Arista Networks (NYSE:ANET) PT Raised to $385.00

Arista Networks (NYSE:ANET) had its target price boosted by stock analysts at Citigroup from $330.00 to $385.00 in a research note issued to investors on Thursday, Marketbeat Ratings reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s target price would indicate a potential upside of 9.86% from the stock’s current price.

Other research analysts have also issued research reports about the stock. JPMorgan Chase & Co. raised their target price on shares of Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. The Goldman Sachs Group boosted their target price on Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Evercore ISI lifted their target price on Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a research report on Monday, May 20th. Barclays upped their price target on shares of Arista Networks from $311.00 to $320.00 and gave the stock an “overweight” rating in a research report on Thursday, May 9th. Finally, Wells Fargo & Company lifted their target price on Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $311.50.

Arista Networks Price Performance

Shares of ANET opened at $350.44 on Thursday. The company’s fifty day moving average price is $303.42 and its 200 day moving average price is $279.00. The company has a market capitalization of $109.81 billion, a PE ratio of 48.81, a price-to-earnings-growth ratio of 2.96 and a beta of 1.08. Arista Networks has a one year low of $149.10 and a one year high of $355.22.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.24. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. Analysts anticipate that Arista Networks will post 7.05 earnings per share for the current year.

Arista Networks declared that its board has initiated a stock repurchase plan on Tuesday, May 7th that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Arista Networks

In related news, Director Daniel Scheinman sold 1,000 shares of the company’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $328.17, for a total transaction of $328,170.00. Following the sale, the director now owns 37,732 shares in the company, valued at approximately $12,382,510.44. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, SVP Marc Taxay sold 1,040 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $292.28, for a total transaction of $303,971.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Daniel Scheinman sold 1,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $328.17, for a total value of $328,170.00. Following the completion of the sale, the director now owns 37,732 shares of the company’s stock, valued at $12,382,510.44. The disclosure for this sale can be found here. Insiders have sold a total of 212,950 shares of company stock worth $64,987,920 over the last quarter. Company insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. O Shaughnessy Asset Management LLC grew its holdings in Arista Networks by 70.5% during the third quarter. O Shaughnessy Asset Management LLC now owns 9,642 shares of the technology company’s stock worth $1,773,000 after buying an additional 3,987 shares in the last quarter. Mutual Advisors LLC lifted its position in shares of Arista Networks by 103.3% during the third quarter. Mutual Advisors LLC now owns 4,611 shares of the technology company’s stock valued at $848,000 after purchasing an additional 2,343 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in Arista Networks by 152.9% during the third quarter. Tower Research Capital LLC TRC now owns 13,030 shares of the technology company’s stock worth $2,397,000 after purchasing an additional 7,877 shares during the last quarter. Bank of Nova Scotia grew its position in Arista Networks by 33.2% in the 3rd quarter. Bank of Nova Scotia now owns 31,613 shares of the technology company’s stock worth $5,815,000 after purchasing an additional 7,882 shares in the last quarter. Finally, CWA Asset Management Group LLC purchased a new stake in Arista Networks in the 3rd quarter valued at about $265,000. Institutional investors and hedge funds 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.