Arista Networks (NYSE:ANET) Shares Up 6.1% on Analyst Upgrade

Arista Networks, Inc. (NYSE:ANET - Get Free Report) traded up 6.1% during trading on Monday after KeyCorp upgraded the stock from an overweight rating to a strong-buy rating. The company traded as high as $91.17 and last traded at $91.48. 5,022,381 shares changed hands during trading, a decline of 44% from the average session volume of 8,997,774 shares. The stock had previously closed at $86.25.

A number of other equities analysts have also issued reports on ANET. Morgan Stanley increased their price target on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. The Goldman Sachs Group lowered their target price on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. JPMorgan Chase & Co. dropped their price target on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. BNP Paribas downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 11th. Finally, BNP Paribas Exane cut shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective on the stock. in a research note on Wednesday, June 11th. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $109.33.

Insider Activity at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the firm's stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the completion of the sale, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. This trade represents a 16.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the transaction, the director now owns 139,784 shares in the company, valued at $10,840,249.20. This represents a 5.41% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 161,690 shares of company stock worth $14,525,085. 3.39% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HighMark Wealth Management LLC boosted 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 buying an additional 230 shares during the period. Quarry LP boosted 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 during the last quarter. Dunhill Financial LLC grew its stake in Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after purchasing an additional 212 shares in the last quarter. Cloud Capital Management LLC purchased a new stake in shares of Arista Networks during the 1st quarter worth about $30,000. Finally, Saudi Central Bank bought a new stake in shares of Arista Networks in the 1st quarter valued at approximately $33,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Up 5.6%

The stock has a market cap of $127.74 billion, a P/E ratio of 43.05, a price-to-earnings-growth ratio of 2.82 and a beta of 1.37. The firm's 50-day moving average is $88.81 and its two-hundred day moving average is $95.73.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating 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 business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter last year, the firm earned $0.50 EPS. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. Analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has authorized a share repurchase program on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to buy 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 shares are undervalued.

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.