Arista Networks (NYSE:ANET) Board of Directors Authorizes Stock Buyback Program

Arista Networks (NYSE:ANET) declared that its Board of Directors has initiated a share buyback program on Tuesday, May 7th, RTT News reports. The company plans to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ANET. Barclays lifted their target price on Arista Networks from $272.00 to $311.00 and gave the stock an “overweight” rating in a report on Tuesday, February 13th. JPMorgan Chase & Co. lifted their price target on Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. KeyCorp lifted their price target on Arista Networks from $306.00 to $349.00 and gave the company an “overweight” rating in a report on Wednesday. Piper Sandler lifted their price target on Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Rosenblatt Securities reiterated a “sell” rating and set a $210.00 price target on shares of Arista Networks in a report on Friday, April 12th. 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $292.50.

Arista Networks Stock Up 6.5 %

Shares of ANET opened at $291.67 on Thursday. Arista Networks has a 12-month low of $133.42 and a 12-month high of $307.74. The firm has a market capitalization of $91.19 billion, a price-to-earnings ratio of 44.39, a P/E/G ratio of 2.33 and a beta of 1.13. The stock’s 50-day moving average price is $279.22 and its 200 day moving average price is $251.25.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.38. Arista Networks had a return on equity of 31.44% and a net margin of 35.62%. The firm had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the company posted $1.25 earnings per share. The company’s quarterly revenue was up 20.8% compared to the same quarter last year. Equities research analysts expect that Arista Networks will post 6.74 EPS for the current year.

Insider Activity at Arista Networks

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 value of $5,686,200.00. Following the sale, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $922,301.64. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 value of $5,686,200.00. Following the sale, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $922,301.64. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kelly Bodnar Battles sold 278 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $265.81, for a total value of $73,895.18. Following the completion of the sale, the director now owns 2,553 shares in the company, valued at $678,612.93. The disclosure for this sale can be found here. Insiders have sold 337,054 shares of company stock worth $96,529,086 over the last three months. Company insiders own 3.54% of the company’s stock.

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.