Arista Networks (NYSE:ANET) Trading 6.1% Higher After Analyst Upgrade

Arista Networks, Inc. (NYSE:ANETGet Free Report)’s stock price traded up 6.1% during trading on Monday after Evercore ISI raised their price target on the stock from $105.00 to $110.00. Evercore ISI currently has an outperform rating on the stock. Arista Networks traded as high as $91.17 and last traded at $91.48. 5,022,381 shares were traded during mid-day trading, a decline of 44% from the average session volume of 8,997,774 shares. The stock had previously closed at $86.25.

Several other research firms have also weighed in on ANET. BNP Paribas lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 11th. Barclays decreased their target price on shares of Arista Networks from $126.00 to $119.00 and set an “overweight” rating on the stock in a research report on Thursday, May 8th. Citigroup increased their price objective on Arista Networks from $97.00 to $112.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Wedbush began coverage on Arista Networks in a report on Wednesday, May 28th. They set an “outperform” rating for the company. Finally, Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $108.87.

View Our Latest Analysis on ANET

Insider Transactions at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the sale, the director now directly owns 139,784 shares of the company’s stock, valued at $10,840,249.20. The trade was a 5.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of the business’s stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the sale, the director now directly owns 7,480 shares in the company, valued at $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 161,690 shares of company stock valued at $14,525,085. 3.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arista Networks

Institutional investors have recently modified their holdings of the stock. Swedbank AB boosted its holdings in shares of Arista Networks by 4.9% during the 1st quarter. Swedbank AB now owns 7,081,391 shares of the technology company’s stock worth $548,666,000 after purchasing an additional 330,598 shares during the last quarter. Voya Investment Management LLC grew its holdings in Arista Networks by 102.1% during the 1st quarter. Voya Investment Management LLC now owns 3,086,504 shares of the technology company’s stock worth $239,142,000 after acquiring an additional 1,559,453 shares in the last quarter. eCIO Inc. acquired a new position in shares of Arista Networks in the 1st quarter valued at about $36,000. Cim LLC lifted its stake in shares of Arista Networks by 62.0% in the 1st quarter. Cim LLC now owns 191,915 shares of the technology company’s stock worth $14,870,000 after acquiring an additional 73,470 shares during the period. Finally, First Hawaiian Bank acquired a new stake in shares of Arista Networks during the first quarter valued at approximately $2,766,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

The stock’s fifty day moving average is $88.32 and its 200-day moving average is $95.73. The stock has a market capitalization of $119.34 billion, a P/E ratio of 40.22, a PEG ratio of 2.70 and a beta of 1.37.

Arista Networks (NYSE:ANETGet Free Report) last released its quarterly earnings data 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 firm had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The company’s revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.50 earnings per share. On average, research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its board has initiated a share buyback plan on Tuesday, May 6th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Arista Networks Company Profile

(Get Free Report)

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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