Arista Networks (NYSE:ANET) Coverage Initiated by Analysts at Redburn Atlantic

Research analysts at Redburn Atlantic initiated coverage on shares of Arista Networks (NYSE:ANET - Get Free Report) in a report released on Wednesday, Marketbeat reports. The firm set a "buy" rating and a $112.00 price target on the technology company's stock. Redburn Atlantic's price objective would suggest a potential upside of 29.49% from the company's current price.

Several other equities analysts also recently issued reports on ANET. The Goldman Sachs Group reduced their price objective on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Needham & Company LLC reiterated a "buy" rating and set a $130.00 price objective on shares of Arista Networks in a research report on Thursday, May 15th. Piper Sandler reiterated a "neutral" rating and set a $89.00 price objective (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, Citigroup boosted their price objective on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Arista Networks has an average rating of "Moderate Buy" and an average price target of $107.47.

Arista Networks Stock Up 0.1%

ANET stock traded up $0.12 during midday trading on Wednesday, reaching $86.49. The company had a trading volume of 16,490,789 shares, compared to its average volume of 9,049,472. The stock has a 50 day moving average price of $81.90 and a 200 day moving average price of $96.69. Arista Networks has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The firm has a market capitalization of $108.62 billion, a PE ratio of 38.96, a P/E/G ratio of 3.10 and a beta of 1.38.

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. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period in the previous year, the firm posted $0.50 earnings per share. Arista Networks's quarterly revenue was up 27.6% compared to the same quarter last year. Research analysts predict that Arista Networks will post 2.2 EPS for the current year.

Arista Networks announced that its Board of Directors has approved a stock buyback program on Tuesday, May 6th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the technology company to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the company's stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the transaction, the director now owns 7,480 shares of the company's stock, valued at approximately $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Marc Taxay sold 51,848 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total value of $4,593,214.32. The disclosure for this sale can be found here. Insiders have sold a total of 237,538 shares of company stock valued at $20,748,219 over the last quarter. Corporate insiders own 3.54% of the company's stock.

Hedge Funds Weigh In On Arista Networks

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Stock Yards Bank & Trust Co. purchased a new position in Arista Networks during the 4th quarter worth approximately $242,000. DSG Capital Advisors LLC purchased a new position in Arista Networks during the 4th quarter worth approximately $5,984,000. GHE LLC grew its holdings in shares of Arista Networks by 319.0% during the 4th quarter. GHE LLC now owns 28,368 shares of the technology company's stock valued at $3,136,000 after acquiring an additional 21,597 shares in the last quarter. Colonial River Investments LLC grew its holdings in shares of Arista Networks by 327.6% during the 4th quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock valued at $1,077,000 after acquiring an additional 7,466 shares in the last quarter. Finally, Unified Investment Management purchased a new position in shares of Arista Networks during the 4th quarter valued at $630,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

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.