Arista Networks (NYSE:ANET) Price Target Raised to $265.00

Arista Networks (NYSE:ANET) had its target price upped by Rosenblatt Securities from $220.00 to $265.00 in a research report released on Wednesday, Benzinga reports. Rosenblatt Securities currently has a sell rating on the technology company’s stock.

Several other equities analysts also recently weighed in on ANET. Needham & Company LLC reissued a buy rating and set a $375.00 price target on shares of Arista Networks in a research report on Wednesday. Morgan Stanley raised their price target on Arista Networks from $325.00 to $355.00 and gave the stock an overweight rating in a research report on Thursday, July 18th. Piper Sandler raised their price target on Arista Networks from $302.00 to $345.00 and gave the stock a neutral rating in a research report on Monday, July 15th. JPMorgan Chase & Co. raised their price objective on Arista Networks from $297.00 to $315.00 and gave the stock an overweight rating in a report on Thursday, April 11th. Finally, Wells Fargo & Company raised their price objective on Arista Networks from $340.00 to $390.00 and gave the stock an overweight rating in a report on Wednesday, July 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $353.38.

Arista Networks Price Performance

NYSE ANET opened at $319.34 on Wednesday. Arista Networks has a 1-year low of $168.25 and a 1-year high of $376.50. The company has a market capitalization of $100.32 billion, a P/E ratio of 44.48, a PEG ratio of 2.70 and a beta of 1.11. The business has a 50 day moving average price of $332.16 and a 200 day moving average price of $297.97.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.38. The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. Arista Networks’s revenue was up 15.9% compared to the same quarter last year. During the same quarter last year, the business posted $1.41 earnings per share. On average, research analysts expect that Arista Networks will post 7.29 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has approved a share buyback program on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the technology company to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 23,958 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $301.29, for a total transaction of $7,218,305.82. Following the transaction, the chief executive officer now owns 10,000 shares in the company, valued at $3,012,900. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Jayshree Ullal sold 23,958 shares of Arista Networks stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $301.29, for a total transaction of $7,218,305.82. Following the sale, the chief executive officer now directly owns 10,000 shares of the company’s stock, valued at $3,012,900. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $370.70, for a total value of $7,414,000.00. Following the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $1,202,550.80. The disclosure for this sale can be found here. Insiders have sold a total of 205,116 shares of company stock worth $67,657,035 over the last quarter. 3.54% of the stock is owned by corporate insiders.

Institutional Trading of Arista Networks

A number of hedge funds and other institutional investors have recently modified their holdings of ANET. Benjamin Edwards Inc. purchased a new stake in shares of Arista Networks during the first quarter worth about $26,000. Beacon Capital Management LLC increased its holdings in Arista Networks by 500.0% in the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after buying an additional 65 shares during the last quarter. Financial Synergies Wealth Advisors Inc. increased its holdings in 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 last quarter. Byrne Asset Management LLC bought a new stake in Arista Networks in the second quarter valued at about $33,000. Finally, Rakuten Securities Inc. bought a new stake in Arista Networks in the fourth quarter valued at about $35,000. 82.47% of the stock is 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.