Wall Street brokerages expect that Arista Networks Inc (NYSE:ANET) will announce $606.67 million in sales for the current fiscal quarter, Zacks Investment Research reports. Eleven analysts have made estimates for Arista Networks’ earnings, with estimates ranging from $601.39 million to $615.00 million. Arista Networks reported sales of $519.85 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 16.7%. The business is scheduled to issue its next earnings results on Thursday, August 1st.
According to Zacks, analysts expect that Arista Networks will report full year sales of $2.56 billion for the current fiscal year, with estimates ranging from $2.49 billion to $2.65 billion. For the next financial year, analysts forecast that the firm will post sales of $3.05 billion, with estimates ranging from $2.81 billion to $3.26 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Arista Networks.
Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, May 2nd. The technology company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.07 by $0.24. The business had revenue of $595.42 million during the quarter, compared to analyst estimates of $595.21 million. Arista Networks had a net margin of 30.36% and a return on equity of 29.36%. The company’s quarterly revenue was up 26.0% compared to the same quarter last year. During the same period in the previous year, the business earned $1.66 EPS.
A number of equities research analysts have weighed in on the stock. Goldman Sachs Group boosted their target price on shares of Arista Networks from $300.00 to $360.00 and gave the company a “buy” rating in a research note on Thursday, March 21st. Zacks Investment Research lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 16th. Morgan Stanley lowered shares of Arista Networks from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $300.00 to $330.00 in a research note on Tuesday, April 23rd. Credit Suisse Group boosted their target price on shares of Arista Networks from $317.00 to $347.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th. Finally, Nomura upped their price objective on Arista Networks from $275.00 to $375.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Nine equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $314.13.
In related news, insider Anshul Sadana sold 42,084 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $286.27, for a total value of $12,047,386.68. Following the completion of the transaction, the insider now owns 6,282 shares of the company’s stock, valued at approximately $1,798,348.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider John F. Mccool sold 736 shares of the company’s stock in a transaction on Monday, February 25th. The stock was sold at an average price of $279.00, for a total transaction of $205,344.00. The disclosure for this sale can be found here. Insiders sold a total of 244,399 shares of company stock valued at $72,451,824 over the last 90 days. 23.83% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of the stock. Cigna Investments Inc. New boosted its holdings in Arista Networks by 2.4% in the 1st quarter. Cigna Investments Inc. New now owns 1,675 shares of the technology company’s stock worth $528,000 after buying an additional 40 shares during the period. IHT Wealth Management LLC boosted its holdings in shares of Arista Networks by 4.2% during the 1st quarter. IHT Wealth Management LLC now owns 1,258 shares of the technology company’s stock valued at $396,000 after purchasing an additional 51 shares during the last quarter. CENTRAL TRUST Co boosted its holdings in shares of Arista Networks by 42.6% during the 1st quarter. CENTRAL TRUST Co now owns 201 shares of the technology company’s stock valued at $63,000 after purchasing an additional 60 shares during the last quarter. Montag & Caldwell LLC boosted its holdings in shares of Arista Networks by 4.5% during the 1st quarter. Montag & Caldwell LLC now owns 1,410 shares of the technology company’s stock valued at $443,000 after purchasing an additional 61 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Arista Networks by 46.2% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 193 shares of the technology company’s stock valued at $61,000 after purchasing an additional 61 shares during the last quarter. 58.30% of the stock is owned by institutional investors.
ANET traded up $1.56 during mid-day trading on Friday, reaching $255.94. 875,043 shares of the company traded hands, compared to its average volume of 1,394,308. The firm has a market cap of $19.61 billion, a PE ratio of 36.20, a P/E/G ratio of 1.57 and a beta of 1.47. The company has a current ratio of 5.34, a quick ratio of 4.70 and a debt-to-equity ratio of 0.04. Arista Networks has a 52-week low of $187.08 and a 52-week high of $331.27.
About Arista Networks
Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.
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