 1,202 shares of the company’s stock, valued at $187,740.38. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jayshree Ullal sold 18,021 shares of the firm’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $157.44, for a total value of $2,837,226.24. Following the transaction, the insider now directly owns 2,576 shares in the company, valued at approximately $405,565.44. The disclosure for this sale can be found here. Insiders have sold 395,901 shares of company stock worth $58,241,211 in the last quarter. Insiders own 32.39% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in 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 in the last quarter. FMR LLC raised its position in 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 in the last quarter. Vanguard Group Inc. raised its position in 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 in the last quarter. Norges Bank bought a new position in Arista Networks during the fourth quarter worth about $31,517,000. Finally, Columbus Circle Investors bought a new position in Arista Networks during the first quarter worth about $42,580,000. 60.68% of the stock is currently 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.

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