Evercore ISI Forecasts Strong Price Appreciation for Arista Networks (NYSE:ANET) Stock

Arista Networks (NYSE:ANET - Get Free Report) had its price objective boosted by equities researchers at Evercore ISI from $105.00 to $110.00 in a research report issued on Monday. The firm presently has an "outperform" rating on the technology company's stock. Evercore ISI's price target would indicate a potential upside of 20.88% from the stock's previous close.

A number of other analysts have also commented on the company. KGI Securities lowered Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Piper Sandler reissued a "neutral" rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Erste Group Bank downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. BNP Paribas downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Finally, Wedbush started coverage on Arista Networks in a research report on Wednesday, May 28th. They issued an "outperform" rating for the company. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $108.87.

Arista Networks Price Performance

Shares of ANET stock traded up $4.75 during trading hours on Monday, reaching $91.00. The company had a trading volume of 7,349,289 shares, compared to its average volume of 9,009,416. Arista Networks has a 12 month low of $59.43 and a 12 month high of $133.58. The business has a fifty day simple moving average of $87.52 and a 200-day simple moving average of $95.85. The company has a market cap of $114.28 billion, a price-to-earnings ratio of 38.51, a price-to-earnings-growth ratio of 2.53 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last issued 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 business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. Arista Networks's quarterly revenue was up 27.6% compared to the same quarter last year. During the same period last year, the company posted $0.50 earnings per share. On average, equities research analysts expect that Arista Networks will post 2.2 earnings per share for the current year.

Arista Networks announced that its Board of Directors has initiated a stock buyback program on Tuesday, May 6th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Insider Activity

In related news, SVP Kenneth Duda sold 26,000 shares of the company'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 value of $2,397,980.00. Following the sale, the senior vice president now owns 592,400 shares in the company, valued at $54,637,052. This represents a 4.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction that occurred on 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 directly owns 139,784 shares in the company, valued at $10,840,249.20. This trade represents a 5.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 161,690 shares of company stock valued at $14,525,085. Insiders own 3.54% of the company's stock.

Institutional Investors Weigh In On Arista Networks

Institutional investors have recently bought and sold shares of the business. Capital Advisors Ltd. LLC grew its position in shares of Arista Networks by 335.1% during 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 in the last quarter. Quarry LP grew its position in shares of 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 grew its position in shares of Arista Networks by 415.7% during 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. McIlrath & Eck LLC purchased a new position in shares of Arista Networks during the fourth quarter valued at about $35,000. Finally, Aster Capital Management DIFC Ltd purchased a new position in shares of Arista Networks during the fourth quarter valued at about $37,000. Hedge funds and other institutional investors own 82.47% of the company's stock.

About Arista Networks

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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