Arista Networks (NYSE:ANET) PT Raised to $380.00

Arista Networks (NYSE:ANET) had its price objective boosted by Jefferies Financial Group from $340.00 to $380.00 in a report published on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

A number of other research analysts have also commented on the company. JPMorgan Chase & Co. raised their price target on Arista Networks from $297.00 to $315.00 and gave the company an overweight rating in a report on Thursday, April 11th. Erste Group Bank reissued a buy rating on shares of Arista Networks in a research note on Friday, June 14th. KeyCorp upped their price target on shares of Arista Networks from $349.00 to $432.00 and gave the stock an overweight rating in a research note on Wednesday, July 17th. Evercore ISI raised their price objective on shares of Arista Networks from $340.00 to $400.00 and gave the company an outperform rating in a research note on Tuesday, July 16th. Finally, Citigroup upped their target price on Arista Networks from $330.00 to $385.00 and gave the stock a buy rating in a research report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $353.38.

Arista Networks Stock Down 5.7 %

Arista Networks stock opened at $319.34 on Wednesday. Arista Networks has a 52-week low of $168.25 and a 52-week high of $376.50. The firm has a market capitalization of $100.32 billion, a price-to-earnings ratio of 44.48, a PEG ratio of 2.70 and a beta of 1.11. The firm has a 50-day moving average price of $332.16 and a two-hundred day moving average price of $297.97.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the previous year, the company posted $1.41 earnings per share. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year. Research analysts expect that Arista Networks will post 7.29 earnings per share for the current year.

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

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 14,416 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $326.03, for a total value of $4,700,048.48. Following the completion of the sale, the senior vice president now owns 252,382 shares in the company, valued at $82,284,103.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Kenneth Duda sold 14,416 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $326.03, for a total transaction of $4,700,048.48. Following the completion of the sale, the senior vice president now directly owns 252,382 shares in the company, valued at $82,284,103.46. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 23,958 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $301.29, for a total transaction of $7,218,305.82. Following the completion of the transaction, the chief executive officer now owns 10,000 shares in the company, valued at approximately $3,012,900. The disclosure for this sale can be found here. In the last three months, insiders have sold 205,116 shares of company stock worth $67,657,035. Corporate insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ANET. UniSuper Management Pty Ltd grew its holdings in Arista Networks by 20.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock valued at $10,535,000 after buying an additional 6,133 shares during the last quarter. Central Pacific Bank Trust Division bought a new position in Arista Networks during the first quarter worth $1,405,000. PNC Financial Services Group Inc. boosted its holdings in Arista Networks by 7.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company’s stock valued at $12,082,000 after purchasing an additional 3,763 shares during the period. M&G Plc acquired a new stake in Arista Networks in the 1st quarter worth $3,238,000. Finally, Lebenthal Global Advisors LLC bought a new position in shares of Arista Networks during the 4th quarter worth about $662,000. 82.47% of the stock is owned by institutional investors and hedge funds.

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.