William Blair Research Analysts Boost Earnings Estimates for Arista Networks, Inc. (NYSE:ANET)

Arista Networks, Inc. (NYSE:ANET) – Equities researchers at William Blair upped their Q3 2024 earnings estimates for Arista Networks in a note issued to investors on Wednesday, July 31st. William Blair analyst S. Naji now anticipates that the technology company will post earnings of $1.85 per share for the quarter, up from their previous forecast of $1.74. The consensus estimate for Arista Networks’ current full-year earnings is $7.29 per share. William Blair also issued estimates for Arista Networks’ Q4 2024 earnings at $1.86 EPS and FY2024 earnings at $7.41 EPS.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the previous year, the business earned $1.41 earnings per share. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year.

Several other brokerages also recently commented on ANET. Citigroup raised their price target on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Wells Fargo & Company lifted their price objective on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Barclays raised their price target on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a report on Wednesday. Bank of America boosted their price objective on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $353.38.

Arista Networks Trading Down 5.7 %

ANET stock opened at $319.34 on Friday. The firm has a 50 day moving average of $332.16 and a 200-day moving average of $297.97. The firm has a market capitalization of $100.32 billion, a P/E ratio of 44.48, a price-to-earnings-growth ratio of 2.70 and a beta of 1.11. Arista Networks has a 12 month low of $168.25 and a 12 month high of $376.50.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. First Business Financial Services Inc. raised its stake in Arista Networks by 8.5% in the second quarter. First Business Financial Services Inc. now owns 14,122 shares of the technology company’s stock worth $4,949,000 after buying an additional 1,107 shares in the last quarter. SouthState Corp raised its position in shares of Arista Networks by 792.1% in the 2nd quarter. SouthState Corp now owns 901 shares of the technology company’s stock worth $316,000 after acquiring an additional 800 shares in the last quarter. Mayflower Financial Advisors LLC lifted its stake in shares of Arista Networks by 4.1% in the 2nd quarter. Mayflower Financial Advisors LLC now owns 1,294 shares of the technology company’s stock valued at $454,000 after purchasing an additional 51 shares during the period. Gries Financial LLC bought a new stake in shares of Arista Networks during the second quarter valued at approximately $281,000. Finally, Belpointe Asset Management LLC grew its stake in Arista Networks by 6.3% in the second quarter. Belpointe Asset Management LLC now owns 4,572 shares of the technology company’s stock worth $1,602,000 after purchasing an additional 270 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Arista Networks news, Director Kelly Bodnar Battles sold 356 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $274.91, for a total transaction of $97,867.96. Following the completion of the sale, the director now owns 2,570 shares of the company’s stock, valued at approximately $706,518.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Arista Networks news, Director Kelly Bodnar Battles sold 356 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $274.91, for a total transaction of $97,867.96. Following the completion of the transaction, the director now owns 2,570 shares of the company’s stock, valued at approximately $706,518.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $370.70, for a total value of $7,414,000.00. Following the completion of the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The disclosure for this sale can be found here. Insiders have sold 205,116 shares of company stock valued at $67,657,035 in the last ninety days. Company insiders own 3.54% of the company’s stock.

Arista Networks announced that its Board of Directors has approved a share buyback plan on Tuesday, May 7th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are often 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.