Arista Networks (NYSE:ANET) Price Target Raised to $285.00

Arista Networks (NYSE:ANET) had its price target hoisted by stock analysts at UBS Group from $275.00 to $285.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. UBS Group’s price target would indicate a potential downside of 2.85% from the company’s current price.

Other equities analysts have also recently issued research reports about the stock. Evercore ISI reaffirmed an “outperform” rating and set a $300.00 price objective on shares of Arista Networks in a research note on Wednesday, March 27th. Piper Sandler raised their target price on shares of Arista Networks from $254.00 to $268.00 and gave the company a “neutral” rating in a research note on Tuesday, February 13th. Oppenheimer restated a “market perform” rating on shares of Arista Networks in a research report on Tuesday, February 13th. Rosenblatt Securities reaffirmed a “sell” rating and issued a $210.00 target price on shares of Arista Networks in a research note on Friday, April 12th. Finally, JMP Securities restated a “market outperform” rating and issued a $325.00 price objective on shares of Arista Networks in a report on Tuesday, February 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $285.50.

Arista Networks Trading Up 7.1 %

Shares of ANET traded up $19.37 during trading hours on Wednesday, reaching $293.36. 3,698,590 shares of the stock traded hands, compared to its average volume of 2,480,790. The company has a market cap of $91.71 billion, a price-to-earnings ratio of 44.76, a PEG ratio of 2.33 and a beta of 1.13. Arista Networks has a 52 week low of $133.42 and a 52 week high of $307.74. The stock has a fifty day simple moving average of $279.22 and a 200 day simple moving average of $251.25.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share for the quarter, topping 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 company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the previous year, the firm earned $1.25 EPS. The firm’s quarterly revenue was up 20.8% on a year-over-year basis. Analysts predict that Arista Networks will post 6.74 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has authorized a stock buyback plan on Tuesday, May 7th that permits the company to buyback $1.20 billion in shares. This buyback authorization permits the technology company to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Arista Networks

In other news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $284.31, for a total value of $5,686,200.00. Following the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $922,301.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $284.31, for a total transaction of $5,686,200.00. Following the sale, the senior vice president now owns 3,244 shares in the company, valued at $922,301.64. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Kelly Bodnar Battles sold 278 shares of Arista Networks stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $265.81, for a total transaction of $73,895.18. Following the completion of the sale, the director now owns 2,553 shares in the company, valued at $678,612.93. The disclosure for this sale can be found here. In the last three months, insiders have sold 337,054 shares of company stock valued at $96,529,086. 3.54% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arista Networks

Institutional investors have recently modified their holdings of the stock. NBC Securities Inc. grew its stake in shares of Arista Networks by 21.5% during the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock worth $62,000 after acquiring an additional 38 shares during the last quarter. Sandy Spring Bank raised its holdings in Arista Networks by 33.6% in the 4th quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock valued at $37,000 after acquiring an additional 39 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Arista Networks by 6.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company’s stock valued at $163,000 after purchasing an additional 39 shares during the last quarter. Fulton Breakefield Broenniman LLC grew its position in Arista Networks by 1.8% during the 4th quarter. Fulton Breakefield Broenniman LLC now owns 2,255 shares of the technology company’s stock worth $531,000 after purchasing an additional 40 shares during the last quarter. Finally, West Family Investments Inc. increased its position in Arista Networks by 3.3% during the 4th quarter. West Family Investments Inc. now owns 1,267 shares of the technology company’s stock worth $298,000 after purchasing an additional 40 shares during the period. 82.47% of the stock is owned by 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.