Arista Networks (NYSE:ANET) Trading 1.7% Higher - What's Next?

Arista Networks, Inc. (NYSE:ANET - Get Free Report) traded up 1.7% during trading on Wednesday . The stock traded as high as $91.03 and last traded at $91.19. 3,149,706 shares were traded during trading, a decline of 71% from the average session volume of 10,746,514 shares. The stock had previously closed at $89.68.

Analysts Set New Price Targets

ANET has been the topic of several analyst reports. Evercore ISI dropped their target price on Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and raised their target price for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. Redburn Atlantic began coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price objective for the company. Barclays decreased 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, Erste Group Bank downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat, Arista Networks presently has a consensus rating of "Moderate Buy" and an average price target of $107.38.

Arista Networks Stock Up 0.7%

The firm has a market cap of $113.41 billion, a price-to-earnings ratio of 38.37, a PEG ratio of 2.79 and a beta of 1.37. The company's fifty day moving average is $86.61 and its 200 day moving average is $96.24.

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

Arista Networks declared that its Board of Directors has initiated a stock repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to purchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Kelly Bodnar Battles sold 1,492 shares of the business's stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now owns 7,480 shares in the company, valued at $512,305.20. The trade was a 16.63% 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, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $88.18, for a total value of $705,440.00. Following the transaction, the director now directly owns 123,784 shares in the company, valued at approximately $10,915,273.12. This trade represents a 6.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,690 shares of company stock valued at $9,360,205 in the last 90 days. Corporate insiders own 3.54% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Clearstead Trust LLC lifted its holdings in Arista Networks by 5.1% in the first quarter. Clearstead Trust LLC now owns 2,455 shares of the technology company's stock worth $190,000 after buying an additional 119 shares during the period. Pier 88 Investment Partners LLC boosted its stake in Arista Networks by 1.5% during the 1st quarter. Pier 88 Investment Partners LLC now owns 7,960 shares of the technology company's stock valued at $617,000 after purchasing an additional 120 shares during the last quarter. Optimum Investment Advisors raised its stake in shares of Arista Networks by 31.3% in the first quarter. Optimum Investment Advisors now owns 525 shares of the technology company's stock worth $41,000 after purchasing an additional 125 shares during the last quarter. PFG Advisors boosted its holdings in Arista Networks by 2.7% in the first quarter. PFG Advisors now owns 5,061 shares of the technology company's stock worth $392,000 after purchasing an additional 131 shares during the last quarter. Finally, Harbour Investments Inc. boosted its position in Arista Networks by 9.4% in the first quarter. Harbour Investments Inc. now owns 1,624 shares of the technology company's stock worth $126,000 after purchasing an additional 139 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.