Arista Networks (NYSE:ANET) Price Target Raised to $285.00 at UBS Group

Arista Networks (NYSE:ANET) had its target price upped by investment analysts at UBS Group from $275.00 to $285.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. UBS Group’s price target would indicate a potential downside of 2.85% from the stock’s previous close.

Other equities research analysts also recently issued reports about the company. Oppenheimer reiterated a “market perform” rating on shares of Arista Networks in a report on Tuesday, February 13th. Wells Fargo & Company increased their price target on Arista Networks from $225.00 to $310.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. JMP Securities restated a “market outperform” rating and set a $325.00 price target on shares of Arista Networks in a research report on Tuesday, February 13th. Piper Sandler upped their target price on shares of Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 13th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $300.00 target price on shares of Arista Networks in a research note on Wednesday, March 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $285.50.

Arista Networks Price Performance

Arista Networks stock traded up $19.37 during midday trading on Wednesday, hitting $293.36. 3,698,590 shares of the company were exchanged, compared to its average volume of 2,480,790. The company has a market cap of $91.71 billion, a PE ratio of 44.76, a price-to-earnings-growth ratio of 2.33 and a beta of 1.13. The company’s fifty day moving average price is $279.22 and its 200-day moving average price is $251.25. Arista Networks has a fifty-two week low of $133.42 and a fifty-two week high of $307.74.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.38. The company had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The firm’s revenue for the quarter was up 20.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.25 EPS. On average, analysts expect that Arista Networks will post 6.74 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $258.77, for a total transaction of $388,155.00. Following the completion of the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $4,575,312.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 1,500 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $258.77, for a total transaction of $388,155.00. Following the completion of the transaction, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $4,575,312.37. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Marc Taxay sold 1,044 shares of the 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 disclosure for this sale can be found here. Insiders sold 337,054 shares of company stock valued at $96,529,086 over the last ninety days. Corporate insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Benjamin Edwards Inc. bought a new position in Arista Networks during the 1st quarter valued at about $26,000. Larson Financial Group LLC acquired a new stake in shares of Arista Networks in the third quarter valued at $28,000. First Command Advisory Services Inc. acquired a new position in Arista Networks during the 3rd quarter worth $29,000. Financial Synergies Wealth Advisors Inc. lifted its position in Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after purchasing an additional 96 shares during the period. Finally, NBC Securities Inc. acquired a new stake in shares of Arista Networks during the third quarter worth $33,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Company Profile

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.