Arista Networks (NYSE:ANET) Price Target Raised to $349.00 at KeyCorp

Arista Networks (NYSE:ANET) had its target price increased by KeyCorp from $306.00 to $349.00 in a report released on Wednesday morning, Benzinga reports. KeyCorp currently has an overweight rating on the technology company’s stock.

Several other equities analysts have also recently weighed in on ANET. Jefferies Financial Group raised shares of Arista Networks from a hold rating to a buy rating and lifted their price objective for the stock from $240.00 to $320.00 in a report on Friday, May 3rd. Wells Fargo & Company boosted their price target on shares of Arista Networks from $310.00 to $340.00 and gave the stock an overweight rating in a report on Wednesday. JMP Securities reiterated a market outperform rating and issued a $325.00 price objective on shares of Arista Networks in a research note on Tuesday, February 13th. Piper Sandler boosted their target price on Arista Networks from $268.00 to $302.00 and gave the stock a neutral rating in a research note on Wednesday. Finally, The Goldman Sachs Group increased their price target on Arista Networks from $313.00 to $356.00 and gave the company a buy rating in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $292.50.

Arista Networks Stock Down 0.3 %

Shares of ANET opened at $290.93 on Wednesday. The business’s fifty day moving average is $279.22 and its 200 day moving average is $251.25. Arista Networks has a 12-month low of $133.42 and a 12-month high of $307.74. The stock has a market cap of $90.95 billion, a P/E ratio of 44.39, a P/E/G ratio of 2.33 and a beta of 1.13.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.38. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations 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 was up 20.8% on a year-over-year basis. During the same period last year, the company earned $1.25 earnings per share. On average, analysts expect that Arista Networks will post 6.74 EPS for the current year.

Arista Networks declared that its Board of Directors has authorized a stock buyback 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 stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 1,500 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $258.77, for a total value of $388,155.00. Following the completion of the transaction, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $4,575,312.37. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CEO Jayshree Ullal sold 1,500 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $258.77, for a total value of $388,155.00. Following the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $4,575,312.37. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kelly Bodnar Battles sold 278 shares of Arista Networks stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $265.81, for a total transaction of $73,895.18. Following the transaction, the director now directly owns 2,553 shares of the company’s stock, valued at $678,612.93. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 337,054 shares of company stock worth $96,529,086. Company insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Several hedge funds and other institutional investors have recently bought and sold shares of ANET. FMR LLC lifted its holdings in shares of Arista Networks by 32.2% during the third quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock worth $1,897,906,000 after purchasing an additional 2,515,864 shares during the period. Norges Bank purchased a new stake in Arista Networks during the fourth quarter worth $586,051,000. Vanguard Group Inc. raised its position in shares of Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after acquiring an additional 1,596,040 shares during the period. Schroder Investment Management Group grew its position in shares of Arista Networks by 439.3% during the 3rd quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock valued at $231,624,000 after acquiring an additional 1,025,815 shares during the period. Finally, International Assets Investment Management LLC increased its stake in shares of Arista Networks by 25,188.0% in the 4th quarter. International Assets Investment Management LLC now owns 613,739 shares of the technology company’s stock valued at $1,445,420,000 after purchasing an additional 611,312 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

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.