Arista Networks (NYSE:ANET) Given New $349.00 Price Target at KeyCorp

Arista Networks (NYSE:ANET) had its target price lifted by investment analysts at KeyCorp from $306.00 to $349.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the technology company’s stock. KeyCorp’s target price indicates a potential upside of 20.00% from the company’s previous close.

A number of other equities analysts have also commented on ANET. Barclays lifted their price objective on Arista Networks from $272.00 to $311.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 13th. JPMorgan Chase & Co. increased their price objective on shares of Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. JMP Securities restated a “market outperform” rating and issued a $325.00 target price on shares of Arista Networks in a report on Tuesday, February 13th. UBS Group increased their price target on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Jefferies Financial Group raised Arista Networks from a “hold” rating to a “buy” rating and boosted their price objective for the company from $240.00 to $320.00 in a research note on Friday, May 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $292.50.

Arista Networks Stock Performance

Shares of NYSE:ANET traded up $16.85 during midday trading on Wednesday, hitting $290.84. 6,128,829 shares of the stock were exchanged, compared to its average volume of 2,509,154. The business’s 50-day moving average price is $279.22 and its 200 day moving average price is $251.25. The stock has a market capitalization of $90.93 billion, a price-to-earnings ratio of 44.28, a P/E/G ratio of 2.33 and a beta of 1.13. Arista Networks has a 12 month low of $133.42 and a 12 month high of $307.74.

Arista Networks (NYSE:ANET) last announced 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. The firm had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The company’s revenue was up 20.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.25 EPS. As a group, sell-side analysts expect that Arista Networks will post 6.74 EPS for the current year.

Arista Networks declared that its board has authorized a stock repurchase program on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, Director Yvonne Wassenaar sold 224 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $255.29, for a total value of $57,184.96. Following the completion of the transaction, the director now directly owns 2,827 shares of the company’s stock, valued at $721,704.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Yvonne Wassenaar sold 224 shares of the stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $255.29, for a total value of $57,184.96. Following the transaction, the director now owns 2,827 shares of the company’s stock, valued at approximately $721,704.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $286.52, for a total transaction of $573,040.00. Following the completion of the transaction, the director now owns 60,946 shares of the company’s stock, valued at $17,462,247.92. The disclosure for this sale can be found here. Insiders have sold a total of 337,054 shares of company stock valued at $96,529,086 over the last quarter. Company insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Hedge funds have recently made changes to their positions in the business. AXQ Capital LP bought a new stake in shares of Arista Networks in the third quarter worth about $791,000. Advisor Resource Council raised its holdings in shares of Arista Networks by 507.9% during the fourth quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock valued at $1,653,000 after acquiring an additional 5,866 shares in the last quarter. Bleakley Financial Group LLC lifted its stake in Arista Networks by 4.6% in the fourth quarter. Bleakley Financial Group LLC now owns 4,445 shares of the technology company’s stock worth $1,047,000 after acquiring an additional 194 shares during the period. WCM Investment Management LLC boosted its holdings in Arista Networks by 0.5% in the fourth quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock valued at $716,649,000 after acquiring an additional 16,081 shares in the last quarter. Finally, abrdn plc increased its position in Arista Networks by 62.7% during the 4th quarter. abrdn plc now owns 113,851 shares of the technology company’s stock valued at $26,813,000 after purchasing an additional 43,889 shares during the period. 82.47% of the stock is currently 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.