Brokerages Set Arista Networks, Inc. (NYSE:ANET) Target Price at $330.18

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

ANET has been the subject of a number of research reports. Wells Fargo & Company lifted their price target on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research report on Wednesday. Evercore ISI upped their target price on Arista Networks from $340.00 to $400.00 and gave the company an “outperform” rating in a research report on Tuesday, July 16th. Piper Sandler raised their price target on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 price objective on shares of Arista Networks in a report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. raised their target price 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.

Insider Transactions at Arista Networks

In related news, insider John F. Mccool sold 416 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total value of $105,888.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Arista Networks news, Director Yvonne Wassenaar sold 223 shares of the stock in a transaction that occurred 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 transaction, the director now owns 2,976 shares of the company’s stock, valued at $941,427.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John F. Mccool sold 416 shares of Arista Networks stock in a transaction that occurred on Wednesday, May 1st. The stock was 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 sold a total of 210,076 shares of company stock valued at $68,928,479 in the last three months. 3.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kintegral Advisory LLC raised its position in shares of Arista Networks by 54.8% in the second quarter. Kintegral Advisory LLC now owns 3,303 shares of the technology company’s stock valued at $1,158,000 after buying an additional 1,169 shares during the last quarter. Whitaker Myers Wealth Managers LTD. lifted its stake in Arista Networks by 10.6% in the 2nd quarter. Whitaker Myers Wealth Managers LTD. now owns 1,715 shares of the technology company’s stock worth $601,000 after purchasing an additional 164 shares in the last quarter. Breakwater Capital Group acquired a new position in shares of Arista Networks during the 2nd quarter worth approximately $304,000. BLB&B Advisors LLC grew its position in shares of Arista Networks by 9.3% in the second quarter. BLB&B Advisors LLC now owns 37,919 shares of the technology company’s stock valued at $13,290,000 after purchasing an additional 3,233 shares in the last quarter. Finally, Conning Inc. increased its holdings in shares of Arista Networks by 12.1% in the second quarter. Conning Inc. now owns 1,245 shares of the technology company’s stock valued at $436,000 after purchasing an additional 134 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Performance

Shares of ANET stock opened at $319.14 on Monday. The firm has a market capitalization of $100.01 billion, a price-to-earnings ratio of 44.45, a PEG ratio of 2.87 and a beta of 1.11. The stock’s 50-day simple moving average is $330.65 and its 200-day simple moving average is $294.98. Arista Networks has a fifty-two week low of $149.10 and a fifty-two week high of $376.50.

Arista Networks (NYSE:ANET) last issued its quarterly 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 net margin of 37.64% and a return on equity of 31.12%. The business had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. As a group, equities analysts forecast that Arista Networks will post 7.06 earnings per share for the current year.

Arista Networks announced that its board has approved a share buyback plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are 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.