Arista Networks (NYSE:ANET) Reaches New 1-Year High After Analyst Upgrade

Arista Networks, Inc. (NYSE:ANET)’s stock price reached a new 52-week high during trading on Friday after Evercore ISI raised their price target on the stock from $110.00 to $130.00. Evercore ISI currently has an outperform rating on the stock. Arista Networks traded as high as $120.28 and last traded at $119.88, with a volume of 1369065 shares. The stock had previously closed at $118.13.

Several other brokerages have also recently weighed in on ANET. Piper Sandler restated a “neutral” rating and set a $105.25 target price (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Rosenblatt Securities lifted their target price on shares of Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research note on Friday, November 8th. The Goldman Sachs Group boosted their target price on shares of Arista Networks from $97.50 to $107.50 and gave the company a “buy” rating in a report on Tuesday, September 24th. UBS Group lifted their price target on shares of Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, Citigroup upped their price objective on Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $104.00.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 3,328 shares of the firm’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $99.35, for a total value of $330,628.48. Following the sale, the chief executive officer now owns 70,724 shares of the company’s stock, valued at $7,026,252.59. This trade represents a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $98.30, for a total value of $786,360.00. Following the completion of the transaction, the director now owns 179,784 shares in the company, valued at approximately $17,671,868.28. The trade was a 4.26 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 345,316 shares of company stock valued at $37,761,976. 3.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arista Networks

Several hedge funds have recently added to or reduced their stakes in the stock. Zions Bancorporation N.A. boosted its holdings in shares of Arista Networks by 6.9% in the 3rd quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company’s stock valued at $160,000 after buying an additional 27 shares in the last quarter. Intellectus Partners LLC lifted its position in Arista Networks by 1.4% during the 3rd quarter. Intellectus Partners LLC now owns 1,927 shares of the technology company’s stock worth $740,000 after acquiring an additional 27 shares during the period. First Affirmative Financial Network raised its stake in shares of Arista Networks by 4.3% during the third quarter. First Affirmative Financial Network now owns 682 shares of the technology company’s stock worth $262,000 after purchasing an additional 28 shares during the last quarter. Altman Advisors Inc. lifted its holdings in shares of Arista Networks by 0.5% during the third quarter. Altman Advisors Inc. now owns 5,862 shares of the technology company’s stock worth $2,250,000 after purchasing an additional 28 shares during the period. Finally, Everpar Advisors LLC increased its stake in Arista Networks by 1.5% in the 3rd quarter. Everpar Advisors LLC now owns 1,907 shares of the technology company’s stock valued at $732,000 after buying an additional 29 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

The company has a market cap of $150.42 billion, a PE ratio of 57.49, a P/E/G ratio of 3.09 and a beta of 1.08. The stock’s 50-day simple moving average is $107.24 and its 200 day simple moving average is $96.59.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The firm had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period in the prior year, the company posted $0.41 earnings per share. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. On average, sell-side analysts predict that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

Arista Networks Company Profile

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.