Jefferies Financial Group Boosts Arista Networks (NYSE:ANET) Price Target to $380.00

Arista Networks (NYSE:ANET) had its price target boosted by equities research analysts at Jefferies Financial Group from $340.00 to $380.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Jefferies Financial Group’s price target suggests a potential upside of 22.02% from the stock’s previous close.

A number of other equities analysts also recently commented on ANET. Rosenblatt Securities reiterated a “sell” rating and issued a $210.00 target price on shares of Arista Networks in a report on Friday, April 12th. Needham & Company LLC reiterated a “buy” rating and set a $375.00 price objective on shares of Arista Networks in a research note on Wednesday. Piper Sandler raised their target price on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. KeyCorp upped their price target on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Morgan Stanley raised their price objective on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and an average target price of $339.88.

Arista Networks Trading Down 2.8 %

ANET opened at $311.42 on Wednesday. The company has a market capitalization of $97.59 billion, a price-to-earnings ratio of 43.37, a PEG ratio of 2.82 and a beta of 1.11. Arista Networks has a 12-month low of $150.72 and a 12-month high of $376.50. The business’s fifty day simple moving average is $330.57 and its 200-day simple moving average is $296.56.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. Arista Networks’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.41 earnings per share. On average, equities research analysts predict that Arista Networks will post 7.08 EPS for the current year.

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

Insider Buying and Selling at Arista Networks

In other news, Director Yvonne Wassenaar sold 223 shares of the company’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total value of $70,543.82. Following the sale, the director now owns 2,976 shares in the company, valued at $941,427.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Jayshree Ullal sold 1,500 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $258.77, for a total value of $388,155.00. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $4,575,312.37. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Yvonne Wassenaar sold 223 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total transaction of $70,543.82. Following the sale, the director now owns 2,976 shares in the company, valued at approximately $941,427.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 206,616 shares of company stock valued at $68,045,190. 3.54% of the stock is owned by insiders.

Institutional Investors Weigh In On Arista Networks

Institutional investors have recently modified their holdings of the business. Benjamin Edwards Inc. acquired a new position in Arista Networks in the 1st quarter worth about $26,000. Beacon Capital Management LLC lifted its position in shares of Arista Networks by 500.0% during the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after buying an additional 65 shares in the last quarter. Financial Synergies Wealth Advisors Inc. grew its stake in Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after acquiring an additional 96 shares during the period. Byrne Asset Management LLC purchased a new stake in Arista Networks in the 2nd quarter worth $33,000. Finally, Rakuten Securities Inc. purchased a new stake in shares of Arista Networks during the fourth quarter worth about $35,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.