Arista Networks (NYSE:ANET) Price Target Increased to $349.00 by Analysts at KeyCorp

Arista Networks (NYSE:ANET) had its price objective boosted by KeyCorp from $306.00 to $349.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. KeyCorp’s target price suggests a potential upside of 20.00% from the stock’s current price.

A number of other brokerages have also recently commented on ANET. UBS Group raised their target price on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a report on Wednesday. Wells Fargo & Company boosted their price objective on Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday. JMP Securities reissued a “market outperform” rating and issued a $325.00 price target on shares of Arista Networks in a report on Tuesday, February 13th. The Goldman Sachs Group lifted their price target on shares of Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $320.00 price target on shares of Arista Networks in a research note on Wednesday. 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 MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and an average price target of $292.50.

Arista Networks Stock Performance

NYSE:ANET traded up $16.85 during midday trading on Wednesday, reaching $290.84. 6,128,829 shares of the stock traded hands, compared to its average volume of 2,509,154. The stock has a market capitalization of $90.93 billion, a P/E ratio of 44.28, a PEG ratio of 2.33 and a beta of 1.13. The company has a fifty day moving average of $279.22 and a 200 day moving average of $251.25. Arista Networks has a 12 month low of $133.42 and a 12 month high of $307.74.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.38. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. Arista Networks’s revenue was up 20.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.25 earnings per share. On average, analysts predict that Arista Networks will post 6.74 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has authorized a stock repurchase program on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Yvonne Wassenaar sold 224 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $255.29, for a total transaction of $57,184.96. Following the completion of the sale, the director now directly owns 2,827 shares in the company, valued at approximately $721,704.83. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Arista Networks news, Director Yvonne Wassenaar sold 224 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $255.29, for a total value of $57,184.96. Following the sale, the director now owns 2,827 shares of the company’s stock, valued at $721,704.83. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 1,500 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $258.77, for a total transaction of $388,155.00. Following the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $4,575,312.37. The disclosure for this sale can be found here. Insiders have sold 337,054 shares of company stock valued at $96,529,086 in the last 90 days. 3.54% of the stock is currently owned by company insiders.

Institutional Trading of Arista Networks

A number of institutional investors have recently modified their holdings of ANET. AXQ Capital LP acquired a new position in shares of Arista Networks in the third quarter worth $791,000. Advisor Resource Council grew its position in shares of Arista Networks by 507.9% during the fourth quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock worth $1,653,000 after buying an additional 5,866 shares in the last quarter. Bleakley Financial Group LLC increased its holdings in shares of Arista Networks by 4.6% in the 4th quarter. Bleakley Financial Group LLC now owns 4,445 shares of the technology company’s stock valued at $1,047,000 after acquiring an additional 194 shares during the last quarter. WCM Investment Management LLC raised its position in shares of Arista Networks by 0.5% during the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after purchasing an additional 16,081 shares during the period. Finally, abrdn plc increased its holdings in shares of Arista Networks by 62.7% during the fourth quarter. abrdn plc now owns 113,851 shares of the technology company’s stock valued at $26,813,000 after purchasing an additional 43,889 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

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.