Arista Networks (NYSE:ANET) Trading 0.6% Higher – What’s Next?

Arista Networks, Inc. (NYSE:ANET)’s stock price shot up 0.6% during mid-day trading on Tuesday . The company traded as high as $121.86 and last traded at $120.67. 1,153,233 shares changed hands during trading, a decline of 80% from the average session volume of 5,778,666 shares. The stock had previously closed at $119.95.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Piper Sandler reiterated a “neutral” rating and issued a $105.25 price objective (up previously from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. Barclays lowered their price target on Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a research report on Wednesday, December 4th. Citigroup boosted their target price on Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Morgan Stanley raised their price target on Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Finally, StockNews.com downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $105.83.

Arista Networks Stock Performance

The business’s fifty day moving average price is $108.25 and its 200-day moving average price is $97.25. The stock has a market cap of $153.10 billion, a PE ratio of 58.41, a P/E/G ratio of 3.22 and a beta of 1.08.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates 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 revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.41 earnings per share. Analysts forecast that Arista Networks, Inc. will post 1.97 earnings per share for the current fiscal year.

Insider Activity at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $98.30, for a total value of $786,360.00. Following the completion of the sale, the director now directly owns 179,784 shares in the company, valued at $17,671,868.28. The trade was a 4.26 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Marc Taxay sold 2,496 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $96.83, for a total value of $241,693.92. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 343,824 shares of company stock valued at $37,614,089. 3.54% of the stock is owned by company insiders.

Institutional Trading of Arista Networks

Hedge funds and other institutional investors have recently made changes to their positions in the business. Cranbrook Wealth Management LLC increased its holdings in shares of Arista Networks by 300.0% during the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after purchasing an additional 198 shares in the last quarter. Trust Co. of Vermont increased its holdings in Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after buying an additional 198 shares in the last quarter. Westside Investment Management Inc. raised its position in shares of Arista Networks by 1,012.0% in the fourth quarter. Westside Investment Management Inc. now owns 278 shares of the technology company’s stock worth $31,000 after acquiring an additional 253 shares during the period. Anchor Investment Management LLC purchased a new stake in shares of Arista Networks during the 2nd quarter worth about $35,000. Finally, Sound Income Strategies LLC acquired a new stake in shares of Arista Networks during the 4th quarter valued at about $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.