Piper Sandler Increases Arista Networks (NYSE:ANET) Price Target to $302.00

Arista Networks (NYSE:ANET) had its price objective increased by stock analysts at Piper Sandler from $268.00 to $302.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. Piper Sandler’s price target would suggest a potential upside of 1.96% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. UBS Group raised their target price on Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research note on Wednesday. JMP Securities reissued a “market outperform” rating and set a $325.00 target price on shares of Arista Networks in a research note on Tuesday, February 13th. Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Arista Networks in a research report on Wednesday. Rosenblatt Securities reaffirmed a “sell” rating and set a $210.00 target price on shares of Arista Networks in a research note on Friday, April 12th. Finally, The Goldman Sachs Group increased their price objective 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. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $293.00.

Arista Networks Stock Up 1.5 %

Shares of NYSE:ANET opened at $296.19 on Wednesday. The company has a market cap of $92.60 billion, a PE ratio of 45.08, a P/E/G ratio of 2.33 and a beta of 1.13. Arista Networks has a fifty-two week low of $133.42 and a fifty-two week high of $307.74. The firm has a 50-day simple moving average of $279.59 and a 200 day simple moving average of $251.54.

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

Arista Networks announced that its board has initiated a share buyback plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Kelly Bodnar Battles sold 356 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $274.91, for a total value of $97,867.96. Following the sale, the director now owns 2,570 shares in the company, valued at $706,518.70. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Kelly Bodnar Battles sold 356 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $274.91, for a total transaction of $97,867.96. Following the transaction, the director now directly owns 2,570 shares in the company, valued at $706,518.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Marc Taxay sold 1,044 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total value of $265,739.76. The disclosure for this sale can be found here. Insiders sold 337,410 shares of company stock valued at $96,626,954 over the last ninety days. Corporate insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

A number of hedge funds have recently made changes to their positions in ANET. NBC Securities Inc. lifted its stake in Arista Networks by 21.5% during the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock worth $62,000 after purchasing an additional 38 shares during the period. Sandy Spring Bank increased its holdings in Arista Networks by 33.6% during the 4th quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock valued at $37,000 after purchasing an additional 39 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Arista Networks by 6.0% in the 4th quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company’s stock valued at $163,000 after purchasing an additional 39 shares during the last quarter. Fulton Breakefield Broenniman LLC boosted its stake in Arista Networks by 1.8% in the fourth quarter. Fulton Breakefield Broenniman LLC now owns 2,255 shares of the technology company’s stock worth $531,000 after purchasing an additional 40 shares in the last quarter. Finally, West Family Investments Inc. grew its holdings in shares of Arista Networks by 3.3% during the fourth quarter. West Family Investments Inc. now owns 1,267 shares of the technology company’s stock worth $298,000 after purchasing an additional 40 shares during the last quarter. Institutional investors and hedge funds 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.