Arista Networks (NYSE:ANET) Price Target Lowered to $110.00 at JPMorgan Chase & Co.

Arista Networks (NYSE:ANET - Get Free Report) had its price objective decreased by research analysts at JPMorgan Chase & Co. from $140.00 to $110.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 63.59% from the company's current price.

A number of other equities analysts also recently commented on ANET. Morgan Stanley decreased their price target on Arista Networks from $118.00 to $73.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Piper Sandler decreased their target price on Arista Networks from $108.00 to $76.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Citigroup decreased their target price on shares of Arista Networks from $121.00 to $92.00 and set a "buy" rating for the company in a report on Monday, April 14th. Erste Group Bank downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Finally, Evercore ISI dropped their price target on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $106.07.

Arista Networks Stock Down 5.6 %

Shares of NYSE ANET traded down $3.96 on Thursday, hitting $67.24. The company had a trading volume of 4,174,135 shares, compared to its average volume of 9,092,986. Arista Networks has a 12-month low of $59.43 and a 12-month high of $133.58. The firm has a market capitalization of $84.80 billion, a P/E ratio of 30.29, a PEG ratio of 3.10 and a beta of 1.30. The business has a 50 day moving average of $84.23 and a two-hundred day moving average of $99.30.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping analysts' consensus estimates of $0.57 by $0.02. The firm had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. On average, sell-side analysts anticipate that Arista Networks will post 2.2 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Kelly Bodnar Battles sold 1,488 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $107.13, for a total value of $159,409.44. Following the completion of the transaction, the director now owns 8,128 shares of the company's stock, valued at $870,752.64. This represents a 15.47 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $115.61, for a total value of $9,248,800.00. Following the completion of the sale, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,500,155.36. This represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 411,031 shares of company stock valued at $39,364,943. Insiders own 3.54% of the company's stock.

Institutional Investors Weigh In On Arista Networks

Several large investors have recently made changes to their positions in ANET. Johnson Investment Counsel Inc. bought a new stake in shares of Arista Networks during the first quarter worth $219,000. Beacon Capital Management LLC increased its holdings in Arista Networks by 59.8% in the first quarter. Beacon Capital Management LLC now owns 556 shares of the technology company's stock valued at $43,000 after purchasing an additional 208 shares during the last quarter. CWA Asset Management Group LLC grew its holdings in Arista Networks by 56.9% during the first quarter. CWA Asset Management Group LLC now owns 5,164 shares of the technology company's stock valued at $400,000 after purchasing an additional 1,872 shares during the period. LifeWealth Investments LLC grew its holdings in shares of Arista Networks by 64.0% in the 1st quarter. LifeWealth Investments LLC now owns 3,258 shares of the technology company's stock valued at $252,000 after buying an additional 1,272 shares during the period. Finally, Dunhill Financial LLC increased its holdings in shares of Arista Networks by 2,317.5% in the first quarter. Dunhill Financial LLC now owns 6,358 shares of the technology company's stock worth $493,000 after acquiring an additional 6,095 shares in the last quarter. Institutional investors own 82.47% of the company's stock.

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.