Arista Networks, Inc. (NYSE:ANET) Given Average Rating of “Moderate Buy” by Brokerages

Arista Networks, Inc. (NYSE:ANET) has earned an average rating of “Moderate Buy” from the nineteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $109.33.

A number of analysts recently issued reports on ANET shares. JPMorgan Chase & Co. lowered their price target on shares of Arista Networks from $140.00 to $110.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. Needham & Company LLC started coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a “buy” rating on the stock. Barclays lowered their price target on shares of Arista Networks from $126.00 to $119.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. Piper Sandler reaffirmed a “neutral” rating and set a $89.00 price objective (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Finally, The Goldman Sachs Group decreased their price objective on shares of Arista Networks from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th.

Insider Transactions at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $88.18, for a total transaction of $705,440.00. Following the completion of the sale, the director directly owned 123,784 shares in the company, valued at approximately $10,915,273.12. This trade represents a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the sale, the senior vice president owned 12,976 shares of the company’s stock, valued at approximately $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,123,370 shares of company stock valued at $113,157,408. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Institutional investors have recently made changes to their positions in the stock. HighMark Wealth Management LLC lifted its stake in Arista Networks by 179.7% in the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company’s stock worth $28,000 after acquiring an additional 230 shares during the last quarter. Quarry LP lifted its stake in Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company’s stock worth $29,000 after acquiring an additional 206 shares during the last quarter. Dunhill Financial LLC lifted its stake in Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock worth $29,000 after acquiring an additional 212 shares during the last quarter. Cloud Capital Management LLC purchased a new position in Arista Networks in the first quarter worth approximately $30,000. Finally, Saudi Central Bank purchased a new position in Arista Networks in the first quarter worth approximately $33,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Trading Up 1.3%

Shares of Arista Networks stock opened at $102.45 on Monday. The firm has a market capitalization of $128.66 billion, a price-to-earnings ratio of 43.36, a PEG ratio of 2.99 and a beta of 1.40. Arista Networks has a 12-month low of $59.43 and a 12-month high of $133.58. The firm’s 50 day simple moving average is $92.93 and its two-hundred day simple moving average is $95.14.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The business’s quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.50 earnings per share. On average, sell-side analysts predict that Arista Networks will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its board has authorized a stock buyback program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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.