Arista Networks (NYSE:ANET) Given New $285.00 Price Target at UBS Group

Arista Networks (NYSE:ANET) had its price objective increased by UBS Group from $275.00 to $285.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a neutral rating on the technology company’s stock.

Other research analysts have also recently issued reports about the company. The Goldman Sachs Group raised their price objective on Arista Networks from $313.00 to $356.00 and gave the stock a buy rating in a research note on Friday, March 22nd. JMP Securities reissued a market outperform rating and set a $325.00 price target on shares of Arista Networks in a research report on Tuesday, February 13th. JPMorgan Chase & Co. upped their price objective on shares of Arista Networks from $297.00 to $315.00 and gave the company an overweight rating in a report on Thursday, April 11th. Piper Sandler raised their target price on shares of Arista Networks from $254.00 to $268.00 and gave the stock a neutral rating in a report on Tuesday, February 13th. Finally, Jefferies Financial Group upgraded shares of Arista Networks from a hold rating to a buy rating and boosted their target price for the company from $240.00 to $320.00 in a research report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $292.50.

Arista Networks Stock Down 0.3 %

ANET stock opened at $290.93 on Wednesday. The stock has a market capitalization of $90.95 billion, a PE ratio of 44.39, a price-to-earnings-growth ratio of 2.33 and a beta of 1.13. Arista Networks has a 52 week low of $133.42 and a 52 week high of $307.74. The firm has a 50 day moving average of $279.22 and a 200 day moving average of $251.25.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, topping the consensus estimate of $1.70 by $0.38. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The business’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.25 earnings per share. On average, equities research analysts expect that Arista Networks will post 6.74 earnings per share for the current year.

Arista Networks declared that its Board of Directors has initiated a share repurchase 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 buy up to 1.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Arista Networks

In other Arista Networks news, Director Yvonne Wassenaar sold 224 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $255.29, for a total transaction of $57,184.96. Following the completion of the transaction, the director now directly owns 2,827 shares in the company, valued at $721,704.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Arista Networks news, Director Yvonne Wassenaar sold 224 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $255.29, for a total transaction of $57,184.96. Following the completion of the sale, the director now directly owns 2,827 shares in the company, valued at approximately $721,704.83. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Jayshree Ullal sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $258.77, for a total value of $388,155.00. Following the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $4,575,312.37. The disclosure for this sale can be found here. In the last quarter, insiders have sold 337,054 shares of company stock valued at $96,529,086. 3.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arista Networks

Hedge funds and other institutional investors have recently modified their holdings of the business. NBC Securities Inc. raised its holdings in Arista Networks by 21.5% in the 1st quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock valued at $62,000 after acquiring an additional 38 shares during the last quarter. Sandy Spring Bank grew its position in shares of Arista Networks by 33.6% in the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock valued at $37,000 after purchasing an additional 39 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Arista Networks by 6.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company’s stock valued at $163,000 after purchasing an additional 39 shares during the last quarter. Fulton Breakefield Broenniman LLC lifted its position in Arista Networks by 1.8% during the fourth quarter. Fulton Breakefield Broenniman LLC now owns 2,255 shares of the technology company’s stock worth $531,000 after buying an additional 40 shares in the last quarter. Finally, West Family Investments Inc. boosted its stake in Arista Networks by 3.3% during the fourth quarter. West Family Investments Inc. now owns 1,267 shares of the technology company’s stock worth $298,000 after buying an additional 40 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other 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.