Arista Networks (NYSE:ANET) Price Target Lowered to $110.00 at JPMorgan Chase & Co.

Arista Networks (NYSE:ANET) had its target price dropped by research analysts at JPMorgan Chase & Co. from $140.00 to $110.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 54.70% from the company’s previous close.

ANET has been the topic of a number of other reports. Citigroup dropped their price objective on shares of Arista Networks from $121.00 to $92.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and lifted their price target for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Barclays restated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Evercore ISI cut their target price on Arista Networks from $130.00 to $100.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus target price of $106.07.

Arista Networks Stock Performance

Shares of NYSE ANET opened at $71.11 on Thursday. Arista Networks has a 52-week low of $59.43 and a 52-week high of $133.58. The firm has a market capitalization of $89.67 billion, a price-to-earnings ratio of 32.03, a PEG ratio of 3.10 and a beta of 1.30. The stock has a 50 day moving average price of $84.23 and a 200 day moving average price of $99.27.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. The business had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Analysts forecast that Arista Networks will post 2.2 earnings per share for the current year.

Insider Activity

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,500,155.36. This trade represents a 86.04 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jayshree Ullal sold 138,351 shares of the business’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the transaction, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. This trade represents a 59.89 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 411,031 shares of company stock valued at $39,364,943. Company insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ANET. Morse Asset Management Inc purchased a new position in shares of Arista Networks during the 3rd quarter valued at approximately $123,000. Virtu Financial LLC acquired a new position in shares of Arista Networks in the third quarter worth about $1,752,000. World Investment Advisors LLC purchased a new stake in shares of Arista Networks during the 3rd quarter worth about $401,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Arista Networks during the 3rd quarter valued at about $2,222,000. Finally, Tidal Investments LLC increased its stake in shares of Arista Networks by 5.6% in the 3rd quarter. Tidal Investments LLC now owns 37,383 shares of the technology company’s stock valued at $14,348,000 after purchasing an additional 1,998 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

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.