Arista Networks (NYSE:ANET) Receives Neutral Rating from Piper Sandler

Arista Networks (NYSE:ANET - Get Free Report)'s stock had its "neutral" rating reiterated by equities researchers at Piper Sandler in a note issued to investors on Wednesday,Benzinga reports. They presently have a $89.00 target price on the technology company's stock, up from their prior target price of $76.00. Piper Sandler's price target suggests a potential upside of 4.73% from the company's current price.

Other research analysts have also recently issued reports about the stock. Needham & Company LLC dropped their target price on shares of Arista Networks from $145.00 to $130.00 and set a "buy" rating for the company in a report on Wednesday. JPMorgan Chase & Co. dropped their price objective on Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Rosenblatt Securities lifted their price objective on Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a report on Wednesday. Barclays reissued an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, Citigroup cut their price target on Arista Networks from $121.00 to $92.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $108.36.

Arista Networks Trading Down 6.4 %

Shares of ANET traded down $5.79 during mid-day trading on Wednesday, hitting $84.98. The company's stock had a trading volume of 8,562,637 shares, compared to its average volume of 9,191,678. Arista Networks has a 1-year low of $59.43 and a 1-year high of $133.58. The firm has a market capitalization of $106.70 billion, a P/E ratio of 38.28, a P/E/G ratio of 3.10 and a beta of 1.38. The firm has a 50-day simple moving average of $79.02 and a 200 day simple moving average of $97.58.

Arista Networks (NYSE:ANET - Get Free Report) last released 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 quarter last year, the company earned $0.50 earnings per share. Arista Networks's quarterly revenue was up 27.6% compared to the same quarter last year. As a group, sell-side analysts predict that Arista Networks will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has authorized a share buyback 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $88.58, for a total transaction of $708,640.00. Following the completion of the sale, the director now directly owns 131,784 shares of the company's stock, valued at approximately $11,673,426.72. This represents a 5.72 % 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, SVP Marc Taxay sold 51,848 shares of the firm's stock in a transaction dated 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. Over the last 90 days, insiders sold 412,355 shares of company stock valued at $39,259,279. Company insiders own 3.54% of the company's stock.

Institutional Investors Weigh In On Arista Networks

A number of large investors have recently modified their holdings of the stock. Caitlin John LLC grew its position in Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after acquiring an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC boosted its stake in shares of Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after purchasing an additional 191 shares during the period. New Millennium Group LLC grew its holdings in Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 195 shares in the last quarter. Quarry LP increased its stake in Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 206 shares during the period. Finally, Dunhill Financial LLC increased its stake in Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after buying an additional 212 shares during the period. Institutional investors and hedge funds 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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