Arista Networks (NYSE:ANET) Now Covered by Analysts at KeyCorp

KeyCorp started coverage on shares of Arista Networks (NYSE:ANETFree Report) in a research note published on Thursday morning, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $115.00 price objective on the technology company’s stock.

A number of other brokerages also recently issued reports on ANET. Barclays lowered their price target on Arista Networks from $126.00 to $119.00 and set an “overweight” rating for the company in a report on Thursday, May 8th. Morgan Stanley upped their target price on shares of Arista Networks from $73.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, May 1st. JPMorgan Chase & Co. cut 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. Redburn Atlantic started coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued a “buy” rating and a $112.00 price target for the company. Finally, Rosenblatt Securities raised their price objective on Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a report on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $109.33.

Check Out Our Latest Research Report on ANET

Arista Networks Price Performance

NYSE:ANET opened at $101.71 on Thursday. Arista Networks has a 12 month low of $59.43 and a 12 month high of $133.58. The firm has a market capitalization of $127.74 billion, a PE ratio of 43.05, a price-to-earnings-growth ratio of 2.82 and a beta of 1.37. The business’s fifty day moving average price is $89.42 and its 200 day moving average price is $95.70.

Arista Networks (NYSE:ANETGet Free Report) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same period in the prior year, the firm posted $0.50 EPS. The business’s quarterly revenue was up 27.6% compared to the same quarter last year. As a group, equities analysts anticipate that Arista Networks will post 2.2 EPS for the current year.

Arista Networks announced that its board has approved a stock buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Arista Networks

In related news, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the sale, the director now directly owns 7,480 shares in the company, valued at $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at $1,168,748.32. This represents a 86.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 161,690 shares of company stock valued at $14,525,085 in the last ninety days. Insiders own 3.39% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Institutional investors and hedge funds have recently made changes to their positions in the stock. DSG Capital Advisors LLC acquired a new position in Arista Networks during the fourth quarter worth about $5,984,000. Ibex Wealth Advisors grew its stake in Arista Networks by 14.4% in the 1st quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company’s stock worth $4,501,000 after acquiring an additional 7,329 shares during the period. Unified Investment Management acquired a new position in Arista Networks in the fourth quarter valued at $630,000. Berkshire Capital Holdings Inc. increased its stake in shares of Arista Networks by 257.6% during the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company’s stock valued at $8,505,000 after acquiring an additional 55,430 shares during the last quarter. Finally, Bradyco Inc. purchased a new position in Arista Networks during the fourth quarter worth approximately $836,000. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Company Profile

(Get Free Report)

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.

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