Arista Networks (NYSE:ANET) Trading Up 1.8% – Still a Buy?

Arista Networks, Inc. (NYSE:ANET)’s share price traded up 1.8% on Wednesday . The company traded as high as $117.25 and last traded at $117.00. 1,761,618 shares traded hands during trading, a decline of 69% from the average session volume of 5,621,485 shares. The stock had previously closed at $114.91.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Piper Sandler reissued a “neutral” rating and issued a $105.25 price target (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Evercore ISI boosted their price target on shares of Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. UBS Group boosted their price target on shares of Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Rosenblatt Securities upped their price objective 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. Finally, The Goldman Sachs Group upped their price objective 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. One 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. According to data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.42.

Arista Networks Stock Performance

The company’s 50-day moving average is $107.03 and its 200 day moving average is $96.46. The company has a market capitalization of $147.03 billion, a PE ratio of 56.11, a P/E/G ratio of 3.21 and a beta of 1.08.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share 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 firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.76 billion. During the same period last year, the firm posted $0.41 earnings per share. Arista Networks’s revenue for the quarter was up 20.0% compared to the same quarter last year. On average, analysts forecast that Arista Networks, Inc. will post 1.96 EPS for the current fiscal year.

Insiders Place Their Bets

In other Arista Networks news, insider John F. Mccool sold 2,336 shares of Arista Networks stock in a transaction on Friday, November 1st. The shares were sold at an average price of $96.83, for a total transaction of $226,200.72. Following the completion of the transaction, the insider now directly owns 288 shares of the company’s stock, valued at $27,887.76. The trade was a 89.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Marc Taxay sold 2,496 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $96.83, for a total transaction of $241,693.92. The disclosure for this sale can be found here. Insiders sold 345,316 shares of company stock valued at $37,761,976 over the last three months. 3.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arista Networks

Large investors have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. increased its holdings in shares of Arista Networks by 97.2% during the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after acquiring an additional 884,703 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Arista Networks by 39,841.1% during the third quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock valued at $3,358,850,000 after acquiring an additional 872,919 shares in the last quarter. 1832 Asset Management L.P. increased its holdings in shares of Arista Networks by 4,160.9% during the second quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock valued at $180,743,000 after acquiring an additional 503,597 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Arista Networks by 22.7% during the third quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock valued at $1,021,228,000 after acquiring an additional 492,615 shares in the last quarter. Finally, Wedge Capital Management L L P NC boosted its position in Arista Networks by 263.9% in the fourth quarter. Wedge Capital Management L L P NC now owns 630,248 shares of the technology company’s stock valued at $69,661,000 after buying an additional 457,068 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

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.