Arista Networks (ANET): New Buy Recommendation for This Technology Giant

In a report released today, Michael Genovese from Rosenblatt Securities initiated coverage with a Buy rating on Arista Networks (ANETResearch Report) and a price target of $140.00. The company’s shares closed last Tuesday at $98.26.

According to TipRanks.com, Genovese is a 5-star analyst with an average return of 10.3% and a 55.6% success rate. Genovese covers the Technology sector, focusing on stocks such as Juniper Networks, Extreme Networks, and Cisco Systems.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Arista Networks with a $143.64 average price target, a 40.4% upside from current levels. In a report issued on June 28, Evercore ISI also maintained a Buy rating on the stock with a $120.00 price target.

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Based on Arista Networks’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $877 million and net profit of $272 million. In comparison, last year the company earned revenue of $668 million and had a net profit of $180 million.

Based on the recent corporate insider activity of 191 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ANET in relation to earlier this year.

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Incorporated in 2004, Arista Networks, Inc. is a computer networking company based in California. The company is engaged in the development, marketing, and sale of cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.

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