Q2 2023 EPS Estimates for Arista Networks, Inc. (NYSE:ANET) Raised by Analyst

Posted by Defense World Staff on May 5th, 2023

Arista Networks, Inc. (NYSE:ANET – Get Rating) – Equities research analysts at KeyCorp upped their Q2 2023 earnings per share (EPS) estimates for shares of Arista Networks in a report issued on Monday, May 1st. KeyCorp analyst T. Blakey now forecasts that the technology company will earn $1.35 per share for the quarter, up from their prior forecast of $1.32. The consensus estimate for Arista Networks’ current full-year earnings is $5.15 per share. KeyCorp also issued estimates for Arista Networks’ Q1 2024 earnings at $1.49 EPS, Q2 2024 earnings at $1.56 EPS, Q3 2024 earnings at $1.61 EPS and Q4 2024 earnings at $1.67 EPS.

Arista Networks (NYSE:ANET – Get Rating) last announced its quarterly earnings data on Monday, May 1st. The technology company reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. Arista Networks had a return on equity of 30.00% and a net margin of 30.87%. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same period last year, the company posted $0.78 EPS. The business’s quarterly revenue was up 54.1% compared to the same quarter last year.

A number of other equities research analysts also recently weighed in on ANET. Loop Capital boosted their target price on Arista Networks from $181.00 to $188.00 and gave the stock a “buy” rating in a research report on Tuesday, February 14th. Cowen upped their price objective on Arista Networks from $212.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, February 14th. Piper Sandler raised their price objective on Arista Networks from $162.00 to $166.00 in a research note on Tuesday. JMP Securities upped their price target on Arista Networks from $135.00 to $165.00 and gave the company a “buy” rating in a research report on Tuesday, February 14th. Finally, Barclays upped their price target on Arista Networks from $177.00 to $179.00 in a research note on Tuesday. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $173.85.

Arista Networks Stock Performance

Shares of ANET stock opened at $135.34 on Thursday. The stock’s 50 day simple moving average is $155.37 and its 200 day simple moving average is $135.86. The company has a market capitalization of $41.47 billion, a price-to-earnings ratio of 31.70, a PEG ratio of 2.15 and a beta of 1.26. Arista Networks has a twelve month low of $89.11 and a twelve month high of $171.44.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Trifecta Capital Advisors LLC acquired a new stake in Arista Networks during the 4th quarter worth $27,000. TCI Wealth Advisors Inc. lifted its stake in shares of Arista Networks by 126.7% in the 4th quarter. TCI Wealth Advisors Inc. now owns 297 shares of the technology company’s stock worth $36,000 after acquiring an additional 166 shares during the period. Close Asset Management Ltd acquired a new stake in shares of Arista Networks in the 1st quarter worth $43,000. Coppell Advisory Solutions Corp. acquired a new stake in shares of Arista Networks in the 4th quarter worth $43,000. Finally, Private Ocean LLC lifted its stake in shares of Arista Networks by 560.0% in the 1st quarter. Private Ocean LLC now owns 264 shares of the technology company’s stock worth $44,000 after acquiring an additional 224 shares during the period. Institutional investors and hedge funds own 64.30% of the company’s stock.

Insider Activity

In other news, insider John F. Mccool sold 1,008 shares of Arista Networks stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $129.52, for a total value of $130,556.16. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider John F. Mccool sold 1,008 shares of the firm’s stock in a transaction dated Tuesday, February 7th. The shares were sold at an average price of $129.52, for a total value of $130,556.16. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Anshul Sadana sold 10,000 shares of the firm’s stock in a transaction dated Thursday, March 9th. The stock was sold at an average price of $150.03, for a total transaction of $1,500,300.00. Following the completion of the transaction, the chief operating officer now directly owns 82,711 shares in the company, valued at $12,409,131.33. The disclosure for this sale can be found here. Insiders have sold a total of 358,941 shares of company stock worth $54,096,115 over the last 90 days. 19.59% of the stock is currently owned by company insiders.

Arista Networks Company Profile

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Arista Networks, Inc engages in the business of developing, marketing, and selling cloud networking solutions. The firm is also involved in switching and routing platforms and related network applications. The company was founded by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda in November 2004 and is headquartered in Santa Clara, CA.

Earnings History and Estimates for Arista Networks (NYSE:ANET)

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