Arista Networks (NYSE:ANET) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Arista Networks (NYSE:ANET) had its price objective upped by investment analysts at JPMorgan Chase & Co. from $110.00 to $130.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 16.06% from the stock’s current price.

A number of other equities analysts have also recently commented on ANET. Citigroup raised their target price on Arista Networks from $112.00 to $123.00 and gave the stock a “buy” rating in a report on Friday, July 11th. Rosenblatt Securities raised their price target on Arista Networks from $85.00 to $87.00 and gave the company a “neutral” rating in a report on Wednesday, May 7th. Evercore ISI lifted their target price on Arista Networks from $105.00 to $110.00 and gave the stock an “outperform” rating in a report on Monday, June 23rd. BNP Paribas Exane cut Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 target price on the stock. in a report on Wednesday, June 11th. Finally, The Goldman Sachs Group reduced their target price on Arista Networks from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $111.40.

Arista Networks Price Performance

ANET stock opened at $112.01 on Thursday. The company has a market cap of $140.68 billion, a P/E ratio of 47.41, a price-to-earnings-growth ratio of 3.26 and a beta of 1.40. Arista Networks has a 1 year low of $59.43 and a 1 year high of $133.58. The stock’s fifty day moving average price is $97.19 and its 200-day moving average price is $95.00.

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

Arista Networks declared that its Board of Directors has initiated a share repurchase program on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the sale, the senior vice president directly owned 12,976 shares of the company’s stock, valued at $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $88.18, for a total transaction of $705,440.00. Following the sale, the director directly owned 123,784 shares in the company, valued at $10,915,273.12. This trade represents a 6.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,123,370 shares of company stock valued at $113,157,408. Corporate insiders own 3.39% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Several hedge funds have recently added to or reduced their stakes in ANET. HighMark Wealth Management LLC boosted its holdings in Arista Networks by 179.7% in the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company’s stock valued at $28,000 after purchasing an additional 230 shares during the last quarter. Quarry LP boosted its stake in shares of Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock worth $29,000 after acquiring an additional 206 shares in the last quarter. Dunhill Financial LLC boosted its stake in shares of Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock worth $29,000 after acquiring an additional 212 shares in the last quarter. Cloud Capital Management LLC purchased a new stake in shares of Arista Networks during the 1st quarter worth about $30,000. Finally, Saudi Central Bank purchased a new stake in shares of Arista Networks during the 1st quarter worth about $33,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

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.