Arista Networks (NYSE:ANET) PT Raised to $349.00

Arista Networks (NYSE:ANET) had its price target raised by KeyCorp from $306.00 to $349.00 in a research note 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 issued reports on ANET. 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. Jefferies Financial Group raised Arista Networks from a hold rating to a buy rating and boosted their target price for the company from $240.00 to $320.00 in a report on Friday, May 3rd. Oppenheimer reaffirmed a market perform rating on shares of Arista Networks in a report on Tuesday, February 13th. Piper Sandler boosted their price objective on shares of Arista Networks from $268.00 to $302.00 and gave the company a neutral rating in a research note on Wednesday. Finally, Needham & Company LLC restated a buy rating and issued a $320.00 target price on shares of Arista Networks in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks currently has an average rating of Moderate Buy and a consensus target price of $292.50.

Arista Networks Stock Performance

Arista Networks stock opened at $290.93 on Wednesday. The stock has a 50-day simple moving average of $279.22 and a 200-day simple moving average of $251.25. The company has a market capitalization of $90.95 billion, a P/E ratio of 44.39, a PEG ratio of 2.33 and a beta of 1.13. Arista Networks has a fifty-two week low of $133.42 and a fifty-two week high of $307.74.

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

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

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 1,500 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $258.77, for a total transaction of $388,155.00. Following the transaction, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $4,575,312.37. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Jayshree Ullal sold 1,500 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $258.77, for a total transaction of $388,155.00. Following the completion of the transaction, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $4,575,312.37. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Marc Taxay sold 1,044 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total transaction of $265,739.76. The disclosure for this sale can be found here. In the last three months, insiders sold 337,054 shares of company stock valued at $96,529,086. Company insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ANET. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Arista Networks by 16.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 21,642 shares of the technology company’s stock valued at $3,981,000 after purchasing an additional 3,005 shares in the last quarter. Chicago Partners Investment Group LLC raised its holdings in Arista Networks by 4.3% in the third quarter. Chicago Partners Investment Group LLC now owns 2,532 shares of the technology company’s stock valued at $472,000 after buying an additional 104 shares during the period. Advisor Partners II LLC lifted its position in Arista Networks by 1.2% during the third quarter. Advisor Partners II LLC now owns 10,265 shares of the technology company’s stock valued at $1,888,000 after buying an additional 118 shares in the last quarter. Graypoint LLC grew its stake in Arista Networks by 6.6% during the third quarter. Graypoint LLC now owns 1,485 shares of the technology company’s stock worth $273,000 after buying an additional 92 shares during the period. Finally, TIAA Trust National Association acquired a new stake in shares of Arista Networks in the third quarter worth $13,406,000. 82.47% of the stock is owned by hedge funds and other 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.