Arista Networks (NYSE:ANET) Price Target Raised to $380.00 at Bank of America

Arista Networks (NYSE:ANETFree Report) had its price objective raised by Bank of America from $320.00 to $380.00 in a research report released on Thursday, Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

Other analysts have also issued research reports about the company. Barclays raised their target price on Arista Networks from $311.00 to $320.00 and gave the company an overweight rating in a report on Thursday, May 9th. Needham & Company LLC reaffirmed a buy rating and issued a $320.00 target price on shares of Arista Networks in a report on Wednesday, May 8th. Wells Fargo & Company raised their price objective on Arista Networks from $310.00 to $340.00 and gave the stock an overweight rating in a research report on Wednesday, May 8th. KeyCorp raised their price objective on Arista Networks from $306.00 to $349.00 and gave the stock an overweight rating in a research report on Wednesday, May 8th. Finally, Morgan Stanley raised their price objective on Arista Networks from $300.00 to $325.00 and gave the stock an overweight rating in a research report on Wednesday, June 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $306.78.

View Our Latest Research Report on Arista Networks

Arista Networks Stock Performance

Shares of NYSE ANET opened at $337.36 on Thursday. The firm has a market cap of $105.72 billion, a price-to-earnings ratio of 46.99, a P/E/G ratio of 3.08 and a beta of 1.08. The business’s 50-day simple moving average is $295.25 and its 200-day simple moving average is $275.67. Arista Networks has a 52 week low of $148.32 and a 52 week high of $345.89.

Arista Networks (NYSE:ANETGet Free Report) last released its earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. As a group, equities research analysts forecast that Arista Networks will post 7.05 earnings per share for the current year.

Arista Networks announced that its board has authorized a share buyback 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 shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Arista Networks

In related news, Director Yvonne Wassenaar sold 223 shares of the firm’s stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total transaction of $70,543.82. Following the completion of the sale, the director now directly owns 2,976 shares of the company’s stock, valued at approximately $941,427.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Yvonne Wassenaar sold 223 shares of Arista Networks stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total value of $70,543.82. Following the completion of the sale, the director now directly owns 2,976 shares of the company’s stock, valued at approximately $941,427.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Marc Taxay sold 1,040 shares of Arista Networks stock in a transaction on Monday, April 1st. The shares were sold at an average price of $292.28, for a total value of $303,971.20. The disclosure for this sale can be found here. Insiders sold 235,950 shares of company stock valued at $71,801,440 in the last three months. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently made changes to their positions in the company. GQG Partners LLC acquired a new stake in shares of Arista Networks during the first quarter worth $881,848,000. Norges Bank acquired a new stake in shares of Arista Networks during the fourth quarter worth $586,051,000. Swedbank AB acquired a new stake in shares of Arista Networks during the first quarter worth $521,767,000. Vanguard Group Inc. grew its stake in shares of Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. Finally, Schroder Investment Management Group grew its stake in shares of Arista Networks by 439.3% during the third quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock worth $231,624,000 after purchasing an additional 1,025,815 shares during the period. 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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