Oppenheimer analyst Ittai Kidron maintained a Buy rating on Arista Networks (NYSE: ANET) yesterday and set a price target of $330. The company’s shares closed yesterday at $271.85.
Kidron wrote:
“Arista delivered another strong quarter/solid guidance while announcing its first-ever acquisition. Positive commentary on cloud and enterprise (a large vertical where Arista has minimal share) points to a healthy core business with more growth ahead. We believe investors should focus on incremental opportunities in campus switching, 100/400GbE adoption, and potential new cloud/SP customers. The addition of Mojo Networks complements Arista’s campus portfolio by adding Cognitive Wi-Fi software, enabling Arista to offer an end-to-end solution with visibility across branch, on- premise, and cloud environments. We remain buyers of the stock at these levels and are confident Arista can grow >20% while appropriately re-investing to drive incremental growth. Raising estimates for results/guidance while maintaining our $330 price target. Maintain Outperform.”
According to TipRanks.com, Kidron is a top 100 analyst with an average return of 22.1% and a 62.5% success rate. Kidron covers the Consumer Goods sector, focusing on stocks such as Juniper Networks, Pure Storage Inc, and F5 Networks.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Arista Networks with a $283.87 average price target.
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The company has a one-year high of $311.67 and a one-year low of $160.94. Currently, Arista Networks has an average volume of 829.7K.
Based on the recent corporate insider activity of 106 insiders, corporate insider sentiment is neutral on the stock. Most recently, in June 2018, Andreas Bechtolsheim, the CDO of ANET sold 50,000 shares for a total of $13,936,736.
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Arista Networks, Inc. engages in the development, marketing, and sale of cloud networking solutions. It operates through the following geographical segments: United States; Other Americas; Europe, Middle East, and Africa; and Asia Pacific.
