Arista Networks’ (ANET) Neutral Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their neutral rating on shares of Arista Networks (NYSE:ANET) in a research note issued to investors on Wednesday morning, MarketBeat reports. The brokerage currently has a $89.00 target price on the technology company’s stock, up from their previous target price of $76.00.

Several other research analysts also recently commented on ANET. Barclays reaffirmed an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. JPMorgan Chase & Co. dropped their target price on shares of Arista Networks from $140.00 to $110.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Morgan Stanley raised their price target on shares of Arista Networks from $73.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, May 1st. Evercore ISI cut their price objective on shares of Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Finally, UBS Group raised Arista Networks from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $106.07.

Arista Networks Trading Down 1.3 %

Shares of Arista Networks stock opened at $86.15 on Wednesday. The firm has a fifty day simple moving average of $78.94 and a 200-day simple moving average of $97.31. The stock has a market capitalization of $108.17 billion, a price-to-earnings ratio of 38.81, a PEG ratio of 3.10 and a beta of 1.38. Arista Networks has a 1-year low of $59.43 and a 1-year high of $133.58.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share 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 analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business’s revenue was up 27.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.50 EPS. As a group, research analysts predict that Arista Networks will post 2.2 earnings per share for the current year.

Arista Networks declared that its board has initiated a stock repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Arista Networks

In other news, CEO Jayshree Ullal sold 138,351 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at $8,697,137.08. The trade was a 59.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Marc Taxay sold 51,848 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total value of $4,593,214.32. The disclosure for this sale can be found here. Over the last three months, insiders sold 412,355 shares of company stock valued at $37,216,079. 3.39% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arista Networks

A number of hedge funds have recently added to or reduced their stakes in ANET. Vanguard Group Inc. lifted its position in shares of Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock worth $10,620,270,000 after purchasing an additional 72,311,318 shares in the last quarter. FMR LLC lifted its holdings in Arista Networks by 330.9% during the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock worth $6,371,848,000 after buying an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC boosted its position in Arista Networks by 277.5% in the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock valued at $3,016,207,000 after buying an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Arista Networks by 311.6% during the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock valued at $2,665,829,000 after acquiring an additional 18,293,874 shares during the period. Finally, Alliancebernstein L.P. lifted its stake in shares of Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock valued at $2,328,869,000 after acquiring an additional 14,454,822 shares during the period. 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.