Arista Networks (NYSE:ANET) Given New $302.00 Price Target at Piper Sandler

Arista Networks (NYSE:ANET) had its target price boosted by Piper Sandler from $268.00 to $302.00 in a research report released on Wednesday, Benzinga reports. They currently have a neutral rating on the technology company’s stock.

Several other equities analysts have also weighed in on ANET. KeyCorp increased their price objective on shares of Arista Networks from $232.00 to $287.00 and gave the company an overweight rating in a report on Thursday, January 18th. JPMorgan Chase & Co. increased their price target on Arista Networks from $297.00 to $315.00 and gave the company an overweight rating in a research note on Thursday, April 11th. Rosenblatt Securities reaffirmed a sell rating and set a $210.00 price objective on shares of Arista Networks in a research note on Friday, April 12th. Needham & Company LLC reissued a buy rating and issued a $320.00 target price on shares of Arista Networks in a research note on Wednesday. Finally, UBS Group raised their target price on Arista Networks from $275.00 to $285.00 and gave the stock a neutral rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $292.50.

Arista Networks Stock Performance

NYSE ANET opened at $290.93 on Wednesday. The stock has a market capitalization of $90.95 billion, a P/E ratio of 44.39, a price-to-earnings-growth ratio of 2.33 and a beta of 1.13. Arista Networks has a 52 week low of $133.42 and a 52 week high of $307.74. The stock has a fifty day moving average of $279.22 and a 200-day moving average of $251.25.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.38. Arista Networks had a return on equity of 31.44% and a net margin of 35.62%. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the company earned $1.25 earnings per share. The company’s revenue was up 20.8% on a year-over-year basis. Equities research analysts forecast that Arista Networks will post 6.74 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a share buyback plan on Tuesday, May 7th that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Arista Networks

In other news, CEO Jayshree Ullal sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $258.77, for a total transaction of $388,155.00. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $4,575,312.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Jayshree Ullal sold 1,500 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $258.77, for a total transaction of $388,155.00. Following the completion of the transaction, the chief executive officer now owns 17,681 shares in the company, valued at $4,575,312.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Marc Taxay sold 1,044 shares of Arista Networks stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total transaction of $265,739.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 337,054 shares of company stock worth $96,529,086. Corporate insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. FMR LLC raised its stake in shares of Arista Networks by 32.2% during the 3rd quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock worth $1,897,906,000 after purchasing an additional 2,515,864 shares in the last quarter. Norges Bank acquired a new position in Arista Networks during the fourth quarter worth $586,051,000. Vanguard Group Inc. raised its position in Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after acquiring an additional 1,596,040 shares in the last quarter. Schroder Investment Management Group lifted its stake in Arista Networks by 439.3% in the third quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock valued at $231,624,000 after acquiring an additional 1,025,815 shares during the last quarter. Finally, International Assets Investment Management LLC grew its position in shares of Arista Networks by 25,188.0% in the 4th quarter. International Assets Investment Management LLC now owns 613,739 shares of the technology company’s stock valued at $1,445,420,000 after acquiring an additional 611,312 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Company Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.