Piper Sandler Increases Arista Networks (NYSE:ANET) Price Target to $345.00

Arista Networks (NYSE:ANET) had its price target hoisted by Piper Sandler from $302.00 to $345.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Piper Sandler’s price objective suggests a potential downside of 4.67% from the stock’s current price.

A number of other brokerages have also issued reports on ANET. Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and boosted their price target for the stock from $240.00 to $320.00 in a research report on Friday, May 3rd. Rosenblatt Securities reiterated a “sell” rating and issued a $210.00 price objective on shares of Arista Networks in a report on Friday, April 12th. Citigroup boosted their target price on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. UBS Group lifted their price objective on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Finally, Evercore ISI upped their target price on Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a report on Monday, May 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $313.89.

Arista Networks Stock Up 0.6 %

ANET opened at $361.90 on Monday. The firm’s fifty day simple moving average is $324.22 and its two-hundred day simple moving average is $288.64. Arista Networks has a 52-week low of $149.10 and a 52-week high of $376.50. The company has a market cap of $113.40 billion, a price-to-earnings ratio of 50.40, a PEG ratio of 3.20 and a beta of 1.11.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. On average, research analysts forecast that Arista Networks will post 7.05 EPS for the current year.

Arista Networks declared that its board has approved a stock buyback plan on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other news, SVP Marc Taxay sold 1,044 shares of the firm’s stock in a transaction on 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 through this link. In other news, SVP Marc Taxay sold 1,044 shares of the company’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total value of $265,739.76. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John F. Mccool sold 416 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total transaction of $105,888.64. The disclosure for this sale can be found here. Insiders have sold a total of 210,076 shares of company stock valued at $68,928,479 over the last quarter. Corporate insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Several hedge funds have recently added to or reduced their stakes in ANET. GQG Partners LLC acquired a new position in shares of Arista Networks in the 1st quarter valued at $881,848,000. Norges Bank acquired a new position in shares of Arista Networks in the 4th quarter worth approximately $586,051,000. Swedbank AB bought a new stake in Arista Networks during the 1st quarter worth approximately $521,767,000. Vanguard Group Inc. grew its holdings in shares of Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares during the last quarter. Finally, International Assets Investment Management LLC increased its stake in shares of Arista Networks by 25,188.0% in the fourth quarter. International Assets Investment Management LLC now owns 613,739 shares of the technology company’s stock valued at $1,445,420,000 after buying an additional 611,312 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

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.