Arista Networks (NYSE:ANET) Trading 1.6% Higher

Arista Networks, Inc. (NYSE:ANET)’s share price traded up 1.6% during mid-day trading on Monday . The company traded as high as $279.16 and last traded at $278.82. 716,796 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 2,434,364 shares. The stock had previously closed at $274.40.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Needham & Company LLC restated a “buy” rating and issued a $320.00 price objective on shares of Arista Networks in a research note on Wednesday. Barclays upped their price target on Arista Networks from $272.00 to $311.00 and gave the company an “overweight” rating in a research report on Tuesday, February 13th. Piper Sandler upped their price target on Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a research report on Wednesday. Evercore ISI reiterated an “outperform” rating and set a $300.00 price target on shares of Arista Networks in a research report on Wednesday, March 27th. Finally, Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and upped their price target for the company from $240.00 to $320.00 in a research report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $292.50.

Arista Networks Stock Up 6.5 %

The business’s 50-day simple moving average is $279.22 and its 200 day simple moving average is $251.25. The firm has a market capitalization of $91.18 billion, a P/E ratio of 44.39, a PEG ratio of 2.33 and a beta of 1.13.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.53 billion. During the same period last year, the business earned $1.25 earnings per share. The business’s quarterly revenue was up 20.8% on a year-over-year basis. Sell-side analysts predict that Arista Networks, Inc. will post 6.74 earnings per share for the current year.

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

Insider Transactions at Arista Networks

In other news, SVP Marc Taxay sold 1,044 shares of the firm’s 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, SVP Marc Taxay sold 1,044 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total value of $265,739.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $286.52, for a total value of $573,040.00. Following the completion of the sale, the director now directly owns 60,946 shares of the company’s stock, valued at approximately $17,462,247.92. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 337,054 shares of company stock worth $96,529,086. Insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. raised its position in shares of Arista Networks by 16.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 21,642 shares of the technology company’s stock worth $3,981,000 after purchasing an additional 3,005 shares during the last quarter. Chicago Partners Investment Group LLC increased its holdings in Arista Networks by 4.3% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,532 shares of the technology company’s stock worth $472,000 after buying an additional 104 shares in the last quarter. Advisor Partners II LLC increased its holdings in Arista Networks by 1.2% in the 3rd quarter. Advisor Partners II LLC now owns 10,265 shares of the technology company’s stock worth $1,888,000 after buying an additional 118 shares in the last quarter. Graypoint LLC increased its holdings in Arista Networks by 6.6% in the 3rd quarter. Graypoint LLC now owns 1,485 shares of the technology company’s stock worth $273,000 after buying an additional 92 shares in the last quarter. Finally, TIAA Trust National Association bought a new stake in Arista Networks in the 3rd quarter worth about $13,406,000. 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.