Arista Networks (NYSE:ANET) Stock Price Up 0.8%

Arista Networks, Inc. (NYSE:ANET - Get Free Report) shares shot up 0.8% during trading on Wednesday . The stock traded as high as $321.13 and last traded at $319.66. 364,026 shares were traded during trading, a decline of 85% from the average session volume of 2,499,767 shares. The stock had previously closed at $316.99.

Analysts Set New Price Targets

Several brokerages have recently commented on ANET. Rosenblatt Securities reiterated a "sell" rating and set a $210.00 price objective on shares of Arista Networks in a report on Friday, April 12th. KeyCorp lifted their price target on Arista Networks from $306.00 to $349.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 8th. UBS Group boosted their price objective on Arista Networks from $275.00 to $285.00 and gave the company a "neutral" rating in a report on Wednesday, May 8th. The Goldman Sachs Group lifted their price target on Arista Networks from $313.00 to $356.00 and gave the company a "buy" rating in a research note on Friday, March 22nd. Finally, Evercore ISI lifted their price target on Arista Networks from $320.00 to $340.00 and gave the company an "outperform" rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $295.22.

Arista Networks Price Performance

The stock has a market capitalization of $99.18 billion, a price-to-earnings ratio of 44.52, a PEG ratio of 2.89 and a beta of 1.13. The business has a fifty day moving average of $285.70 and a 200 day moving average of $259.76.

Arista Networks declared that its board has approved a share repurchase plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board believes its stock is undervalued.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 11,650 shares of the company's stock in a transaction on Friday, March 1st. The stock was sold at an average price of $286.28, for a total transaction of $3,335,162.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Arista Networks news, SVP Marc Taxay sold 11,650 shares of the company's stock in a transaction on Friday, March 1st. The stock was sold at an average price of $286.28, for a total transaction of $3,335,162.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 14,416 shares of the company's stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $326.03, for a total value of $4,700,048.48. Following the transaction, the senior vice president now owns 252,382 shares in the company, valued at $82,284,103.46. The disclosure for this sale can be found here. Over the last three months, insiders have sold 400,210 shares of company stock worth $116,875,362. Insiders own 3.54% of the company's stock.

Institutional Trading of Arista Networks

Hedge funds have recently modified their holdings of the stock. Benjamin Edwards Inc. acquired a new stake in shares of Arista Networks in the first quarter valued at $26,000. Financial Synergies Wealth Advisors Inc. increased its holdings in Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company's stock valued at $31,000 after buying an additional 96 shares during the last quarter. Alaska Permanent Fund Corp purchased a new position in Arista Networks in the first quarter valued at $37,000. Riverview Trust Co purchased a new position in Arista Networks in the first quarter valued at $40,000. Finally, Koesten Hirschmann & Crabtree INC. purchased a new position in Arista Networks in the first quarter valued at $42,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.