Arista Networks Inc (ANET) was Downgraded by BofA/Merrill to ” Underperform”. Earlier the firm had a rating of “Buy ” on the company shares. BofA/Merrill advised their investors in a research report released on Jun 27, 2016.
Many Wall Street Analysts have commented on Arista Networks Inc. Arista Networks Inc was Initiated by JP Morgan to “Neutral” on May 13, 2016. Company shares were Reiterated by RBC Capital Mkts on May 6, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 70 from a previous price target of $62 .Company shares were Reiterated by RBC Capital Mkts on Mar 30, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 62 from a previous price target of $60 .
On the company’s financial health, Arista Networks Inc reported $0.68 EPS for the quarter, beating the analyst consensus estimate by $ 0.08 according to the earnings call on May 5, 2016. Analyst had a consensus of $0.60. The company had revenue of $242.20 million for the quarter, compared to analysts expectations of $237.55 million. The company’s revenue was up 35.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 EPS.
Arista Networks Inc closed down -7.17 points or -9.71% at $66.65 with 21,78,290 shares getting traded on Friday. Post opening the session at $68.03, the shares hit an intraday low of $66.4 and an intraday high of $71 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.
In a different news, on Jun 17, 2016, Mark Stephen Smith (Sr. VP, Worldwide Sales) sold 5,000 shares at $73.08 per share price. According to the SEC, on Jun 10, 2016, Kenneth Duda (CTO and SVP Software Eng.) sold 13,409 shares at $74.54 per share price. On Jun 7, 2016, Anshul Sadana (SVP, Customer Engineering) sold 5,000 shares at $75.00 per share price, according to the Form-4 filing with the securities and exchange commission.
Arista Networks Inc. is a supplier of cloud networking solutions that use software to address the needs 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) a set of network applications and its 10/40/100 Gigabit Ethernet switches. The Company offers range of product lines of data center 10/40/100 Gigabit Ethernet switches in the industry which consist of its 7050 Series and 7150 Series top-of-rack switches 72XX/7300 X Series SPLINE switches and its 7280 and 7500 E Series spine switches. EOS supports cloud and virtualization solutions including VMware NSX Microsoft System Center OpenStack and other cloud management frameworks. The Company also offers EOS+ a software platform for network programmability and automation.