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. It also provides post contract customer support services, such as technical support, hardware repair and parts replacement beyond standard warranty, bug fix, patch, and upgrade services. The company serves a range of industries comprising internet companies, service providers, financial services organizations, government agencies, media and entertainment companies, and others. It markets and sells its products through distributors, system integrators, value-added resellers, and original equipment manufacturer partners, as well as through its direct sales force. The company was formerly known as Arastra, Inc. and changed its name to Arista Networks, Inc. in October 2008. Arista Networks, Inc. was incorporated in 2004 and is headquartered in Santa Clara, California.
Analyst Ratings Changes
A number of equities analysts recently commented on the company. Cowen upped their target price on Arista Networks from $154.00 to $163.00 and gave the company an "outperform" rating in a report on Tuesday, August 2nd. Evercore ISI upped their price target on Arista Networks from $135.00 to $145.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 2nd. Oppenheimer reaffirmed a "market perform" rating and issued a $305.00 price target on shares of Arista Networks in a research note on Wednesday, May 4th. UBS Group reduced their price target on Arista Networks from $140.00 to $134.00 and set a "neutral" rating on the stock in a research note on Tuesday, August 2nd. Finally, Needham & Company LLC upped their price target on Arista Networks from $128.00 to $140.00 and gave the stock a "buy" rating in a research note on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $157.53.
Arista Networks Price Performance
Shares of Arista Networks stock traded down $2.74 during trading on Friday, hitting $130.00. 1,492,649 shares of the company's stock traded hands, compared to its average volume of 2,022,697. Arista Networks has a 1 year low of $85.18 and a 1 year high of $148.57. The stock has a market capitalization of $39.56 billion, a P/E ratio of 40.94, a PEG ratio of 2.00 and a beta of 1.35. The business has a 50-day simple moving average of $106.28 and a 200-day simple moving average of $115.12.
Arista Networks (NYSE:ANET - Get Rating) last released its quarterly earnings data on Monday, August 1st. The technology company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.78 by $0.30. Arista Networks had a return on equity of 24.03% and a net margin of 29.55%. The company had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $979.66 million. During the same period last year, the firm posted $0.56 earnings per share. Arista Networks's revenue was up 48.7% compared to the same quarter last year. On average, equities analysts predict that Arista Networks will post 3.48 earnings per share for the current fiscal year.
Insider Activity at Arista Networks
In related news, CEO Jayshree Ullal sold 165,832 shares of the stock in a transaction on Monday, August 8th. The stock was sold at an average price of $124.51, for a total transaction of $20,647,742.32. Following the sale, the chief executive officer now directly owns 6,311 shares of the company's stock, valued at $785,782.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Arista Networks news, CEO Jayshree Ullal sold 165,832 shares of the stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $124.51, for a total value of $20,647,742.32. Following the transaction, the chief executive officer now owns 6,311 shares of the company's stock, valued at $785,782.61. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider John F. Mccool sold 7,621 shares of the stock in a transaction dated Tuesday, May 24th. The shares were sold at an average price of $97.93, for a total value of $746,324.53. Following the completion of the transaction, the insider now directly owns 166 shares in the company, valued at approximately $16,256.38. The disclosure for this sale can be found here. Insiders have sold 712,552 shares of company stock valued at $78,016,688 over the last ninety days. Insiders own 19.59% of the company's stock.
