Needham & Company LLC Reaffirms “Buy” Rating for Arista Networks, Inc. (ANET)

Needham & Company LLC reiterated their buy rating on shares of Arista Networks, Inc. (NYSE:ANET) in a research report sent to investors on Tuesday. The brokerage currently has a $175.00 target price on the technology company’s stock.

A number of other equities analysts have also commented on ANET. UBS AG boosted their price objective on shares of Arista Networks from $120.00 to $150.00 and gave the stock a neutral rating in a report on Wednesday, May 31st. William Blair upgraded shares of Arista Networks from a market perform rating to an outperform rating in a report on Friday, August 4th. DA Davidson lowered shares of Arista Networks from a buy rating to a neutral rating and set a $153.00 price objective on the stock. in a report on Monday, May 22nd. Barclays PLC boosted their price objective on shares of Arista Networks from $161.00 to $185.00 and gave the stock an overweight rating in a report on Thursday, June 15th. Finally, Wells Fargo & Company reiterated an outperform rating on shares of Arista Networks in a report on Tuesday, July 4th. Sixteen equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Arista Networks has a consensus rating of Buy and a consensus target price of $155.29.

Arista Networks (NYSE:ANET) opened at 176.96 on Tuesday. The company has a 50-day moving average price of $169.27 and a 200 day moving average price of $148.96. The stock has a market cap of $12.83 billion, a price-to-earnings ratio of 45.67 and a beta of 1.30. Arista Networks has a 12-month low of $78.82 and a 12-month high of $179.71.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.15. The business had revenue of $405.21 million for 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 22.64%. The business’s quarterly revenue was up 50.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.74 EPS. On average, equities research analysts predict that Arista Networks will post $4.70 EPS for the current year.

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In related news, insider Jayshree Ullal sold 200,268 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $173.37, for a total transaction of $34,720,463.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Marc Taxay sold 2,000 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $148.52, for a total transaction of $297,040.00. Following the sale, the senior vice president now directly owns 11,775 shares of the company’s stock, valued at approximately $1,748,823. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 634,332 shares of company stock valued at $106,156,949. Insiders own 28.09% of the company’s stock.

Several large investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. boosted its stake in Arista Networks by 20.5% during the 2nd quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock valued at $111,000 after purchasing an additional 126 shares during the period. LS Investment Advisors LLC acquired a new position in Arista Networks during the 2nd quarter valued at about $119,000. D.A. Davidson & CO. boosted its stake in Arista Networks by 3.2% during the 2nd quarter. D.A. Davidson & CO. now owns 982 shares of the technology company’s stock valued at $147,000 after purchasing an additional 30 shares during the period. SG Americas Securities LLC acquired a new position in Arista Networks during the 1st quarter valued at about $164,000. Finally, Daiwa Securities Group Inc. acquired a new position in Arista Networks during the 2nd quarter valued at about $202,000. 59.40% of the stock is owned by institutional investors and hedge funds.

Arista Networks Company Profile

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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