Arista Networks (NYSE:ANET) Reaches New 1-Year High – Time to Buy?

Arista Networks, Inc. (NYSE:ANET)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $108.97 and last traded at $107.04, with a volume of 424644 shares changing hands. The stock had previously closed at $103.62.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. 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 research note on Tuesday, September 24th. Wells Fargo & Company boosted their target price on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Rosenblatt Securities boosted their target price on shares of Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a research note on Friday, November 8th. Evercore ISI boosted their target price on shares of Arista Networks from $100.00 to $106.25 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Finally, Piper Sandler reissued a “neutral” rating and set a $105.25 target price (up from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and an average target price of $98.80.

Arista Networks Stock Up 0.8 %

The stock has a market capitalization of $32.89 billion, a price-to-earnings ratio of 49.81, a P/E/G ratio of 3.09 and a beta of 1.10. The company’s 50-day simple moving average is $397.74 and its 200 day simple moving average is $358.46.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The company 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 earned $0.41 earnings per share. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. On average, equities analysts expect that Arista Networks, Inc. will post 7.79 earnings per share for the current fiscal year.

Insider Activity at Arista Networks

In related news, insider John F. Mccool sold 6,340 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $98.58, for a total value of $625,013.05. Following the completion of the sale, the insider now owns 288 shares in the company, valued at approximately $28,391.76. This trade represents a 95.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,488 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $89.19, for a total transaction of $132,707.28. Following the completion of the sale, the director now owns 10,260 shares of the company’s stock, valued at approximately $915,038.10. The trade was a 12.67 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 279,432 shares of company stock worth $27,997,541. Company insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ANET. Beacon Capital Management LLC increased its holdings in shares of Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after buying an additional 65 shares in the last quarter. LGT Financial Advisors LLC bought a new position in Arista Networks in the second quarter valued at approximately $27,000. Byrne Asset Management LLC bought a new position in Arista Networks in the second quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Arista Networks in the second quarter valued at approximately $35,000. Finally, Brown Lisle Cummings Inc. bought a new position in Arista Networks in the second quarter valued at approximately $35,000. Institutional investors and hedge funds 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.