Barclays Believes ANET Won’t Stop HereBy Ryan Adsit
Barclays analyst Mark Moskowitz reiterated a Buy rating on Arista Networks (NYSE: ANET) yesterday and set a price target of $89. The company’s shares opened today at $83.40, close to its 52-week high of $87.62.
“We acknowledge that not all of these capital expenditures are spent on cloud-based workloads or the data center, but higher total capex in general could positively impact “picks-and-shovels” infrastructure equipment providers like Arista and Cisco.”
According to TipRanks.com, Moskowitz is a top 100 analyst with an average return of 14.2% and a 62.2% success rate. Moskowitz covers the Technology sector, focusing on stocks such as National Instruments Corp., Hewlett Packard Enterprise, and Lexmark International.
Currently, the analyst consensus on Arista Networks is Moderate Buy and the average price target is $85.92, representing a 3.0% upside.
In a report issued on October 25, Argus Research also initiated coverage with a Buy rating on the stock with a $107 price target.
Arista Networks’ market cap is currently $5.74B and has a P/E ratio of 41.46. The company has a book value ratio of 6.2574.
Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is negative on the stock. Most recently, in May 2016, 2010 David R Cheriton Irrevocable Trust Dtd July 2, a Major Shareholder at ANET sold 221,367 shares for a total of $15,947,279.
Arista Networks, Inc. supplies cloud networking solutions that use software innovations to address the needs of large-scale Internet companies, cloud service providers and next-generation data centers for enterprises. The company cloud networking solutions consist of extensible operating system, a set of network applications and 10/40/100 Gigabit Ethernet switches. Its cloud networking solutions deliver industry-leading performance, scalability, availability, programmability, automation and visibility. Arista Networks was founded by Andreas Bechtolsheim, David Cheriton and Kenneth Duda in October 2004 and is headquartered in Santa Clara, CA.