Brokerages Set Arista Networks, Inc. (NYSE:ANET) PT at $330.18

Shares of Arista Networks, Inc. (NYSE:ANET) have been assigned an average rating of “Moderate Buy” from the twenty-one analysts that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seventeen have given a buy rating to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $333.12.

A number of research analysts recently weighed in on the company. Evercore ISI raised their price objective on Arista Networks from $340.00 to $400.00 and gave the company an “outperform” rating in a research report on Tuesday, July 16th. Bank of America lifted their target price on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Barclays increased their price target on shares of Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. Rosenblatt Securities restated a “sell” rating and issued a $210.00 price objective on shares of Arista Networks in a report on Friday, April 12th. Finally, Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and increased their target price for the company from $240.00 to $320.00 in a research note on Friday, May 3rd.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 1,044 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total value of $265,739.76. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Arista Networks news, SVP Marc Taxay sold 1,044 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total transaction of $265,739.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $255.83, for a total value of $511,660.00. Following the completion of the transaction, the director now directly owns 56,946 shares in the company, valued at approximately $14,568,495.18. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 210,076 shares of company stock worth $68,928,479. 3.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arista Networks

Hedge funds have recently modified their holdings of the company. Benjamin Edwards Inc. purchased a new position in shares of Arista Networks during the 1st quarter valued at $26,000. Beacon Capital Management LLC lifted its position in shares of Arista Networks by 500.0% in the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after acquiring an additional 65 shares in the last quarter. Financial Synergies Wealth Advisors Inc. boosted its stake in shares of Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after acquiring an additional 96 shares during the period. Byrne Asset Management LLC purchased a new stake in shares of Arista Networks during the second quarter worth about $33,000. Finally, Atticus Wealth Management LLC raised its stake in Arista Networks by 3,625.0% during the 4th quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after purchasing an additional 145 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $319.14 on Monday. Arista Networks has a 1 year low of $149.10 and a 1 year high of $376.50. The firm has a market cap of $100.01 billion, a price-to-earnings ratio of 44.45, a PEG ratio of 2.87 and a beta of 1.11. The company has a 50-day moving average of $330.65 and a 200 day moving average of $294.98.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. On average, equities analysts anticipate that Arista Networks will post 7.06 EPS for the current year.

Arista Networks declared that its board has initiated a share repurchase program on Tuesday, May 7th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the technology company to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

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.