Arista Networks (ANET) Cut to “Hold” at Cleveland Research

Arista Networks (NYSE:ANET) was downgraded by equities research analysts at Cleveland Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

A number of other research analysts have also weighed in on ANET. MKM Partners raised their target price on Arista Networks to $285.00 and gave the company a “neutral” rating in a report on Friday, February 16th. Piper Jaffray restated a “hold” rating and issued a $268.00 target price on shares of Arista Networks in a research note on Friday, February 16th. Vetr lowered Arista Networks from a “strong-buy” rating to a “buy” rating and set a $321.08 target price on the stock. in a research note on Tuesday, March 6th. Gabelli cut Arista Networks from a “buy” rating to a “hold” rating in a research report on Friday, February 16th. Finally, BMO Capital Markets lifted their price target on Arista Networks to $270.00 and gave the company a “market perform” rating in a research report on Friday, February 16th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty have issued a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $250.60.

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NYSE ANET traded down $24.92 during trading hours on Friday, hitting $243.97. 1,516,636 shares of the company’s stock were exchanged, compared to its average volume of 1,241,905. Arista Networks has a 1-year low of $131.12 and a 1-year high of $311.67. The stock has a market capitalization of $19,693.70, a P/E ratio of 52.46, a P/E/G ratio of 1.94 and a beta of 1.50. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.28 and a quick ratio of 3.70.

Arista Networks (NYSE:ANET) last released its earnings results on Thursday, February 15th. The technology company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.39 by $0.32. Arista Networks had a return on equity of 25.86% and a net margin of 25.71%. The business had revenue of $467.90 million during the quarter, compared to analysts’ expectations of $463.82 million. During the same quarter last year, the firm posted $1.04 earnings per share. The firm’s revenue was up 42.7% on a year-over-year basis. equities analysts expect that Arista Networks will post 5.99 earnings per share for the current year.

In related news, insider Anshul Sadana sold 24,000 shares of the stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $256.25, for a total transaction of $6,150,000.00. Following the completion of the transaction, the insider now owns 80,972 shares of the company’s stock, valued at approximately $20,749,075. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 300 shares of the stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $297.78, for a total transaction of $89,334.00. Following the transaction, the chief executive officer now directly owns 5,900 shares of the company’s stock, valued at approximately $1,756,902. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 98,166 shares of company stock valued at $26,069,035. 28.09% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Strs Ohio grew its position in Arista Networks by 28.9% during the 4th quarter. Strs Ohio now owns 78,103 shares of the technology company’s stock worth $18,399,000 after purchasing an additional 17,500 shares during the last quarter. KBC Group NV raised its position in Arista Networks by 341.5% during the fourth quarter. KBC Group NV now owns 14,983 shares of the technology company’s stock worth $3,530,000 after acquiring an additional 11,589 shares during the last quarter. C M Bidwell & Associates Ltd. raised its position in shares of Arista Networks by 78.4% in the fourth quarter. C M Bidwell & Associates Ltd. now owns 3,880 shares of the technology company’s stock valued at $914,000 after buying an additional 1,705 shares during the last quarter. State of Alaska Department of Revenue acquired a new position in shares of Arista Networks in the fourth quarter valued at approximately $918,000. Finally, Penserra Capital Management LLC raised its position in shares of Arista Networks by 170.6% in the fourth quarter. Penserra Capital Management LLC now owns 41,986 shares of the technology company’s stock valued at $9,891,000 after buying an additional 26,470 shares during the last quarter. Institutional investors and hedge funds own 56.47% of the company’s stock.

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About Arista Networks

Arista Networks, Inc provides cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of its 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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