Arista Networks (NYSE:ANET) Price Target Raised to $340.00

Arista Networks (NYSE:ANET) had its price target upped by Evercore ISI from $320.00 to $340.00 in a research note issued to investors on Monday, Benzinga reports. Evercore ISI currently has an outperform rating on the technology company’s stock.

A number of other brokerages have also commented on ANET. Barclays raised their price target on Arista Networks from $311.00 to $320.00 and gave the company an overweight rating in a report on Thursday, May 9th. JMP Securities restated a market outperform rating and issued a $325.00 price target on shares of Arista Networks in a research report on Tuesday, February 13th. The Goldman Sachs Group increased their price objective on shares of Arista Networks from $313.00 to $356.00 and gave the company a buy rating in a research report on Friday, March 22nd. Needham & Company LLC reaffirmed a buy rating and issued a $320.00 price target on shares of Arista Networks in a report on Wednesday, May 8th. Finally, Rosenblatt Securities restated a sell rating and set a $210.00 price objective on shares of Arista Networks in a research report on Friday, April 12th. 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. Based on data from MarketBeat, Arista Networks has an average rating of Moderate Buy and an average price target of $295.22.

Arista Networks Stock Down 0.2 %

ANET opened at $316.50 on Monday. The company has a market capitalization of $99.18 billion, a PE ratio of 44.08, a price-to-earnings-growth ratio of 2.89 and a beta of 1.13. The firm has a 50-day simple moving average of $286.42 and a two-hundred day simple moving average of $260.16. Arista Networks has a 52 week low of $139.18 and a 52 week high of $329.04.

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

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 14,416 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $326.03, for a total transaction of $4,700,048.48. Following the sale, the senior vice president now owns 252,382 shares of the company’s stock, valued at approximately $82,284,103.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Kenneth Duda sold 14,416 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $326.03, for a total value of $4,700,048.48. Following the sale, the senior vice president now directly owns 252,382 shares in the company, valued at approximately $82,284,103.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $317.00, for a total transaction of $7,925,000.00. Following the transaction, the chief executive officer now owns 1,615,800 shares of the company’s stock, valued at approximately $512,208,600. The disclosure for this sale can be found here. In the last quarter, insiders have sold 394,836 shares of company stock valued at $115,437,764. Company insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Benjamin Edwards Inc. acquired a new position in shares of Arista Networks in the 1st quarter valued at $26,000. Larson Financial Group LLC purchased a new stake in Arista Networks in the third quarter valued at approximately $28,000. First Command Advisory Services Inc. purchased a new position in Arista Networks during the 3rd quarter worth approximately $29,000. Financial Synergies Wealth Advisors Inc. boosted its holdings in shares of Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after acquiring an additional 96 shares during the last quarter. Finally, NBC Securities Inc. purchased a new position in shares of Arista Networks during the third quarter worth $33,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

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.