Q3 2022 EPS Estimates for Arista Networks, Inc. Lifted by Jefferies Financial Group (NYSE:ANET)

Arista Networks, Inc. (NYSE:ANETGet Rating) – Equities researchers at Jefferies Financial Group boosted their Q3 2022 earnings per share (EPS) estimates for Arista Networks in a research report issued on Tuesday, August 2nd. Jefferies Financial Group analyst G. Notter now expects that the technology company will post earnings of $0.90 per share for the quarter, up from their previous forecast of $0.80. The consensus estimate for Arista Networks’ current full-year earnings is $3.28 per share. Jefferies Financial Group also issued estimates for Arista Networks’ Q4 2022 earnings at $0.91 EPS, Q1 2023 earnings at $0.83 EPS, Q2 2023 earnings at $1.07 EPS, Q4 2023 earnings at $1.00 EPS and FY2023 earnings at $3.92 EPS.

Arista Networks (NYSE:ANETGet Rating) last posted its earnings results on Monday, August 1st. The technology company reported $1.08 EPS for the quarter, topping the consensus estimate of $0.78 by $0.30. Arista Networks had a return on equity of 24.03% and a net margin of 29.55%. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $979.66 million. During the same period in the previous year, the business earned $0.56 earnings per share. The firm’s revenue was up 48.7% on a year-over-year basis.

A number of other research firms have also recently issued reports on ANET. JPMorgan Chase & Co. upped their price objective on Arista Networks from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Tuesday. Rosenblatt Securities upped their price objective on Arista Networks from $140.00 to $155.00 and gave the stock a “buy” rating in a report on Tuesday. Credit Suisse Group boosted their target price on Arista Networks from $178.00 to $185.00 and gave the company an “outperform” rating in a research note on Tuesday. Cowen boosted their target price on Arista Networks from $154.00 to $163.00 and gave the company an “outperform” rating in a research note on Tuesday. Finally, Citigroup boosted their target price on Arista Networks from $160.00 to $170.00 and gave the company a “buy” rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $157.53.

Arista Networks Trading Up 2.9 %

ANET opened at $126.68 on Friday. The stock has a 50-day moving average price of $101.91 and a 200-day moving average price of $114.69. Arista Networks has a 12-month low of $85.18 and a 12-month high of $148.57. The stock has a market capitalization of $39.05 billion, a P/E ratio of 39.07, a PEG ratio of 2.00 and a beta of 1.35.

Institutional Trading of Arista Networks

Several institutional investors have recently added to or reduced their stakes in ANET. Ascent Group LLC bought a new position in Arista Networks in the 2nd quarter worth $287,000. Pinebridge Investments L.P. raised its stake in shares of Arista Networks by 15.8% during the second quarter. Pinebridge Investments L.P. now owns 112,889 shares of the technology company’s stock valued at $10,582,000 after acquiring an additional 15,405 shares in the last quarter. Baltimore Washington Financial Advisors Inc. raised its stake in shares of Arista Networks by 303.9% during the second quarter. Baltimore Washington Financial Advisors Inc. now owns 79,689 shares of the technology company’s stock valued at $7,470,000 after acquiring an additional 59,961 shares in the last quarter. Illinois Municipal Retirement Fund raised its stake in shares of Arista Networks by 890.3% during the second quarter. Illinois Municipal Retirement Fund now owns 83,858 shares of the technology company’s stock valued at $7,861,000 after acquiring an additional 75,390 shares in the last quarter. Finally, Dalton Investments LLC bought a new position in Arista Networks in the second quarter worth approximately $422,000. 67.10% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Arista Networks news, Director Charles H. Giancarlo sold 6,660 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $117.03, for a total transaction of $779,419.80. Following the transaction, the director now owns 98,946 shares in the company, valued at approximately $11,579,650.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Charles H. Giancarlo sold 6,660 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $117.03, for a total value of $779,419.80. Following the sale, the director now owns 98,946 shares in the company, valued at approximately $11,579,650.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andreas Bechtolsheim sold 100,000 shares of the company’s stock in a transaction that occurred on Thursday, May 26th. The stock was sold at an average price of $102.95, for a total value of $10,295,000.00. Following the completion of the sale, the insider now owns 46,520,000 shares in the company, valued at approximately $4,789,234,000. The disclosure for this sale can be found here. In the last quarter, insiders have sold 530,320 shares of company stock worth $54,800,753. Company insiders own 19.59% of the company’s stock.

Arista Networks Company Profile

(Get Rating)

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.

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Earnings History and Estimates for Arista Networks (NYSE:ANET)

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