Arista Networks (NYSE:ANET) Price Target Raised to $118.00

Arista Networks (NYSE:ANET) had its price target hoisted by Morgan Stanley from $102.50 to $118.00 in a research note issued to investors on Tuesday,Benzinga reports. Morgan Stanley currently has an overweight rating on the technology company’s stock.

A number of other equities research analysts have also commented on ANET. Wells Fargo & Company upped their price target on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Citigroup increased their target price on shares of Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. UBS Group boosted their price target on Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a report on Friday, November 8th. StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. 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 research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $100.70.

Arista Networks Stock Up 0.9 %

NYSE ANET opened at $109.07 on Tuesday. The company has a 50-day simple moving average of $102.00 and a two-hundred day simple moving average of $92.07. Arista Networks has a 12-month low of $56.65 and a 12-month high of $116.94. The firm has a market cap of $137.40 billion, a price-to-earnings ratio of 52.44, a PEG ratio of 3.21 and a beta of 1.10.

Arista Networks (NYSE:ANET) last issued its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.08. The company had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. Arista Networks’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.41 EPS. Equities analysts expect that Arista Networks will post 1.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Arista Networks

In related news, insider John F. Mccool sold 288 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $108.70, for a total value of $31,305.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 3,344 shares of the company’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $96.67, for a total value of $323,264.48. Following the completion of the transaction, the chief executive officer now directly owns 70,724 shares in the company, valued at $6,836,889.08. This trade represents a 4.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 353,476 shares of company stock worth $36,841,998. 3.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Raymond James Financial Services Advisors Inc. raised its position in Arista Networks by 50.8% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 66,211 shares of the technology company’s stock worth $23,206,000 after buying an additional 22,307 shares during the last quarter. First Horizon Advisors Inc. raised its holdings in shares of Arista Networks by 6.4% during the second quarter. First Horizon Advisors Inc. now owns 798 shares of the technology company’s stock valued at $280,000 after purchasing an additional 48 shares during the last quarter. Byrne Asset Management LLC purchased a new stake in Arista Networks in the second quarter worth approximately $33,000. GYL Financial Synergies LLC boosted its holdings in Arista Networks by 3.0% in the second quarter. GYL Financial Synergies LLC now owns 5,354 shares of the technology company’s stock worth $1,876,000 after purchasing an additional 155 shares during the last quarter. Finally, &PARTNERS grew its position in Arista Networks by 102.8% in the 2nd quarter. &PARTNERS now owns 4,045 shares of the technology company’s stock worth $1,417,000 after purchasing an additional 2,050 shares during the period. Hedge funds and other 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.