Arista Networks, Inc. (NYSE:ANET) Receives $353.38 Consensus PT from Analysts

Shares of Arista Networks, Inc. (NYSE:ANET) have received an average rating of “Moderate Buy” from the twenty analysts that are currently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have assigned a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $353.38.

Several equities research analysts have commented on the stock. Jefferies Financial Group boosted their price target on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. UBS Group lifted their price target on shares of Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. JPMorgan Chase & Co. lifted their target price on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Morgan Stanley boosted their target price on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th.

Arista Networks Trading Up 0.5 %

Shares of NYSE:ANET opened at $353.73 on Friday. The company has a 50 day moving average of $341.54 and a 200-day moving average of $304.64. The firm has a market cap of $110.85 billion, a P/E ratio of 49.27, a P/E/G ratio of 2.70 and a beta of 1.11. Arista Networks has a twelve month low of $168.25 and a twelve month high of $376.50.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the prior year, the firm posted $1.41 earnings per share. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. Equities research analysts forecast that Arista Networks will post 7.29 EPS for the current year.

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

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 216 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total value of $69,988.32. Following the completion of the sale, the director now owns 2,726 shares of the company’s stock, valued at $883,278.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the transaction, the chief executive officer now owns 17,681 shares in the company, valued at approximately $5,624,679.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kelly Bodnar Battles sold 216 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total transaction of $69,988.32. Following the sale, the director now owns 2,726 shares of the company’s stock, valued at $883,278.52. The disclosure for this sale can be found here. Over the last three months, insiders sold 106,377 shares of company stock worth $36,773,806. 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. Beacon Capital Management LLC boosted its position in shares of Arista Networks by 500.0% in the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after acquiring an additional 65 shares during the period. LGT Financial Advisors LLC acquired a new position in shares of Arista Networks in the second quarter valued at $27,000. Benjamin Edwards Inc. bought a new stake in Arista Networks in the first quarter valued at about $26,000. Byrne Asset Management LLC acquired a new position in Arista Networks during the second quarter worth $33,000. Finally, Sugarloaf Wealth Management LLC acquired a new stake in Arista Networks during the 2nd quarter valued at $35,000. 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.