Wells Fargo & Company Increases Arista Networks (NYSE:ANET) Price Target to $340.00

Arista Networks (NYSE:ANET) had its price objective lifted by investment analysts at Wells Fargo & Company from $310.00 to $340.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 14.79% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. Piper Sandler lifted their target price on shares of Arista Networks from $254.00 to $268.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 13th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Arista Networks in a research report on Wednesday. The Goldman Sachs Group lifted their target price on Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Rosenblatt Securities reiterated a “sell” rating and set a $210.00 price target on shares of Arista Networks in a report on Friday, April 12th. Finally, Oppenheimer restated a “market perform” rating on shares of Arista Networks in a report on Tuesday, February 13th. One 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $293.00.

Arista Networks Trading Up 1.5 %

NYSE ANET opened at $296.19 on Wednesday. The stock has a market capitalization of $92.60 billion, a price-to-earnings ratio of 45.08, a PEG ratio of 2.33 and a beta of 1.13. The stock has a 50-day moving average of $279.59 and a 200 day moving average of $251.54. Arista Networks has a twelve month low of $133.42 and a twelve month high of $307.74.

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

Arista Networks announced that its board has authorized a stock repurchase program on Tuesday, May 7th that allows the company to buyback $1.20 billion in shares. This buyback authorization allows the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Arista Networks

In related news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $284.31, for a total value of $5,686,200.00. Following the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $922,301.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $284.31, for a total value of $5,686,200.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $922,301.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 have sold 337,410 shares of company stock worth $96,626,954 over the last three months. Insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Large investors have recently bought and sold shares of the business. Benjamin Edwards Inc. purchased a new stake in shares of Arista Networks in the first quarter valued at about $26,000. Larson Financial Group LLC acquired a new stake in Arista Networks during the 3rd quarter worth approximately $28,000. First Command Advisory Services Inc. purchased a new position in shares of Arista Networks in the 3rd quarter valued at approximately $29,000. Financial Synergies Wealth Advisors Inc. increased its holdings in shares of Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after purchasing an additional 96 shares during the period. Finally, NBC Securities Inc. purchased a new stake in shares of Arista Networks during the third quarter worth approximately $33,000. 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.