Arista Networks (NYSE:ANET) Price Target Raised to $341.00

Arista Networks (NYSE:ANET) had its target price increased by Barclays from $320.00 to $341.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other equities analysts also recently issued reports on ANET. UBS Group upped their target price on Arista Networks from $275.00 to $285.00 and gave the company a neutral rating in a research report on Wednesday, May 8th. Piper Sandler raised their price objective on Arista Networks from $302.00 to $345.00 and gave the stock a neutral rating in a research note on Monday, July 15th. Wells Fargo & Company upped their target price on Arista Networks from $340.00 to $390.00 and gave the company an overweight rating in a research report on Wednesday, July 24th. Erste Group Bank reissued a buy rating on shares of Arista Networks in a research report on Friday, June 14th. Finally, Jefferies Financial Group increased their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the stock a buy rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $353.38.

Arista Networks Stock Performance

Shares of NYSE ANET opened at $319.01 on Wednesday. Arista Networks has a fifty-two week low of $168.25 and a fifty-two week high of $376.50. The company has a market cap of $99.96 billion, a PE ratio of 44.43, a P/E/G ratio of 3.05 and a beta of 1.11. The business has a 50-day simple moving average of $332.16 and a two-hundred day simple moving average of $297.66.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 31.81%. Arista Networks’s revenue was up 15.9% on a year-over-year basis. During the same period last year, the firm posted $1.41 EPS. On average, sell-side analysts predict that Arista Networks will post 7.08 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a share repurchase program on Tuesday, May 7th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Arista Networks

In other news, Director Yvonne Wassenaar sold 223 shares of the stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total transaction of $70,543.82. Following the transaction, the director now owns 2,976 shares in the company, valued at approximately $941,427.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Arista Networks news, Director Yvonne Wassenaar sold 223 shares of the company’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total transaction of $70,543.82. Following the completion of the transaction, the director now directly owns 2,976 shares in the company, valued at $941,427.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kelly Bodnar Battles sold 356 shares of Arista Networks stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $274.91, for a total transaction of $97,867.96. Following the completion of the sale, the director now owns 2,570 shares in the company, valued at approximately $706,518.70. The disclosure for this sale can be found here. Over the last three months, insiders have sold 205,116 shares of company stock valued at $67,657,035. Company insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

A number of institutional investors have recently made changes to their positions in the company. Benjamin Edwards Inc. purchased a new position in Arista Networks in the 1st quarter valued at $26,000. Beacon Capital Management LLC boosted its position in Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after acquiring an additional 65 shares during the last quarter. Financial Synergies Wealth Advisors Inc. grew its stake in Arista Networks by 872.7% during 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 in the last quarter. Byrne Asset Management LLC acquired a new stake in Arista Networks in the 2nd quarter valued at about $33,000. Finally, Rakuten Securities Inc. purchased a new position in Arista Networks in the 4th quarter worth approximately $35,000. 82.47% of the stock is owned by institutional investors and hedge funds.

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.