Arista Networks (NYSE:ANET) Price Target Raised to $130.00

Arista Networks (NYSE:ANET - Get Free Report) had its target price hoisted by JPMorgan Chase & Co. from $110.00 to $130.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s price target points to a potential upside of 16.15% from the stock's current price.

ANET has been the topic of a number of other reports. KGI Securities lowered Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. KeyCorp started coverage on Arista Networks in a research report on Thursday, June 26th. They set an "overweight" rating and a $115.00 target price on the stock. Piper Sandler reaffirmed a "neutral" rating and set a $89.00 target price (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Citigroup boosted their target price on Arista Networks from $112.00 to $123.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Finally, Barclays lowered their price target on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Seven equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $111.40.

Arista Networks Stock Performance

Shares of NYSE:ANET traded up $3.62 during mid-day trading on Thursday, hitting $111.92. 5,165,380 shares of the company traded hands, compared to its average volume of 9,170,813. The firm has a market cap of $140.56 billion, a P/E ratio of 47.35, a PEG ratio of 3.13 and a beta of 1.40. Arista Networks has a 52-week low of $59.43 and a 52-week high of $133.58. The firm's 50 day simple moving average is $96.18 and its 200 day simple moving average is $94.99.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.06. The company had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. Arista Networks's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.50 EPS. Equities research analysts expect that Arista Networks will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its board has authorized a share buyback program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at Arista Networks

In other news, CEO Jayshree Ullal sold 748,444 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 30,000 shares of the company's stock, valued at $3,072,900. This represents a 96.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth Duda sold 26,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total transaction of $2,397,980.00. Following the completion of the transaction, the senior vice president directly owned 592,400 shares of the company's stock, valued at approximately $54,637,052. This trade represents a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,123,370 shares of company stock valued at $113,157,408. 3.39% of the stock is owned by insiders.

Institutional Trading of Arista Networks

Several institutional investors and hedge funds have recently made changes to their positions in ANET. Vanguard Group Inc. raised its position 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 worth $10,620,270,000 after purchasing an additional 72,311,318 shares during the period. FMR LLC increased its position in shares of Arista Networks by 330.9% during the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after buying an additional 44,269,572 shares during the period. Cresset Asset Management LLC boosted its stake in Arista Networks by 277.5% during the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after acquiring an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC boosted its stake in Arista Networks by 311.6% during the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after acquiring an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its stake in Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after acquiring an additional 14,454,822 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

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.

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