Arista Networks (NYSE:ANET – Get Free Report) declared that its board has authorized a stock repurchase program on Tuesday, May 7th, RTT News reports. The company plans to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
Analyst Upgrades and Downgrades
ANET has been the subject of several analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Piper Sandler boosted their target price on Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 13th. Barclays raised their price target on Arista Networks from $272.00 to $311.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Wells Fargo & Company boosted their price objective on Arista Networks from $225.00 to $310.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 target price on shares of Arista Networks in a research note on Tuesday, February 13th. One analyst has rated the stock with a sell rating, three have given a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and an average price target of $285.53.
View Our Latest Stock Report on Arista Networks
Arista Networks Stock Performance
Arista Networks (NYSE:ANET – Get Free Report) last issued its earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.38. The firm had revenue of $1.54 billion for 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 business’s revenue was up 20.8% on a year-over-year basis. During the same quarter last year, the business earned $1.25 earnings per share. Sell-side analysts expect that Arista Networks will post 6.74 EPS for the current year.
Insider Activity
In other news, CEO Jayshree Ullal sold 87,418 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider John F. Mccool sold 420 shares of Arista Networks stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $266.08, for a total transaction of $111,753.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Jayshree Ullal sold 87,418 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $278.81, for a total value of $24,373,012.58. Following the completion of the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at $4,929,639.61. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 337,474 shares of company stock valued at $96,640,840. Insiders own 3.54% 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.
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