Arista Networks, Inc. (NYSE:ANET – Get Free Report)’s share price was up 1.7% during mid-day trading on Tuesday . The stock traded as high as $312.80 and last traded at $311.78. Approximately 570,666 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 2,530,680 shares. The stock had previously closed at $306.55.
Wall Street Analysts Forecast Growth
Several research analysts have recently issued reports on ANET shares. KeyCorp upped their target price on shares of Arista Networks from $306.00 to $349.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price target on shares of Arista Networks in a research note on Wednesday, May 8th. Jefferies Financial Group upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and increased their price target for the stock from $240.00 to $320.00 in a research note on Friday, May 3rd. Oppenheimer reiterated a “market perform” rating on shares of Arista Networks in a research note on Tuesday, February 13th. Finally, JMP Securities reiterated a “market outperform” rating and set a $325.00 price target on shares of Arista Networks in a research note on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $295.22.
Arista Networks Stock Performance
The stock’s fifty day moving average price is $287.68 and its 200-day moving average price is $262.47. The firm has a market cap of $96.36 billion, a PE ratio of 42.88, a P/E/G ratio of 2.77 and a beta of 1.13.
Arista Networks (NYSE:ANET – Get Free Report) last announced its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The business had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. Sell-side analysts forecast that Arista Networks, Inc. will post 7.05 earnings per share for the current fiscal year.
Arista Networks declared that its board has authorized a stock buyback plan on Tuesday, May 7th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
Insider Buying and Selling at Arista Networks
In other Arista Networks news, SVP Kenneth Duda sold 14,416 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $326.03, for a total transaction of $4,700,048.48. Following the completion of the transaction, the senior vice president now directly owns 252,382 shares in the company, valued at approximately $82,284,103.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Arista Networks news, SVP Kenneth Duda sold 14,416 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $326.03, for a total transaction of $4,700,048.48. Following the sale, the senior vice president now directly owns 252,382 shares of the company’s stock, valued at approximately $82,284,103.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jayshree Ullal sold 87,418 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at $4,929,639.61. The disclosure for this sale can be found here. In the last three months, insiders sold 414,109 shares of company stock worth $121,583,803. 3.54% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Arista Networks
Several hedge funds have recently modified their holdings of ANET. Benjamin Edwards Inc. acquired a new stake in shares of Arista Networks during the 1st quarter worth about $26,000. First Command Advisory Services Inc. acquired a new stake in shares of Arista Networks in the third quarter worth approximately $29,000. Financial Synergies Wealth Advisors Inc. boosted its position in shares of Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after acquiring an additional 96 shares during the last quarter. NBC Securities Inc. acquired a new stake in shares of Arista Networks in the third quarter worth approximately $33,000. Finally, Atticus Wealth Management LLC boosted its position in shares of Arista Networks by 3,625.0% in the fourth quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock worth $35,000 after acquiring an additional 145 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.
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.