KeyCorp Raises Arista Networks (NYSE:ANET) Price Target to $432.00

Arista Networks (NYSE:ANET) had its price target hoisted by KeyCorp from $349.00 to $432.00 in a research report report published on Wednesday morning, Benzinga reports. KeyCorp currently has an overweight rating on the technology company’s stock.

Several other equities analysts have also recently weighed in on ANET. Needham & Company LLC reissued a buy rating and set a $320.00 price objective on shares of Arista Networks in a research report on Wednesday, May 8th. Morgan Stanley upped their price target on Arista Networks from $300.00 to $325.00 and gave the stock an overweight rating in a report on Wednesday, June 12th. Rosenblatt Securities restated a sell rating and issued a $210.00 price objective on shares of Arista Networks in a research note on Friday, April 12th. UBS Group upped their target price on shares of Arista Networks from $275.00 to $285.00 and gave the company a neutral rating in a research note on Wednesday, May 8th. Finally, The Goldman Sachs Group increased their price target on shares of Arista Networks from $313.00 to $356.00 and gave the company a buy rating in a report on Friday, March 22nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Arista Networks currently has a consensus rating of Moderate Buy and a consensus price target of $323.50.

Arista Networks Stock Performance

ANET opened at $330.59 on Wednesday. The stock has a 50-day moving average of $329.48 and a 200-day moving average of $291.65. Arista Networks has a 52-week low of $149.10 and a 52-week high of $376.50. The company has a market cap of $103.59 billion, a PE ratio of 46.04, a price-to-earnings-growth ratio of 2.97 and a beta of 1.11.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.56 by $0.24. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. On average, research analysts predict that Arista Networks will post 7.06 earnings per share for the current year.

Arista Networks declared that its board has approved 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 purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Arista Networks news, Director Yvonne Wassenaar sold 223 shares of Arista Networks stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total value of $70,543.82. Following the completion of the transaction, the director now owns 2,976 shares in the company, valued at approximately $941,427.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related 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 value of $388,155.00. Following the completion of the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $4,575,312.37. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Yvonne Wassenaar sold 223 shares of the company’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total value of $70,543.82. Following the transaction, the director now directly owns 2,976 shares in the company, valued at approximately $941,427.84. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 210,076 shares of company stock valued at $68,928,479. 3.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arista Networks

Large investors have recently made changes to their positions in the company. Benjamin Edwards Inc. bought a new stake in shares of Arista Networks during the first quarter worth approximately $26,000. Financial Synergies Wealth Advisors Inc. raised its position in shares of 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 during the last quarter. Atticus Wealth Management LLC increased its holdings in Arista Networks by 3,625.0% in the fourth quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after purchasing an additional 145 shares during the last quarter. Rakuten Securities Inc. acquired a new position in Arista Networks in the fourth quarter valued at about $35,000. Finally, Sugarloaf Wealth Management LLC acquired a new position in shares of Arista Networks during the 2nd quarter worth about $35,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

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.