Arista Networks, Inc. Expected to Post Q3 2024 Earnings of $1.85 Per Share (NYSE:ANET)

Arista Networks, Inc. (NYSE:ANET) – Analysts at William Blair increased their Q3 2024 EPS estimates for Arista Networks in a research report issued to clients and investors on Wednesday, July 31st. William Blair analyst S. Naji now forecasts that the technology company will post earnings per share of $1.85 for the quarter, up from their prior estimate of $1.74. The consensus estimate for Arista Networks’ current full-year earnings is $7.29 per share. William Blair also issued estimates for Arista Networks’ Q4 2024 earnings at $1.86 EPS and FY2024 earnings at $7.41 EPS.

A number of other equities analysts also recently weighed in on ANET. Morgan Stanley boosted their target price on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Bank of America increased their price objective on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Citigroup raised their target price on shares of Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Rosenblatt Securities upped their price objective on shares of Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research report on Wednesday. Finally, UBS Group boosted their price target on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $353.38.

Arista Networks Trading Down 5.7 %

Arista Networks stock opened at $319.34 on Friday. The company has a market cap of $100.32 billion, a P/E ratio of 44.48, a price-to-earnings-growth ratio of 2.70 and a beta of 1.11. The company has a fifty day simple moving average of $332.16 and a 200 day simple moving average of $297.97. Arista Networks has a 1-year low of $168.25 and a 1-year high of $376.50.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the prior year, the business earned $1.41 EPS. Arista Networks’s revenue for the quarter was up 15.9% compared to the same quarter last year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Benjamin Edwards Inc. bought a new position in shares of Arista Networks in the first quarter worth approximately $26,000. Beacon Capital Management LLC raised its position in shares of Arista Networks by 500.0% during the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after buying an additional 65 shares in the last quarter. Financial Synergies Wealth Advisors Inc. grew its position in Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after acquiring an additional 96 shares in the last quarter. Byrne Asset Management LLC bought a new stake in Arista Networks during the second quarter worth approximately $33,000. Finally, Rakuten Securities Inc. purchased a new stake in Arista Networks during the fourth quarter valued at approximately $35,000. Institutional investors own 82.47% of the company’s stock.

Insider Transactions at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $370.70, for a total value of $7,414,000.00. Following the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,202,550.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $1,202,550.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $352.93, for a total value of $705,860.00. Following the transaction, the director now owns 52,946 shares in the company, valued at $18,686,231.78. The disclosure for this sale can be found here. Insiders sold 205,116 shares of company stock valued at $67,657,035 over the last three months. Company insiders own 3.54% of the company’s stock.

Arista Networks announced that its Board of Directors has authorized a stock buyback 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 shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

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.