Arista Networks (NYSE:ANET) PT Raised to $285.00

Arista Networks (NYSE:ANET) had its price target raised by analysts at UBS Group from $275.00 to $285.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. UBS Group’s price target would indicate a potential downside of 7.32% from the stock’s current price.

Other equities analysts have also issued reports about the stock. The Goldman Sachs Group lifted their price target on shares of Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. KeyCorp raised their price target on Arista Networks from $232.00 to $287.00 and gave the stock an “overweight” rating in a report on Thursday, January 18th. JPMorgan Chase & Co. upped their price objective on shares of Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Rosenblatt Securities reissued a “sell” rating and set a $210.00 target price on shares of Arista Networks in a research report on Friday, April 12th. Finally, Piper Sandler raised their price target on shares of Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a report on Tuesday, February 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $293.00.

Arista Networks Trading Up 3.9 %

ANET traded up $11.43 on Wednesday, hitting $307.50. 1,192,243 shares of the company’s stock traded hands, compared to its average volume of 2,509,968. Arista Networks has a one year low of $133.42 and a one year high of $311.43. The firm has a market cap of $96.13 billion, a price-to-earnings ratio of 45.08, a P/E/G ratio of 2.33 and a beta of 1.13. The company’s 50 day simple moving average is $279.59 and its 200-day simple moving average is $251.54.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.38. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The company had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the previous year, the business posted $1.25 earnings per share. Arista Networks’s quarterly revenue was up 20.8% on a year-over-year basis. As a group, equities analysts anticipate that Arista Networks will post 6.74 EPS for the current fiscal year.

Arista Networks declared that its board has approved a share repurchase program on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, CEO Jayshree Ullal sold 22,000 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $303.00, for a total value of $6,666,000.00. Following the completion of the transaction, the chief executive officer now owns 1,665,300 shares of the company’s stock, valued at $504,585,900. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Jayshree Ullal sold 22,000 shares of the firm’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $303.00, for a total transaction of $6,666,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,665,300 shares of the company’s stock, valued at approximately $504,585,900. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $284.31, for a total transaction of $5,686,200.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at $922,301.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 337,410 shares of company stock valued at $96,626,954. 3.54% of the stock is currently owned by insiders.

Institutional Trading of Arista Networks

Several large investors have recently added to or reduced their stakes in ANET. Benjamin Edwards Inc. acquired a new position in Arista Networks in the 1st quarter valued at $26,000. Financial Synergies Wealth Advisors Inc. lifted its stake in shares of Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after buying an additional 96 shares during the period. Alaska Permanent Fund Corp bought a new stake in shares of Arista Networks in the 1st quarter worth approximately $37,000. Riverview Trust Co bought a new stake in shares of Arista Networks during the first quarter valued at approximately $40,000. Finally, Redmont Wealth Advisors LLC acquired a new position in shares of Arista Networks in the first quarter valued at $42,000. 82.47% of the stock is owned by institutional investors.

About Arista Networks

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.