Q1 2023 EPS Estimates for Arista Networks, Inc. Boosted by Analyst (NYSE:ANET)

Arista Networks, Inc. (NYSE:ANET – Get Rating) – Research analysts at Zacks Research boosted their Q1 2023 earnings per share estimates for Arista Networks in a research note issued to investors on Tuesday, March 14th. Zacks Research analyst S. Bose now expects that the technology company will post earnings per share of $1.07 for the quarter, up from their previous estimate of $1.06. The consensus estimate for Arista Networks’ current full-year earnings is $5.15 per share. Zacks Research also issued estimates for Arista Networks’ Q2 2023 earnings at $1.12 EPS, Q3 2023 earnings at $1.20 EPS, FY2023 earnings at $4.60 EPS, Q2 2024 earnings at $1.34 EPS and Q3 2024 earnings at $1.32 EPS.

Arista Networks (NYSE:ANET – Get Rating) last released its quarterly earnings results on Monday, February 13th. The technology company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.20. The company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.20 billion. Arista Networks had a return on equity of 30.00% and a net margin of 30.87%. Arista Networks’s revenue was up 54.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.66 earnings per share.

ANET has been the topic of several other research reports. Credit Suisse Group boosted their price target on Arista Networks from $140.00 to $146.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 14th. Morgan Stanley boosted their target price on shares of Arista Networks from $130.00 to $140.00 and gave the company an “equal weight” rating in a research note on Tuesday, February 14th. Cowen boosted their target price on shares of Arista Networks from $212.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, February 14th. Piper Sandler dropped their price target on shares of Arista Networks from $164.00 to $155.00 in a research note on Tuesday, January 17th. Finally, The Goldman Sachs Group started coverage on shares of Arista Networks in a research note on Monday, March 6th. They issued a “buy” rating on the stock. Six equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $173.89.

Arista Networks Trading Up 5.8 %

Shares of Arista Networks stock opened at $162.68 on Thursday. Arista Networks has a twelve month low of $89.11 and a twelve month high of $164.26. The stock has a market capitalization of $49.84 billion, a P/E ratio of 38.10, a PEG ratio of 2.01 and a beta of 1.24. The business’s fifty day moving average price is $132.21 and its 200 day moving average price is $125.12.

Institutional Investors Weigh In On Arista Networks

Large investors have recently modified their holdings of the company. Trifecta Capital Advisors LLC acquired a new stake in shares of Arista Networks during the fourth quarter worth $27,000. Janiczek Wealth Management LLC boosted its stake in Arista Networks by 73.0% during the third quarter. Janiczek Wealth Management LLC now owns 275 shares of the technology company’s stock worth $30,000 after acquiring an additional 116 shares in the last quarter. MV Capital Management Inc. boosted its stake in Arista Networks by 172.7% during the third quarter. MV Capital Management Inc. now owns 270 shares of the technology company’s stock worth $30,000 after acquiring an additional 171 shares in the last quarter. TCI Wealth Advisors Inc. boosted its stake in Arista Networks by 126.7% during the fourth quarter. TCI Wealth Advisors Inc. now owns 297 shares of the technology company’s stock worth $36,000 after acquiring an additional 166 shares in the last quarter. Finally, Coppell Advisory Solutions Corp. bought a new position in Arista Networks during the fourth quarter worth $43,000. 64.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Arista Networks news, SVP Marc Taxay sold 1,040 shares of the company’s stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $122.91, for a total value of $127,826.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Kenneth Duda sold 3,500 shares of the stock in a transaction on Tuesday, March 14th. The shares were sold at an average price of $151.64, for a total transaction of $530,740.00. Following the completion of the sale, the senior vice president now directly owns 237,100 shares in the company, valued at $35,953,844. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Marc Taxay sold 1,040 shares of the stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $122.91, for a total transaction of $127,826.40. The disclosure for this sale can be found here. Insiders sold a total of 250,462 shares of company stock worth $35,671,679 in the last three months. 19.59% of the stock is owned by corporate insiders.

Arista Networks Company Profile

(Get Rating)

Arista Networks, Inc engages in the business of developing, marketing, and selling cloud networking solutions. The firm is also involved in switching and routing platforms and related network applications. The company was founded by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda in November 2004 and is headquartered in Santa Clara, CA.