Arista Networks, Inc. (NYSE:ANET) Receives $107.38 Consensus PT from Analysts

Shares of Arista Networks, Inc. (NYSE:ANET) have earned an average rating of “Moderate Buy” from the twenty research firms that are currently covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $107.38.

Several brokerages have recently issued reports on ANET. Wedbush began coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued an “outperform” rating for the company. Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Erste Group Bank cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. The Goldman Sachs Group lowered their target price on shares of Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Arista Networks from $140.00 to $110.00 and set an “overweight” rating for the company in a report on Thursday, April 17th.

Insider Buying and Selling at Arista Networks

In other news, Director Kelly Bodnar Battles sold 1,492 shares of the company’s stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the completion of the transaction, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $88.18, for a total transaction of $705,440.00. Following the transaction, the director now owns 123,784 shares of the company’s stock, valued at $10,915,273.12. This represents a 6.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 105,690 shares of company stock worth $9,360,205 over the last 90 days. Insiders own 3.39% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Arista Networks by 304.2% in the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock worth $10,620,270,000 after purchasing an additional 72,311,318 shares during the period. FMR LLC lifted its holdings in Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock worth $6,371,848,000 after purchasing an additional 44,269,572 shares during the period. Cresset Asset Management LLC lifted its holdings in Arista Networks by 277.5% in the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock valued at $3,016,207,000 after acquiring an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Arista Networks by 311.6% in the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock valued at $2,665,829,000 after acquiring an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in Arista Networks by 218.5% in the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock valued at $2,328,869,000 after acquiring an additional 14,454,822 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Up 2.8%

NYSE ANET opened at $94.97 on Thursday. Arista Networks has a 52 week low of $59.43 and a 52 week high of $133.58. The stock has a market capitalization of $119.28 billion, a PE ratio of 42.78, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37. The firm has a 50 day moving average of $86.33 and a two-hundred day moving average of $96.28.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter in the previous year, the business posted $0.50 EPS. The firm’s revenue was up 27.6% on a year-over-year basis. On average, equities research analysts expect that Arista Networks will post 2.2 earnings per share for the current fiscal year.

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