KeyCorp Boosts Arista Networks (NYSE:ANET) Price Target to $349.00

Arista Networks (NYSE:ANETFree Report) had its target price boosted by KeyCorp from $306.00 to $349.00 in a research note published on Wednesday morning, Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other research analysts have also weighed in on ANET. Barclays upped their price objective on shares of Arista Networks from $272.00 to $311.00 and gave the company an overweight rating in a research note on Tuesday, February 13th. Piper Sandler upped their price target on shares of Arista Networks from $268.00 to $302.00 and gave the stock a neutral rating in a research note on Wednesday. Rosenblatt Securities reiterated a sell rating and set a $210.00 price objective on shares of Arista Networks in a report on Friday, April 12th. UBS Group boosted their target price on Arista Networks from $275.00 to $285.00 and gave the company a neutral rating in a research note on Wednesday. Finally, Evercore ISI reaffirmed an outperform rating and set a $300.00 price target on shares of Arista Networks in a research note on Wednesday, March 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $293.00.

View Our Latest Stock Analysis on Arista Networks

Arista Networks Stock Up 6.1 %

Shares of Arista Networks stock opened at $314.03 on Wednesday. Arista Networks has a 12 month low of $133.42 and a 12 month high of $316.22. The stock has a market cap of $98.40 billion, a PE ratio of 43.74, a price-to-earnings-growth ratio of 2.80 and a beta of 1.13. The business has a fifty day simple moving average of $280.49 and a 200-day simple moving average of $252.73.

Arista Networks (NYSE:ANETGet Free Report) last announced its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.38. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.53 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The business’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same period last year, the company posted $1.25 EPS. Analysts expect that Arista Networks will post 6.74 EPS for the current fiscal year.

Arista Networks declared that its board has approved a share repurchase program on Tuesday, May 7th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the technology company to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $284.31, for a total transaction of $5,686,200.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at $922,301.64. The sale was disclosed in a filing with the SEC, which can be accessed through 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 shares were sold at an average price of $284.31, for a total transaction of $5,686,200.00. Following the transaction, the senior vice president now owns 3,244 shares in the company, valued at approximately $922,301.64. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Yvonne Wassenaar sold 224 shares of Arista Networks stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $255.29, for a total value of $57,184.96. Following the sale, the director now directly owns 2,827 shares in the company, valued at $721,704.83. The disclosure for this sale can be found here. In the last 90 days, insiders sold 337,410 shares of company stock valued at $96,626,954. Insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

A number of hedge funds and other institutional investors have recently made changes to their positions in ANET. Trustmark National Bank Trust Department bought a new position in shares of Arista Networks in the first quarter valued at approximately $253,000. Beaumont Financial Advisors LLC acquired a new stake in Arista Networks during the 1st quarter valued at $244,000. Cynosure Group LLC bought a new position in Arista Networks in the 1st quarter valued at $659,000. Catalytic Wealth RIA LLC boosted its stake in Arista Networks by 23.4% in the first quarter. Catalytic Wealth RIA LLC now owns 1,253 shares of the technology company’s stock worth $363,000 after purchasing an additional 238 shares in the last quarter. Finally, Acadian Asset Management LLC grew its holdings in shares of Arista Networks by 45.8% during the first quarter. Acadian Asset Management LLC now owns 209,176 shares of the technology company’s stock worth $60,641,000 after purchasing an additional 65,670 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

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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