Arista Networks, Inc. to Post FY2023 Earnings of $5.44 Per Share, Zacks Research Forecasts (NYSE:ANET)

Posted by Defense World Staff on Sep 7th, 2023

Arista Networks, Inc. (NYSE:ANET – Free Report) – Analysts at Zacks Research boosted their FY2023 earnings estimates for Arista Networks in a research report issued to clients and investors on Monday, September 4th. Zacks Research analyst S. Bose now expects that the technology company will earn $5.44 per share for the year, up from their previous forecast of $5.43. The consensus estimate for Arista Networks’ current full-year earnings is $5.49 per share. Zacks Research also issued estimates for Arista Networks’ FY2024 earnings at $5.59 EPS and FY2025 earnings at $6.30 EPS.

Arista Networks (NYSE:ANET – Get Free Report) last issued its quarterly earnings results on Monday, July 31st. The technology company reported $1.58 EPS for the quarter, topping the consensus estimate of $1.29 by $0.29. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.38 billion. Arista Networks had a return on equity of 31.19% and a net margin of 32.48%. The company’s revenue for the quarter was up 38.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.98 EPS.

ANET has been the subject of a number of other research reports. The Goldman Sachs Group lifted their target price on shares of Arista Networks from $193.00 to $215.00 and gave the company a “buy” rating in a research note on Tuesday, August 1st. StockNews.com initiated coverage on Arista Networks in a research report on Thursday, August 17th. They issued a “hold” rating on the stock. Needham & Company LLC boosted their target price on Arista Networks from $195.00 to $200.00 and gave the stock a “buy” rating in a research report on Tuesday, August 1st. BNP Paribas started coverage on Arista Networks in a report on Thursday, July 20th. They issued an “outperform” rating and a $210.00 price target on the stock. Finally, Morgan Stanley lifted their price objective on Arista Networks from $150.00 to $185.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 1st. Three research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $195.65.

Check Out Our Latest Stock Analysis on ANET

Arista Networks Stock Performance

Shares of ANET stock opened at $197.55 on Wednesday. Arista Networks has a 52-week low of $98.20 and a 52-week high of $198.70. The stock has a market cap of $61.16 billion, a price-to-earnings ratio of 36.52, a P/E/G ratio of 1.92 and a beta of 1.17. The firm has a fifty day moving average of $174.98 and a 200-day moving average of $161.16.

Institutional Trading of Arista Networks

A number of hedge funds have recently modified their holdings of the stock. Sheets Smith Wealth Management acquired a new stake in Arista Networks in the 1st quarter worth about $304,000. RFP Financial Group LLC raised its stake in Arista Networks by 169.2% in the 2nd quarter. RFP Financial Group LLC now owns 175 shares of the technology company’s stock worth $28,000 after purchasing an additional 110 shares in the last quarter. Hollencrest Capital Management acquired a new stake in Arista Networks in the 1st quarter worth about $30,000. TFC Financial Management Inc. raised its stake in Arista Networks by 131.0% in the 1st quarter. TFC Financial Management Inc. now owns 194 shares of the technology company’s stock worth $33,000 after purchasing an additional 110 shares in the last quarter. Finally, KB Financial Partners LLC bought a new position in Arista Networks during the 2nd quarter worth $36,000. Institutional investors and hedge funds own 67.13% of the company’s stock.

Insider Transactions at Arista Networks

In other news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $166.56, for a total transaction of $3,331,200.00. Following the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $540,320.64. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider John F. Mccool sold 1,000 shares of Arista Networks stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $197.78, for a total transaction of $197,780.00. Following the completion of the transaction, the insider now directly owns 144 shares in the company, valued at approximately $28,480.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $166.56, for a total value of $3,331,200.00. Following the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at $540,320.64. The disclosure for this sale can be found here. Insiders sold a total of 165,828 shares of company stock worth $29,252,543 in the last three months. Insiders own 18.99% of the company’s stock.

About Arista Networks

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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.