Arista Networks (NYSE:ANET) Given New $119.00 Price Target at Barclays

Arista Networks (NYSE:ANET) had its price objective cut by Barclays from $126.00 to $119.00 in a research note issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. Barclays‘s target price would suggest a potential upside of 38.13% from the company’s current price.

Other equities analysts have also issued reports about the company. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and increased their price objective for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. JPMorgan Chase & Co. decreased their price target on shares of Arista Networks from $140.00 to $110.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. The Goldman Sachs Group cut their price objective on shares of Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Wednesday. KGI Securities cut shares of Arista Networks to a “neutral” rating in a research report on Wednesday. Finally, Piper Sandler restated a “neutral” rating and set a $89.00 price target (up from $76.00) on shares of Arista Networks in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $106.07.

Arista Networks Trading Down 1.3 %

ANET stock opened at $86.15 on Thursday. The company’s 50 day moving average is $78.94 and its 200 day moving average is $97.31. The stock has a market cap of $108.17 billion, a price-to-earnings ratio of 38.81, a price-to-earnings-growth 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 posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $2 billion for the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter last year, the company posted $0.50 EPS. The business’s quarterly revenue was up 27.6% on a year-over-year basis. As a group, sell-side analysts forecast that Arista Networks will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $89.03, for a total transaction of $712,240.00. Following the transaction, the director now owns 147,784 shares in the company, valued at approximately $13,157,209.52. This represents a 5.14 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kelly Bodnar Battles sold 1,488 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $107.13, for a total value of $159,409.44. Following the completion of the transaction, the director now owns 8,128 shares of the company’s stock, valued at approximately $870,752.64. The trade was a 15.47 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 412,355 shares of company stock valued at $37,216,079. Company insiders own 3.39% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Institutional investors have recently added to or reduced their stakes in the company. Clearstead Trust LLC increased its stake in shares of Arista Networks by 5.1% in the 1st quarter. Clearstead Trust LLC now owns 2,455 shares of the technology company’s stock worth $190,000 after acquiring an additional 119 shares in the last quarter. Pier 88 Investment Partners LLC increased its stake in shares of Arista Networks by 1.5% during the first quarter. Pier 88 Investment Partners LLC now owns 7,960 shares of the technology company’s stock valued at $617,000 after purchasing an additional 120 shares in the last quarter. Optimum Investment Advisors lifted its holdings in shares of Arista Networks by 31.3% during the first quarter. Optimum Investment Advisors now owns 525 shares of the technology company’s stock valued at $41,000 after purchasing an additional 125 shares during the last quarter. PFG Advisors boosted its position in shares of Arista Networks by 2.7% in the 1st quarter. PFG Advisors now owns 5,061 shares of the technology company’s stock worth $392,000 after purchasing an additional 131 shares in the last quarter. Finally, Harbour Investments Inc. grew its stake in shares of Arista Networks by 9.4% in the 1st quarter. Harbour Investments Inc. now owns 1,624 shares of the technology company’s stock worth $126,000 after buying an additional 139 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

About Arista Networks

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.