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

Arista Networks (NYSE:ANET) had its price target hoisted by stock analysts at Bank of America from $320.00 to $380.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Bank of America‘s price objective suggests a potential upside of 12.64% from the stock’s current price.

A number of other research firms also recently weighed in on ANET. Piper Sandler upped their price target on Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. KeyCorp upped their price target on Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. The Goldman Sachs Group upped their price target on Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Arista Networks in a research report on Wednesday, May 8th. Finally, UBS Group increased their price objective on Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $306.78.

Arista Networks Stock Down 0.8 %

Arista Networks stock opened at $337.37 on Thursday. The stock has a 50-day simple moving average of $295.25 and a 200 day simple moving average of $274.82. Arista Networks has a 12-month low of $148.32 and a 12-month high of $345.89. The stock has a market capitalization of $105.72 billion, a price-to-earnings ratio of 46.99, a P/E/G ratio of 3.08 and a beta of 1.08.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The business had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.55 billion. As a group, sell-side analysts anticipate that Arista Networks will post 7.05 EPS for the current year.

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

Insider Activity

In other news, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $296.26, for a total transaction of $592,520.00. Following the sale, the director now directly owns 58,946 shares of the company’s stock, valued at $17,463,341.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Daniel Scheinman sold 1,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $328.17, for a total transaction of $328,170.00. Following the completion of the transaction, the director now directly owns 37,732 shares in the company, valued at $12,382,510.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $296.26, for a total value of $592,520.00. Following the transaction, the director now owns 58,946 shares of the company’s stock, valued at $17,463,341.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 257,950 shares of company stock valued at $78,433,340. 3.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Arista Networks

Hedge funds have recently added to or reduced their stakes in the business. Benjamin Edwards Inc. bought a new stake in Arista Networks in the first quarter worth approximately $26,000. Financial Synergies Wealth Advisors Inc. increased its holdings in shares of Arista Networks by 872.7% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after acquiring an additional 96 shares in the last quarter. Atticus Wealth Management LLC increased its holdings in shares of Arista Networks by 3,625.0% during the fourth quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after acquiring an additional 145 shares in the last quarter. Rakuten Securities Inc. bought a new stake in shares of Arista Networks during the fourth quarter valued at approximately $35,000. Finally, Sandy Spring Bank increased its holdings in shares of Arista Networks by 33.6% during the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock valued at $37,000 after acquiring an additional 39 shares in the last quarter. 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.