JPMorgan Chase & Co. Boosts Arista Networks (NYSE:ANET) Price Target to $340.00

Arista Networks (NYSE:ANET) had its price target increased by JPMorgan Chase & Co. from $335.00 to $340.00 in a research note released on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the technology company’s stock.

Other equities analysts also recently issued research reports about the stock. Erste Group Bank reissued a buy rating on shares of Arista Networks in a research note on Friday, June 14th. KeyCorp raised their target price on Arista Networks from $349.00 to $432.00 and gave the stock an overweight rating in a research note on Wednesday, July 17th. Evercore ISI increased their price target on Arista Networks from $340.00 to $400.00 and gave the stock an outperform rating in a report on Tuesday, July 16th. Rosenblatt Securities lifted their price objective on shares of Arista Networks from $220.00 to $265.00 and gave the company a sell rating in a research note on Wednesday. Finally, Piper Sandler lifted their price target on shares of Arista Networks from $302.00 to $345.00 and gave the company a neutral rating in a research note on Monday, July 15th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, Arista Networks currently has an average rating of Moderate Buy and an average price target of $353.38.

Arista Networks Stock Down 5.7 %

Shares of ANET stock opened at $319.34 on Wednesday. Arista Networks has a twelve month low of $168.25 and a twelve month high of $376.50. The stock’s fifty day simple moving average is $332.16 and its 200 day simple moving average is $297.97. The firm has a market capitalization of $100.32 billion, a P/E ratio of 44.48, a P/E/G ratio of 2.70 and a beta of 1.11.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The company’s revenue was up 15.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.41 EPS. As a group, equities research analysts expect that Arista Networks will post 7.29 EPS for the current fiscal year.

Arista Networks declared that its board has initiated a share buyback program on Tuesday, May 7th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the technology company to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Arista Networks

In related news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at $1,202,550.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction on Monday, July 8th. The stock was sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $1,202,550.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $294.40, for a total value of $588,800.00. Following the completion of the transaction, the director now owns 54,946 shares of the company’s stock, valued at approximately $16,176,102.40. The disclosure for this sale can be found here. Insiders sold a total of 205,116 shares of company stock worth $67,657,035 in the last quarter. 3.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ANET. Benjamin Edwards Inc. purchased a new position in Arista Networks in the first quarter valued at approximately $26,000. Beacon Capital Management LLC raised its stake in shares of Arista Networks by 500.0% in the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after buying an additional 65 shares during the period. Financial Synergies Wealth Advisors Inc. lifted its position in shares of Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after buying an additional 96 shares during the last quarter. Byrne Asset Management LLC bought a new position in shares of Arista Networks during the 2nd quarter worth $33,000. Finally, Rakuten Securities Inc. purchased a new stake in Arista Networks in the 4th quarter worth about $35,000. 82.47% of the stock is owned by 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.