Arista Networks (NYSE:ANET) Trading 1.4% Higher – Should You Buy?

Arista Networks, Inc. (NYSE:ANET)’s stock price rose 1.4% during trading on Thursday . The stock traded as high as $416.00 and last traded at $411.81. Approximately 459,365 shares traded hands during trading, a decline of 79% from the average daily volume of 2,237,973 shares. The stock had previously closed at $406.08.

Analyst Upgrades and Downgrades

ANET has been the topic of several recent research reports. The Goldman Sachs Group lifted their target price on shares of Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Barclays lifted their target price on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Needham & Company LLC reiterated a “buy” rating and set a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. JPMorgan Chase & Co. lifted their target price on shares of Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Finally, Evercore ISI lifted their target price on shares of Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $369.50.

Arista Networks Stock Down 1.3 %

The stock has a market capitalization of $125.97 billion, a P/E ratio of 55.99, a P/E/G ratio of 3.21 and a beta of 1.07. The firm’s 50 day simple moving average is $367.25 and its two-hundred day simple moving average is $331.31.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.41 EPS. As a group, equities research analysts expect that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Insider Buying and Selling at Arista Networks

In other news, SVP Marc Taxay sold 628 shares of the stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total value of $220,114.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Arista Networks news, insider John F. Mccool sold 588 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total transaction of $206,094.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Marc Taxay sold 628 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $220,114.00. The disclosure for this sale can be found here. Insiders sold a total of 58,197 shares of company stock worth $21,326,894 over the last three months. 3.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Arista Networks

A number of large investors have recently added to or reduced their stakes in the business. Godsey & Gibb Inc. bought a new position in shares of Arista Networks during the third quarter valued at about $77,000. Allspring Global Investments Holdings LLC boosted its holdings in Arista Networks by 30.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 549,380 shares of the technology company’s stock valued at $210,863,000 after acquiring an additional 129,230 shares during the period. Lee Johnson Capital Management LLC bought a new position in Arista Networks during the 3rd quarter worth approximately $4,334,000. OLD National Bancorp IN increased its stake in Arista Networks by 6.0% in the 3rd quarter. OLD National Bancorp IN now owns 1,087 shares of the technology company’s stock worth $417,000 after purchasing an additional 62 shares during the period. Finally, Cyndeo Wealth Partners LLC bought a new stake in Arista Networks in the third quarter valued at approximately $291,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

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.