Shares of Arista Networks, Inc. (NYSE:ANET - Get Free Report) have earned an average recommendation of "Moderate Buy" from the twenty research firms that are covering the firm, MarketBeat.com reports. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $109.33.
ANET has been the subject of a number of analyst reports. Wedbush initiated coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued an "outperform" rating for the company. The Goldman Sachs Group lowered their target price on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Redburn Atlantic initiated coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price objective for the company. Morgan Stanley raised their target price on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Finally, Erste Group Bank cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th.
Check Out Our Latest Research Report on Arista Networks
Arista Networks Trading Down 0.1%
NYSE:ANET traded down $0.09 during trading hours on Monday, reaching $106.19. 4,213,146 shares of the company were exchanged, compared to its average volume of 9,120,857. The stock's 50-day moving average is $94.33 and its 200-day moving average is $95.20. The firm has a market cap of $133.37 billion, a PE ratio of 44.98, a price-to-earnings-growth ratio of 3.01 and a beta of 1.40. Arista Networks has a twelve month low of $59.43 and a twelve month high of $133.58.
Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The company's quarterly revenue was up 27.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.50 earnings per share. As a group, research analysts anticipate that Arista Networks will post 2.2 EPS for the current year.
Arista Networks declared that its board has authorized a share repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.
Insider Activity at Arista Networks
In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of the business's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the sale, the chief executive officer directly owned 30,000 shares in the company, valued at approximately $3,072,900. The trade was a 96.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $88.18, for a total transaction of $705,440.00. Following the sale, the director owned 123,784 shares in the company, valued at $10,915,273.12. The trade was a 6.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,123,370 shares of company stock worth $113,157,408 in the last three months. Insiders own 3.39% of the company's stock.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Arista Networks by 304.2% in the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after purchasing an additional 72,311,318 shares during the last quarter. FMR LLC increased its stake in shares of Arista Networks by 330.9% during the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after acquiring an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC grew its holdings in shares of Arista Networks by 277.5% during the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after purchasing an additional 20,059,303 shares during the period. Geode Capital Management LLC grew its holdings in shares of Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after purchasing an additional 18,293,874 shares during the period. Finally, Alliancebernstein L.P. grew its holdings in shares of Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after purchasing an additional 14,454,822 shares during the period. Institutional investors and hedge funds own 82.47% of the company's stock.
About Arista Networks
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Get Free ReportArista 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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