Arista Networks (NYSE:ANET) Reaches New 12-Month High at $365.34

Arista Networks, Inc. (NYSE:ANET) shares hit a new 52-week high on Wednesday . The company traded as high as $365.34 and last traded at $363.77, with a volume of 825503 shares traded. The stock had previously closed at $357.01.

Wall Street Analyst Weigh In

ANET has been the subject of several research reports. Citigroup lifted their price objective on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Wells Fargo & Company boosted their target price on shares of Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Needham & Company LLC restated a “buy” rating and issued a $320.00 target price on shares of Arista Networks in a report on Wednesday, May 8th. Finally, The Goldman Sachs Group lifted their price target on shares of Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $311.50.

Arista Networks Stock Down 0.1 %

The company has a market capitalization of $114.45 billion, a PE ratio of 50.89, a P/E/G ratio of 3.23 and a beta of 1.11. The firm’s 50 day simple moving average is $311.98 and its 200-day simple moving average is $282.60.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.24. The company had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a stock buyback plan on Tuesday, May 7th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the technology company to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $317.00, for a total value of $7,925,000.00. Following the transaction, the chief executive officer now owns 1,615,800 shares in the company, valued at approximately $512,208,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $317.00, for a total transaction of $7,925,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,615,800 shares in the company, valued at approximately $512,208,600. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Yvonne Wassenaar sold 223 shares of Arista Networks stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total transaction of $70,543.82. Following the completion of the sale, the director now owns 2,976 shares of the company’s stock, valued at approximately $941,427.84. The disclosure for this sale can be found here. Insiders have sold 214,118 shares of company stock worth $68,528,038 over the last 90 days. Company insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

A number of hedge funds have recently bought and sold shares of ANET. GQG Partners LLC acquired a new position in Arista Networks in the first quarter worth $881,848,000. Norges Bank bought a new stake in shares of Arista Networks during the 4th quarter valued at about $586,051,000. Swedbank AB bought a new position in Arista Networks in the first quarter worth about $521,767,000. Vanguard Group Inc. lifted its holdings in shares of Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in shares of Arista Networks by 25,188.0% during the fourth quarter. International Assets Investment Management LLC now owns 613,739 shares of the technology company’s stock valued at $1,445,420,000 after acquiring an additional 611,312 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Company Profile

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.