Arista Networks (NYSE:ANET) Price Target Raised to $130.00

Arista Networks (NYSE:ANET) had its price objective lifted by JPMorgan Chase & Co. from $110.00 to $130.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

A number of other equities analysts have also recently weighed in on ANET. KeyCorp assumed coverage on Arista Networks in a report on Thursday, June 26th. They issued an “overweight” rating and a $115.00 price target for the company. Barclays reduced their price target on Arista Networks from $126.00 to $119.00 and set an “overweight” rating for the company in a report on Thursday, May 8th. Evercore ISI increased their target price on Arista Networks from $105.00 to $110.00 and gave the company an “outperform” rating in a report on Monday, June 23rd. Piper Sandler reissued a “neutral” rating and set a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Finally, KGI Securities cut Arista Networks to a “neutral” rating in a report on Wednesday, May 7th. Seven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $111.40.

Arista Networks Trading Up 0.0%

ANET opened at $112.01 on Thursday. The firm has a market cap of $140.68 billion, a price-to-earnings ratio of 47.41, a PEG ratio of 3.26 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 stock has a fifty day moving average price of $97.19 and a 200-day moving average price of $94.89.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The firm’s revenue for the quarter was up 27.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.50 EPS. On average, equities research analysts forecast that Arista Networks will post 2.2 EPS for the current year.

Arista Networks announced that its board has initiated a share buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total transaction of $794,880.00. Following the completion of the sale, the director directly owned 65,784 shares in the company, valued at $6,536,298.24. This represents a 10.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Kenneth Duda sold 26,000 shares of the company’s stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total value of $2,397,980.00. Following the sale, the senior vice president owned 592,400 shares of the company’s stock, valued at approximately $54,637,052. The trade was a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,123,370 shares of company stock worth $113,157,408. Company insiders own 3.39% of the company’s stock.

Institutional Trading of Arista Networks

Large investors have recently added to or reduced their stakes in the stock. Pure Financial Advisors LLC boosted its position in Arista Networks by 57.9% in the 2nd quarter. Pure Financial Advisors LLC now owns 4,251 shares of the technology company’s stock valued at $435,000 after buying an additional 1,559 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in Arista Networks by 123.0% in the second quarter. Robeco Institutional Asset Management B.V. now owns 3,068,064 shares of the technology company’s stock worth $313,894,000 after acquiring an additional 1,692,467 shares during the last quarter. BSW Wealth Partners lifted its holdings in Arista Networks by 14.5% in the second quarter. BSW Wealth Partners now owns 5,653 shares of the technology company’s stock worth $578,000 after acquiring an additional 718 shares during the last quarter. Precision Wealth Strategies LLC lifted its holdings in Arista Networks by 6.8% in the second quarter. Precision Wealth Strategies LLC now owns 4,720 shares of the technology company’s stock worth $483,000 after acquiring an additional 299 shares during the last quarter. Finally, SOA Wealth Advisors LLC. increased its stake in shares of Arista Networks by 907.6% in the second quarter. SOA Wealth Advisors LLC. now owns 1,058 shares of the technology company’s stock valued at $108,000 after purchasing an additional 953 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.