Arista Networks, Inc. to Post Q4 2023 Earnings of $1.21 Per Share, Zacks Research Forecasts (NYSE:ANET)

Arista Networks, Inc. (NYSE:ANET – Get Rating) – Equities researchers at Zacks Research increased their Q4 2023 earnings per share (EPS) estimates for Arista Networks in a research report issued on Tuesday, March 14th. Zacks Research analyst S. Bose now expects that the technology company will post earnings per share of $1.21 for the quarter, up from their prior forecast of $1.20. The consensus estimate for Arista Networks’ current full-year earnings is $5.16 per share. Zacks Research also issued estimates for Arista Networks’ Q4 2024 earnings at $1.36 EPS, FY2024 earnings at $5.20 EPS and FY2025 earnings at $6.01 EPS.

Arista Networks (NYSE:ANET – Get Rating) last posted its quarterly earnings results on Monday, February 13th. The technology company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.20. Arista Networks had a return on equity of 30.00% and a net margin of 30.87%. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period last year, the company earned $0.66 earnings per share. The business’s revenue was up 54.7% compared to the same quarter last year.

Other analysts have also recently issued reports about the company. Morgan Stanley raised their price objective on Arista Networks from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 14th. Wells Fargo & Company raised their price objective on Arista Networks from $160.00 to $170.00 and gave the company an “overweight” rating in a research report on Tuesday, February 14th. StockNews.com started coverage on Arista Networks in a report on Thursday. They set a “hold” rating for the company. Cowen lifted their price target on Arista Networks from $203.00 to $212.00 and gave the stock an “outperform” rating in a report on Tuesday, December 13th. Finally, Piper Sandler dropped their price target on Arista Networks from $164.00 to $155.00 in a report on Tuesday, January 17th. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $173.89.

Arista Networks Stock Up 0.4 %

ANET opened at $163.26 on Friday. Arista Networks has a 12-month low of $89.11 and a 12-month high of $164.26. The stock has a market cap of $50.02 billion, a price-to-earnings ratio of 38.23, a PEG ratio of 2.10 and a beta of 1.24. The business has a 50 day moving average of $133.22 and a 200-day moving average of $125.44.

Institutional Investors Weigh In On Arista Networks

A number of large investors have recently added to or reduced their stakes in the stock. First Republic Investment Management Inc. lifted its stake in shares of Arista Networks by 2,389.3% during the 4th quarter. First Republic Investment Management Inc. now owns 12,400,805 shares of the technology company’s stock valued at $1,504,838,000 after buying an additional 11,902,638 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Arista Networks by 460.4% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 5,255,432 shares of the technology company’s stock worth $593,287,000 after purchasing an additional 4,317,550 shares in the last quarter. Morgan Stanley lifted its stake in Arista Networks by 162.2% in the 4th quarter. Morgan Stanley now owns 5,549,335 shares of the technology company’s stock worth $673,412,000 after purchasing an additional 3,432,952 shares in the last quarter. Norges Bank purchased a new stake in Arista Networks in the 4th quarter worth $308,885,000. Finally, Nuveen Asset Management LLC lifted its stake in Arista Networks by 67.5% in the 3rd quarter. Nuveen Asset Management LLC now owns 2,322,156 shares of the technology company’s stock worth $262,148,000 after purchasing an additional 935,484 shares in the last quarter. Institutional investors own 64.30% of the company’s stock.

Insider Activity at Arista Networks

In other news, COO Anshul Sadana sold 43,225 shares of the firm’s stock in a transaction dated Wednesday, March 15th. The stock was sold at an average price of $152.43, for a total transaction of $6,588,786.75. Following the transaction, the chief operating officer now directly owns 81,043 shares of the company’s stock, valued at $12,353,384.49. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Kenneth Duda sold 3,500 shares of Arista Networks stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $151.64, for a total transaction of $530,740.00. Following the completion of the transaction, the senior vice president now directly owns 237,100 shares in the company, valued at $35,953,844. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Anshul Sadana sold 43,225 shares of the firm’s stock in a transaction that occurred on Wednesday, March 15th. The shares were sold at an average price of $152.43, for a total transaction of $6,588,786.75. Following the sale, the chief operating officer now directly owns 81,043 shares of the company’s stock, valued at approximately $12,353,384.49. The disclosure for this sale can be found here. Insiders have sold a total of 293,687 shares of company stock valued at $42,260,466 over the last 90 days. 19.59% of the stock is owned by insiders.

About Arista Networks

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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.