Arista Networks, Inc. (ANET) Reaches New 12-Month High Following Earnings Beat
Arista Networks, Inc. (NYSE:ANET) shares hit a new 52-week high during mid-day trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $118.69 and last traded at $118.62, with a volume of 4,264,117 shares trading hands. The stock had previously closed at $100.17.
The company reported $1.04 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.22. Arista Networks had a net margin of 16.15% and a return on equity of 20.69%. The business had revenue of $328 million for the quarter, compared to the consensus estimate of $315.40 million. During the same period in the prior year, the company posted $0.80 earnings per share. Arista Networks’s revenue was up 33.6% compared to the same quarter last year.
A number of equities research analysts have issued reports on the stock. Jefferies Group LLC reiterated an “underperform” rating and set a $50.00 price objective (up from $40.25) on shares of Arista Networks in a research note on Monday, November 7th. BMO Capital Markets reiterated a “buy” rating and set a $110.00 price objective on shares of Arista Networks in a research note on Tuesday, December 13th. Citigroup Inc. reiterated a “buy” rating and set a $91.00 price objective on shares of Arista Networks in a research note on Sunday, November 6th. Vetr downgraded shares of Arista Networks from a “strong-buy” rating to a “buy” rating and set a $103.07 price objective on the stock. in a research note on Tuesday, January 24th. Finally, Instinet increased their price objective on shares of Arista Networks from $95.00 to $110.00 and gave the stock a “buy” rating in a research note on Monday, December 19th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twenty have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $101.73.
In related news, insider Jayshree Ullal sold 29,430 shares of the firm’s stock in a transaction that occurred on Thursday, December 8th. The shares were sold at an average price of $98.04, for a total value of $2,885,317.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Mark Stephen Smith sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 17th. The shares were sold at an average price of $89.89, for a total transaction of $449,450.00. Following the completion of the transaction, the vice president now owns 1,620 shares of the company’s stock, valued at approximately $145,621.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 687,218 shares of company stock valued at $67,333,547. 32.39% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Criterion Capital Management LLC purchased a new position in Arista Networks during the second quarter valued at about $73,407,000. Alliancebernstein L.P. raised its position in Arista Networks by 60.4% in the second quarter. Alliancebernstein L.P. now owns 2,552,042 shares of the company’s stock valued at $164,300,000 after buying an additional 960,594 shares during the last quarter. FMR LLC raised its position in Arista Networks by 44.5% in the fourth quarter. FMR LLC now owns 2,488,290 shares of the company’s stock valued at $240,792,000 after buying an additional 766,800 shares during the last quarter. Capital Research Global Investors raised its position in Arista Networks by 11.9% in the third quarter. Capital Research Global Investors now owns 6,592,122 shares of the company’s stock valued at $560,858,000 after buying an additional 700,200 shares during the last quarter. Finally, Gilder Gagnon Howe & Co. LLC raised its position in Arista Networks by 121.2% in the third quarter. Gilder Gagnon Howe & Co. LLC now owns 746,540 shares of the company’s stock valued at $63,516,000 after buying an additional 409,112 shares during the last quarter. Hedge funds and other institutional investors own 54.94% of the company’s stock.
The stock has a market capitalization of $8.33 billion, a PE ratio of 51.34 and a beta of 1.15. The stock has a 50-day moving average of $96.23 and a 200-day moving average of $87.85.
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Arista Networks Company Profile
Arista Networks, Inc is a supplier of cloud networking solutions that address the needs of Internet companies, cloud service providers and next-generation data centers for enterprises. The Company’s cloud networking solutions consist of its Extensible Operating System (EOS), which is a set of network applications and its 10/25/40/50/100 Gigabit Ethernet switches.
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