Arista Networks (NYSE:ANET) Stock Price Up 1.3% - Still a Buy?

Arista Networks, Inc. (NYSE:ANET - Get Free Report)'s share price was up 1.3% on Friday . The stock traded as high as $103.50 and last traded at $102.45. Approximately 5,296,699 shares traded hands during trading, a decline of 42% from the average daily volume of 9,105,538 shares. The stock had previously closed at $101.13.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ANET. JPMorgan Chase & Co. decreased their target price on Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Wedbush started coverage on Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating on the stock. KGI Securities lowered Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Barclays dropped their target price on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Finally, Redburn Atlantic began coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price target for the company. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $109.33.

Arista Networks Trading Up 1.3%

The firm has a fifty day moving average of $92.44 and a 200 day moving average of $95.40. The company has a market capitalization of $128.66 billion, a P/E ratio of 43.36, a P/E/G ratio of 2.95 and a beta of 1.40.

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

Arista Networks announced that its Board of Directors has approved a stock buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically a sign 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 dated Monday, June 30th. The stock was sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the completion of the sale, the chief executive officer directly owned 30,000 shares in the company, valued at $3,072,900. The trade was a 96.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total transaction of $794,880.00. Following the completion of the transaction, the director owned 65,784 shares in the company, valued at $6,536,298.24. This trade represents a 10.84% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,123,400 shares of company stock worth $113,159,520. 3.39% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ANET. Quarry LP lifted its position in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 206 shares in the last quarter. Dunhill Financial LLC raised its stake in shares of Arista Networks by 415.7% in the fourth 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. McIlrath & Eck LLC purchased a new position in shares of Arista Networks during the 4th quarter valued at about $35,000. Aster Capital Management DIFC Ltd bought a new position in shares of Arista Networks during the 4th quarter valued at approximately $37,000. Finally, HighMark Wealth Management LLC grew its stake in shares of Arista Networks by 179.7% during the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock valued at $28,000 after acquiring an additional 230 shares during the period. 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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