BNP Paribas Exane downgraded shares of Arista Networks (NYSE:ANET – Free Report) from an outperform rating to a neutral rating in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. BNP Paribas Exane currently has $106.00 price target on the technology company’s stock.
Several other brokerages also recently issued reports on ANET. Rosenblatt Securities raised their price target on Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday, May 7th. Needham & Company LLC began coverage on Arista Networks in a report on Wednesday, May 28th. They issued a “buy” rating on the stock. Evercore ISI cut their price target on Arista Networks from $130.00 to $100.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. The Goldman Sachs Group cut their price target on Arista Networks from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Finally, Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $107.38.
Read Our Latest Analysis on Arista Networks
Arista Networks Trading Up 0.6%
Arista Networks (NYSE:ANET – Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.59 by $0.06. The company had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business’s revenue was up 27.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 EPS. On average, sell-side analysts predict that Arista Networks will post 2.2 earnings per share for the current fiscal year.
Arista Networks declared that its board has initiated a stock buyback program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
Insider Buying and Selling at Arista Networks
In other news, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $88.18, for a total value of $705,440.00. Following the transaction, the director now owns 123,784 shares in the company, valued at $10,915,273.12. This represents a 6.07% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 105,690 shares of company stock valued at $9,360,205. Corporate insiders own 3.39% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the business. DSG Capital Advisors LLC acquired a new stake in Arista Networks during the fourth quarter valued at $5,984,000. Ibex Wealth Advisors boosted its position in Arista Networks by 14.4% during the first quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company’s stock valued at $4,501,000 after purchasing an additional 7,329 shares during the last quarter. GHE LLC boosted its position in Arista Networks by 319.0% during the fourth quarter. GHE LLC now owns 28,368 shares of the technology company’s stock valued at $3,136,000 after purchasing an additional 21,597 shares during the last quarter. Colonial River Investments LLC boosted its position in Arista Networks by 327.6% during the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company’s stock valued at $1,077,000 after purchasing an additional 7,466 shares during the last quarter. Finally, Unified Investment Management acquired a new stake in shares of Arista Networks in the fourth quarter worth about $630,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.
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.
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