Evercore ISI Boosts Arista Networks (NYSE:ANET) Price Target to $340.00

Arista Networks (NYSE:ANETFree Report) had its target price increased by Evercore ISI from $320.00 to $340.00 in a report released on Monday morning, Benzinga reports. Evercore ISI currently has an outperform rating on the technology company’s stock.

Several other research firms also recently weighed in on ANET. UBS Group raised their price objective on Arista Networks from $275.00 to $285.00 and gave the company a neutral rating in a research note on Wednesday, May 8th. Jefferies Financial Group raised Arista Networks from a hold rating to a buy rating and lifted their price target for the stock from $240.00 to $320.00 in a research note on Friday, May 3rd. Wells Fargo & Company boosted their price objective on shares of Arista Networks from $310.00 to $340.00 and gave the stock an overweight rating in a research report on Wednesday, May 8th. KeyCorp raised their target price on shares of Arista Networks from $306.00 to $349.00 and gave the company an overweight rating in a report on Wednesday, May 8th. Finally, JMP Securities reaffirmed a market outperform rating and issued a $325.00 price target on shares of Arista Networks in a report on Tuesday, February 13th. One equities research 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. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $295.22.

View Our Latest Stock Analysis on ANET

Arista Networks Trading Down 0.2 %

Shares of ANET opened at $316.50 on Monday. The firm’s 50-day moving average is $286.42 and its two-hundred day moving average is $260.16. Arista Networks has a twelve month low of $139.18 and a twelve month high of $329.04. The firm has a market capitalization of $99.18 billion, a P/E ratio of 44.08, a PEG ratio of 2.89 and a beta of 1.13.

Arista Networks declared that its board has approved a stock 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 purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Arista Networks news, SVP Kenneth Duda sold 14,416 shares of Arista Networks stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $326.03, for a total value of $4,700,048.48. Following the completion of the sale, the senior vice president now owns 252,382 shares in the company, valued at approximately $82,284,103.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Kenneth Duda sold 14,416 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $326.03, for a total transaction of $4,700,048.48. Following the completion of the sale, the senior vice president now directly owns 252,382 shares of the company’s stock, valued at approximately $82,284,103.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jayshree Ullal sold 87,418 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $278.81, for a total value of $24,373,012.58. Following the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $4,929,639.61. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 394,836 shares of company stock worth $115,437,764. 3.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. FMR LLC boosted its position in shares of Arista Networks by 32.2% in the third quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock worth $1,897,906,000 after buying an additional 2,515,864 shares during the period. Capital World Investors grew its stake in shares of Arista Networks by 0.5% in the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after buying an additional 55,312 shares in the last quarter. WCM Investment Management LLC raised its holdings in shares of Arista Networks by 0.8% during the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after buying an additional 25,196 shares during the period. Finally, GQG Partners LLC purchased a new stake in shares of Arista Networks during the 1st quarter valued at about $881,848,000. 82.47% of the stock is owned by institutional investors and hedge funds.

About Arista Networks

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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.

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Analyst Recommendations for Arista Networks (NYSE:ANET)

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