Arista Networks (NYSE:ANET) Given New $315.00 Price Target at JPMorgan Chase & Co.

Arista Networks (NYSE:ANET) had its price objective boosted by JPMorgan Chase & Co. from $297.00 to $315.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

A number of other research firms have also recently commented on ANET. Oppenheimer reiterated a market perform rating on shares of Arista Networks in a report on Tuesday, February 13th. KeyCorp lifted their price target on Arista Networks from $232.00 to $287.00 and gave the stock an overweight rating in a report on Thursday, January 18th. Barclays boosted their price objective on Arista Networks from $272.00 to $311.00 and gave the stock an overweight rating in a report on Tuesday, February 13th. Morgan Stanley boosted their price objective on Arista Networks from $230.00 to $272.00 and gave the stock an overweight rating in a report on Tuesday, January 2nd. Finally, JMP Securities restated a market outperform rating and set a $325.00 price objective on shares of Arista Networks in a report on Tuesday, February 13th. Three analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Arista Networks has an average rating of Moderate Buy and an average target price of $282.65.

Arista Networks Stock Performance

Arista Networks stock opened at $296.58 on Thursday. Arista Networks has a 52 week low of $131.68 and a 52 week high of $307.74. The stock has a market capitalization of $92.72 billion, a P/E ratio of 45.14, a PEG ratio of 2.57 and a beta of 1.09. The stock has a 50-day simple moving average of $281.81 and a 200 day simple moving average of $241.33.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.38. Arista Networks had a return on equity of 31.44% and a net margin of 35.62%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter last year, the company posted $1.25 earnings per share. Arista Networks’s quarterly revenue was up 20.8% on a year-over-year basis. Research analysts forecast that Arista Networks will post 6.63 earnings per share for the current year.

Insider Activity

In other news, Director Yvonne Wassenaar sold 186 shares of Arista Networks stock in a transaction that occurred on Friday, January 19th. The shares were sold at an average price of $261.41, for a total value of $48,622.26. Following the completion of the sale, the director now directly owns 2,678 shares in the company, valued at $700,055.98. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Arista Networks news, CEO Jayshree Ullal sold 87,418 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at $4,929,639.61. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Yvonne Wassenaar sold 186 shares of the business’s stock in a transaction that occurred on Friday, January 19th. The shares were sold at an average price of $261.41, for a total transaction of $48,622.26. Following the transaction, the director now owns 2,678 shares of the company’s stock, valued at $700,055.98. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 341,036 shares of company stock worth $97,012,921. Corporate insiders own 18.99% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. NBC Securities Inc. raised its position in Arista Networks by 21.5% during the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock valued at $62,000 after purchasing an additional 38 shares in the last quarter. BOKF NA increased its holdings in shares of Arista Networks by 0.6% during the fourth quarter. BOKF NA now owns 6,900 shares of the technology company’s stock worth $1,625,000 after buying an additional 38 shares in the last quarter. Sandy Spring Bank increased its holdings in shares of Arista Networks by 33.6% during the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock worth $37,000 after buying an additional 39 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Arista Networks by 6.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company’s stock worth $163,000 after buying an additional 39 shares in the last quarter. Finally, Harbour Investments Inc. increased its holdings in shares of Arista Networks by 31.0% during the fourth quarter. Harbour Investments Inc. now owns 165 shares of the technology company’s stock worth $39,000 after buying an additional 39 shares in the last quarter. 82.47% of the stock is currently 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.