Arista Networks (NYSE:ANET) Trading Up 2% After Analyst Upgrade

Arista Networks, Inc. (NYSE:ANET)’s stock price was up 2% during mid-day 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 $120.33 and last traded at $120.48. Approximately 1,792,171 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 5,834,124 shares. The stock had previously closed at $118.13.

A number of other research firms have also commented on ANET. Piper Sandler reaffirmed a “neutral” rating and issued a $105.25 price target (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. UBS Group lifted their target price on Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a report on Friday, November 8th. The Goldman Sachs Group increased their price target on shares of Arista Networks from $97.50 to $107.50 and gave the stock a “buy” rating in a report on Tuesday, September 24th. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Finally, Rosenblatt Securities increased 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and an average price target of $104.00.

Insider Buying and Selling at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $98.30, for a total transaction of $786,360.00. Following the completion of the transaction, the director now owns 179,784 shares in the company, valued at $17,671,868.28. This represents a 4.26 % 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, CEO Jayshree Ullal sold 3,328 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $99.35, for a total transaction of $330,628.48. Following the completion of the transaction, 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 disclosure for this sale can be found here. Insiders sold 345,316 shares of company stock valued at $37,761,976 in the last quarter. Company insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ANET. Zions Bancorporation N.A. boosted its holdings in shares of Arista Networks by 6.9% during 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 holdings in shares of Arista Networks by 1.4% during the third quarter. Intellectus Partners LLC now owns 1,927 shares of the technology company’s stock valued at $740,000 after purchasing an additional 27 shares during the last quarter. First Affirmative Financial Network boosted its position in shares of Arista Networks by 4.3% in the 3rd quarter. First Affirmative Financial Network now owns 682 shares of the technology company’s stock worth $262,000 after purchasing an additional 28 shares in the last quarter. Altman Advisors Inc. grew its stake in shares of Arista Networks by 0.5% in the 3rd quarter. Altman Advisors Inc. now owns 5,862 shares of the technology company’s stock worth $2,250,000 after buying an additional 28 shares during the last quarter. Finally, Everpar Advisors LLC increased its position in Arista Networks by 1.5% during 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 in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

The firm has a market cap of $151.80 billion, a PE ratio of 57.92, a PEG ratio of 3.09 and a beta of 1.08. The stock has a 50 day simple moving average of $107.24 and a 200-day simple moving average of $96.59.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same quarter last year, the company earned $0.41 EPS. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, equities 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.