Arista Networks, Inc. (NYSE:ANET – Free Report) – Equities researchers at Zacks Research reduced their Q3 2023 earnings estimates for shares of Arista Networks in a research note issued on Wednesday, July 19th. Zacks Research analyst S. Bose now expects that the technology company will post earnings of $1.29 per share for the quarter, down from their previous estimate of $1.30. The consensus estimate for Arista Networks’ current full-year earnings is $5.23 per share. Zacks Research also issued estimates for Arista Networks’ FY2024 earnings at $5.45 EPS and Q2 2025 earnings at $1.52 EPS.
Several other brokerages have also recently commented on ANET. Citigroup assumed coverage on shares of Arista Networks in a research note on Thursday, June 29th. They set a “neutral” rating and a $160.00 price objective for the company. The Goldman Sachs Group boosted their target price on shares of Arista Networks from $170.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, April 5th. KeyCorp boosted their target price on shares of Arista Networks from $172.00 to $206.00 and gave the company an “overweight” rating in a research note on Friday. Rosenblatt Securities reiterated a “buy” rating and issued a $175.00 target price on shares of Arista Networks in a research note on Wednesday, April 5th. Finally, Piper Sandler boosted their target price on shares of Arista Networks from $162.00 to $166.00 in a research note on Tuesday, May 2nd. Six analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $178.19.
Arista Networks Trading Up 0.1 %
Shares of NYSE ANET opened at $171.64 on Monday. Arista Networks has a 12 month low of $98.20 and a 12 month high of $178.36. The company has a 50 day simple moving average of $158.97 and a two-hundred day simple moving average of $148.57. The stock has a market cap of $52.91 billion, a price-to-earnings ratio of 35.76, a PEG ratio of 1.87 and a beta of 1.23.
Arista Networks (NYSE:ANET – Get Free Report) last announced its quarterly earnings data on Monday, May 1st. The technology company reported $1.43 EPS for the quarter, beating the consensus estimate of $1.34 by $0.09. Arista Networks had a net margin of 31.24% and a return on equity of 31.33%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the previous year, the business posted $0.78 EPS. The business’s quarterly revenue was up 54.1% compared to the same quarter last year.
Insider Transactions at Arista Networks
In related news, COO Anshul Sadana sold 13,504 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $170.05, for a total value of $2,296,355.20. Following the completion of the sale, the chief operating officer now owns 30,082 shares of the company’s stock, valued at $5,115,444.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Anshul Sadana sold 13,504 shares of the company’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $170.05, for a total value of $2,296,355.20. Following the completion of the sale, the chief operating officer now owns 30,082 shares of the company’s stock, valued at $5,115,444.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Marc Taxay sold 1,044 shares of the company’s stock in a transaction dated Monday, May 1st. The shares were sold at an average price of $160.55, for a total transaction of $167,614.20. The disclosure for this sale can be found here. Insiders sold 142,332 shares of company stock valued at $22,931,006 over the last 90 days. 18.99% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the stock. Investnet Asset Management Inc. lifted its position in shares of Arista Networks by 36.6% during the fourth quarter. Investnet Asset Management Inc. now owns 261,360 shares of the technology company’s stock worth $31,716,000 after purchasing an additional 70,034 shares in the last quarter. Lindbrook Capital LLC raised its holdings in Arista Networks by 6.5% in the first quarter. Lindbrook Capital LLC now owns 3,097 shares of the technology company’s stock valued at $520,000 after acquiring an additional 188 shares in the last quarter. Metis Global Partners LLC increased its stake in Arista Networks by 39.8% in the fourth quarter. Metis Global Partners LLC now owns 5,119 shares of the technology company’s stock valued at $621,000 after purchasing an additional 1,457 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich purchased a new position in Arista Networks in the fourth quarter valued at approximately $118,000. Finally, Quadrant Capital Group LLC increased its stake in Arista Networks by 51.4% in the fourth quarter. Quadrant Capital Group LLC now owns 2,352 shares of the technology company’s stock valued at $285,000 after purchasing an additional 799 shares during the last quarter. Institutional investors and hedge funds own 67.80% of the company’s stock.
Arista Networks Company Profile
(Get Free Report)
Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company’s cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.
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