Arista Networks, Inc. (NYSE:ANET) Price Target Raised to $160.00 at Royal Bank Of Canada

Arista Networks, Inc. (NYSE:ANET) had its price objective increased by Royal Bank Of Canada from $135.00 to $160.00 in a research report sent to investors on Friday, August 4th, Marketbeat.com reports. Royal Bank Of Canada currently has a sector perform rating on the technology company’s stock.

ANET has been the topic of a number of other research reports. CIBC reaffirmed a buy rating and set a $160.00 price target on shares of Arista Networks in a report on Friday, May 5th. Oppenheimer Holdings, Inc. set a $160.00 target price on shares of Arista Networks and gave the stock a buy rating in a research note on Thursday, May 4th. Cowen and Company lifted their price objective on shares of Arista Networks from $123.00 to $145.00 and gave the company an outperform rating in a research report on Monday, May 15th. Instinet lowered shares of Arista Networks from a buy rating to a neutral rating and lifted their price objective for the stock from $134.40 to $135.00 in a research note on Friday, April 7th. Finally, Zacks Investment Research downgraded Arista Networks from a buy rating to a hold rating in a research report on Thursday, July 27th. Sixteen investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $154.40.

Arista Networks (NYSE ANET) opened at 171.06 on Friday. Arista Networks has a 52 week low of $76.01 and a 52 week high of $176.50. The company’s 50-day moving average is $156.91 and its 200-day moving average is $138.90. The company has a market cap of $12.41 billion, a P/E ratio of 44.14 and a beta of 1.33.

Arista Networks (NYSE:ANET) last released its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.15. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. The firm had revenue of $405.21 million for the quarter, compared to the consensus estimate of $361.02 million. During the same period in the prior year, the firm earned $0.74 EPS. The company’s revenue was up 50.8% compared to the same quarter last year. On average, analysts anticipate that Arista Networks will post $4.69 EPS for the current fiscal year.

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In related news, insider Jayshree Ullal sold 34,157 shares of the stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $147.35, for a total value of $5,033,033.95. Following the completion of the transaction, the insider now directly owns 2,576 shares of the company’s stock, valued at approximately $379,573.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel Scheinman sold 833 shares of the stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $151.68, for a total value of $126,349.44. Following the completion of the transaction, the director now directly owns 52,500 shares of the company’s stock, valued at $7,963,200. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 739,882 shares of company stock valued at $121,473,046. Corporate insiders own 28.09% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital Research Global Investors increased its position in Arista Networks by 2.8% in the second quarter. Capital Research Global Investors now owns 7,579,814 shares of the technology company’s stock valued at $1,135,380,000 after buying an additional 209,783 shares in the last quarter. Vanguard Group Inc. increased its position in Arista Networks by 7.1% in the second quarter. Vanguard Group Inc. now owns 3,763,999 shares of the technology company’s stock valued at $563,810,000 after buying an additional 249,753 shares in the last quarter. FMR LLC increased 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 valued at $435,004,000 after buying an additional 800,465 shares in the last quarter. BlackRock Inc. increased its position in Arista Networks by 41.1% in the second quarter. BlackRock Inc. now owns 2,376,973 shares of the technology company’s stock valued at $356,048,000 after buying an additional 692,651 shares in the last quarter. Finally, Harbour Capital Advisors LLC increased its position in Arista Networks by 13,502.2% in the second quarter. Harbour Capital Advisors LLC now owns 1,228,278 shares of the technology company’s stock valued at $8,200,000 after buying an additional 1,219,248 shares in the last quarter. 60.83% of the stock is 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.