Arista Networks, Inc. (NYSE:ANET) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Arista Networks, Inc. (NYSE:ANET) have been given an average rating of “Moderate Buy” by the twenty-one analysts that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and seventeen have issued a buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $333.12.

A number of equities research analysts have recently issued reports on the company. Piper Sandler increased their target price on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Rosenblatt Securities restated a “sell” rating and set a $210.00 price objective on shares of Arista Networks in a research note on Friday, April 12th. Wells Fargo & Company raised their price objective on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. 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 research note on Thursday, April 11th. Finally, Bank of America raised their price objective on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, June 20th.

Arista Networks Stock Performance

ANET stock opened at $319.21 on Monday. Arista Networks has a 1 year low of $149.10 and a 1 year high of $376.50. The firm has a market cap of $100.03 billion, a P/E ratio of 44.46, a price-to-earnings-growth ratio of 2.81 and a beta of 1.11. The stock has a 50-day simple moving average of $330.65 and a 200-day simple moving average of $295.65.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The business had revenue of $1.57 billion during the quarter, compared to analyst estimates of $1.55 billion. On average, equities research analysts predict that Arista Networks will post 7.07 EPS for the current year.

Arista Networks declared that its Board of Directors has initiated a share buyback program on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, insider John F. Mccool sold 416 shares of Arista Networks stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total value of $105,888.64. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Arista Networks news, Director Yvonne Wassenaar sold 223 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total value of $70,543.82. Following the transaction, the director now owns 2,976 shares in the company, valued at $941,427.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John F. Mccool sold 416 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total value of $105,888.64. The disclosure for this sale can be found here. Insiders have sold 210,076 shares of company stock worth $68,928,479 in the last three months. 3.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ANET. GQG Partners LLC purchased a new position in Arista Networks in the first quarter valued at about $881,848,000. Norges Bank purchased a new position in Arista Networks in the fourth quarter valued at about $586,051,000. Swedbank AB purchased a new position in Arista Networks in the first quarter valued at about $521,767,000. Vanguard Group Inc. boosted its stake in shares of Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after acquiring an additional 1,596,040 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its stake in shares of Arista Networks by 25,188.0% during the 4th quarter. International Assets Investment Management LLC now owns 613,739 shares of the technology company’s stock worth $1,445,420,000 after acquiring an additional 611,312 shares in the last quarter. 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.