Arista Networks (NYSE:ANET) Reaches New 1-Year High at $365.34

Shares of Arista Networks, Inc. (NYSE:ANET) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $365.34 and last traded at $363.77, with a volume of 825503 shares trading hands. The stock had previously closed at $357.01.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Rosenblatt Securities reissued a “sell” rating and issued a $210.00 price objective on shares of Arista Networks in a research note on Friday, April 12th. Evercore ISI boosted 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. Bank of America increased their price target on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Finally, Piper Sandler boosted their price objective on Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and an average price target of $311.50.

Arista Networks Trading Down 0.1 %

The company has a 50-day moving average price of $311.98 and a 200 day moving average price of $282.60. The stock has a market capitalization of $114.45 billion, a P/E ratio of 50.89, a price-to-earnings-growth ratio of 3.23 and a beta of 1.11.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The business had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.55 billion. As a group, research analysts expect that Arista Networks, Inc. will post 7.05 earnings per share for the current year.

Arista Networks announced that its board has authorized a share buyback program on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, SVP Marc Taxay sold 1,044 shares of Arista Networks stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total value of $265,739.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 4,042 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $299.99, for a total transaction of $1,212,559.58. Following the completion of the transaction, the chief executive officer now directly owns 1,628,532 shares of the company’s stock, valued at approximately $488,543,314.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Marc Taxay sold 1,044 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total transaction of $265,739.76. The disclosure for this sale can be found here. Insiders have sold a total of 214,118 shares of company stock worth $68,528,038 in the last ninety days. 3.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Arista Networks

A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after buying an additional 1,596,040 shares in the last quarter. Capital World Investors boosted its position in Arista Networks by 0.5% during the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after purchasing an additional 55,312 shares in the last quarter. WCM Investment Management LLC grew its holdings in Arista Networks by 0.8% in the first quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after purchasing an additional 25,196 shares during the period. GQG Partners LLC purchased a new stake in shares of Arista Networks in the first quarter valued at approximately $881,848,000. Finally, Norges Bank acquired a new position in shares of Arista Networks during the 4th quarter worth approximately $586,051,000. Hedge funds and other institutional investors 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.