Arista Networks (NYSE:ANET) PT Raised to $302.00 at Piper Sandler

Arista Networks (NYSE:ANET) had its price objective boosted by equities research analysts at Piper Sandler from $268.00 to $302.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Piper Sandler’s price objective indicates a potential upside of 2.74% from the company’s current price.

Other research analysts also recently issued reports about the stock. Jefferies Financial Group raised shares of Arista Networks from a “hold” rating to a “buy” rating and boosted their price objective for the company from $240.00 to $320.00 in a research report on Friday, May 3rd. JMP Securities restated a “market outperform” rating and set a $325.00 target price on shares of Arista Networks in a report on Tuesday, February 13th. UBS Group boosted their target price on shares of Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a report on Wednesday. KeyCorp boosted their target price on shares of Arista Networks from $232.00 to $287.00 and gave the company an “overweight” rating in a report on Thursday, January 18th. Finally, The Goldman Sachs Group boosted their target price 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 research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and an average target price of $289.06.

Arista Networks Stock Performance

Shares of NYSE ANET traded up $19.95 during mid-day trading on Wednesday, hitting $293.94. The stock had a trading volume of 4,851,245 shares, compared to its average volume of 2,495,272. The business has a 50 day moving average price of $279.22 and a two-hundred day moving average price of $251.25. The firm has a market cap of $91.89 billion, a P/E ratio of 44.80, a price-to-earnings-growth ratio of 2.33 and a beta of 1.13. Arista Networks has a 1 year low of $133.42 and a 1 year high of $307.74.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.38. The business had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The company’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.25 EPS. Equities research analysts predict that Arista Networks will post 6.74 EPS for the current fiscal year.

Arista Networks announced that its board has initiated a stock buyback program on Tuesday, May 7th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the technology company to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 1,500 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $4,575,312.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Kelly Bodnar Battles sold 278 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $265.81, for a total value of $73,895.18. Following the completion of the sale, the director now directly owns 2,553 shares in the company, valued at $678,612.93. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jayshree Ullal sold 1,500 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was 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 disclosure for this sale can be found here. Insiders sold 337,054 shares of company stock worth $96,529,086 in the last three months. 3.54% of the stock is owned by company insiders.

Institutional Trading of Arista Networks

Institutional investors have recently bought and sold shares of the stock. AXQ Capital LP purchased a new stake in Arista Networks in the third quarter worth $791,000. Advisor Resource Council increased its stake in Arista Networks by 507.9% in the fourth quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock worth $1,653,000 after purchasing an additional 5,866 shares during the period. Bleakley Financial Group LLC increased its stake in Arista Networks by 4.6% in the fourth quarter. Bleakley Financial Group LLC now owns 4,445 shares of the technology company’s stock worth $1,047,000 after purchasing an additional 194 shares during the period. WCM Investment Management LLC increased its stake in Arista Networks by 0.5% in the fourth quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after purchasing an additional 16,081 shares during the period. Finally, abrdn plc increased its stake in Arista Networks by 62.7% in the fourth quarter. abrdn plc now owns 113,851 shares of the technology company’s stock worth $26,813,000 after purchasing an additional 43,889 shares during the period. 82.47% of the stock is currently owned by 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.