Arista Networks (NYSE:ANET) Given New $340.00 Price Target at Wells Fargo & Company

Arista Networks (NYSE:ANET) had its target price lifted by Wells Fargo & Company from $310.00 to $340.00 in a research note published on Wednesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the technology company’s stock.

Other analysts also recently issued research reports about the stock. Rosenblatt Securities reissued a sell rating and set a $210.00 price objective on shares of Arista Networks in a report on Friday, April 12th. JMP Securities restated a market outperform rating and issued a $325.00 price target on shares of Arista Networks in a report on Tuesday, February 13th. KeyCorp lifted their price objective on Arista Networks from $232.00 to $287.00 and gave the stock an overweight rating in a report on Thursday, January 18th. Piper Sandler boosted their target price on Arista Networks from $254.00 to $268.00 and gave the stock a neutral rating in a research report on Tuesday, February 13th. Finally, Barclays raised their price target on Arista Networks from $272.00 to $311.00 and gave the company an overweight rating in a research report on Tuesday, February 13th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, Arista Networks presently has an average rating of Moderate Buy and an average price target of $292.50.

Arista Networks Trading Down 0.3 %

Shares of ANET stock opened at $290.93 on Wednesday. The stock has a 50 day simple moving average of $279.22 and a 200-day simple moving average of $251.25. The company has a market cap of $90.95 billion, a price-to-earnings ratio of 44.39, a price-to-earnings-growth 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 released its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, topping 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 return on equity of 31.44% and a net margin of 35.62%. Arista Networks’s revenue was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.25 earnings per share. On average, equities analysts forecast that Arista Networks will post 6.74 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has approved a share buyback plan 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 22,000 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $303.00, for a total value of $6,666,000.00. Following the sale, the chief executive officer now directly owns 1,665,300 shares of the company’s stock, valued at approximately $504,585,900. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, SVP Marc Taxay sold 1,044 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total transaction of $265,739.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jayshree Ullal sold 22,000 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $303.00, for a total transaction of $6,666,000.00. Following the transaction, the chief executive officer now directly owns 1,665,300 shares in the company, valued at approximately $504,585,900. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 337,054 shares of company stock worth $96,529,086. 3.54% of the stock is currently owned by insiders.

Institutional Trading of Arista Networks

Institutional investors and hedge funds have recently made changes to their positions in the company. NBC Securities Inc. raised its holdings in Arista Networks by 21.5% in the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock valued at $62,000 after buying an additional 38 shares during the period. Sandy Spring Bank raised its stake in shares of Arista Networks by 33.6% in the 4th quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock valued at $37,000 after acquiring an additional 39 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Arista Networks by 6.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company’s stock valued at $163,000 after acquiring an additional 39 shares in the last quarter. Fulton Breakefield Broenniman LLC lifted its holdings in shares of Arista Networks by 1.8% during the 4th quarter. Fulton Breakefield Broenniman LLC now owns 2,255 shares of the technology company’s stock valued at $531,000 after acquiring an additional 40 shares in the last quarter. Finally, West Family Investments Inc. boosted its position in Arista Networks by 3.3% during the 4th quarter. West Family Investments Inc. now owns 1,267 shares of the technology company’s stock worth $298,000 after purchasing an additional 40 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.