Arista Networks (NYSE:ANET) Price Target Increased to $302.00 by Analysts at Piper Sandler

Arista Networks (NYSE:ANET) had its price objective increased by Piper Sandler from $268.00 to $302.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

Several other brokerages have also issued reports on ANET. JMP Securities reiterated a market outperform rating and issued a $325.00 target price on shares of Arista Networks in a research report on Tuesday, February 13th. Barclays upped their price objective on Arista Networks from $272.00 to $311.00 and gave the stock an overweight rating in a report on Tuesday, February 13th. JPMorgan Chase & Co. raised their price objective on Arista Networks from $297.00 to $315.00 and gave the company an overweight rating in a report on Thursday, April 11th. Rosenblatt Securities reaffirmed a sell rating and issued a $210.00 target price on shares of Arista Networks in a research note on Friday, April 12th. Finally, Jefferies Financial Group upgraded shares of Arista Networks from a hold rating to a buy rating and increased their price target for the company from $240.00 to $320.00 in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, Arista Networks presently has an average rating of Moderate Buy and an average target price of $292.50.

Arista Networks Trading Down 0.3 %

Shares of ANET opened at $290.93 on Wednesday. Arista Networks has a 12-month low of $133.42 and a 12-month high of $307.74. The company has a market cap of $90.95 billion, a PE ratio of 44.39, a price-to-earnings-growth ratio of 2.33 and a beta of 1.13. The stock has a 50-day moving average price of $279.22 and a 200-day moving average price of $251.25.

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

Arista Networks announced that its board has authorized a stock repurchase program on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Arista Networks

In other news, Director Yvonne Wassenaar sold 224 shares of Arista Networks stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $255.29, for a total transaction of $57,184.96. Following the sale, the director now owns 2,827 shares of the company’s stock, valued at approximately $721,704.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Arista Networks news, Director Yvonne Wassenaar sold 224 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $255.29, for a total value of $57,184.96. Following the completion of the transaction, the director now owns 2,827 shares in the company, valued at $721,704.83. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jayshree Ullal sold 87,418 shares of Arista Networks stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $4,929,639.61. The disclosure for this sale can be found here. In the last three months, insiders have sold 337,054 shares of company stock worth $96,529,086. 3.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently modified their holdings of ANET. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Arista Networks by 20.8% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 304,698 shares of the technology company’s stock valued at $88,356,000 after buying an additional 52,411 shares during the period. TD Asset Management Inc raised its stake in shares of Arista Networks by 18.7% in the first quarter. TD Asset Management Inc now owns 943,694 shares of the technology company’s stock worth $273,652,000 after buying an additional 148,759 shares during the period. Baltimore Washington Financial Advisors Inc. lifted its position in shares of Arista Networks by 0.3% during the 1st quarter. Baltimore Washington Financial Advisors Inc. now owns 55,283 shares of the technology company’s stock valued at $16,031,000 after buying an additional 145 shares in the last quarter. Motley Fool Asset Management LLC increased its holdings in Arista Networks by 350.8% in the 1st quarter. Motley Fool Asset Management LLC now owns 41,404 shares of the technology company’s stock worth $12,006,000 after acquiring an additional 32,219 shares in the last quarter. Finally, Bleakley Financial Group LLC raised its stake in Arista Networks by 5.9% during the 1st quarter. Bleakley Financial Group LLC now owns 4,709 shares of the technology company’s stock worth $1,366,000 after acquiring an additional 264 shares during the period. 82.47% of the stock is owned by institutional investors.

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.