Arista Networks (NYSE:ANET) Stock Price Up 6.5% – What’s Next?

Shares of Arista Networks, Inc. (NYSE:ANET) rose 6.5% during trading on Wednesday . The stock traded as high as $130.19 and last traded at $129.43. Approximately 3,192,405 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 5,966,801 shares. The stock had previously closed at $121.50.

Analyst Ratings Changes

A number of research firms have recently issued reports on ANET. Morgan Stanley increased their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. StockNews.com downgraded Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Wells Fargo & Company lifted their price objective 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. Piper Sandler reissued a “neutral” rating and issued a $105.25 price target (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Finally, Citigroup increased their price target on Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $105.83.

Arista Networks Trading Up 7.1 %

The company has a market capitalization of $163.96 billion, a PE ratio of 62.60, a PEG ratio of 3.22 and a beta of 1.08. The business has a fifty day moving average of $108.70 and a 200 day moving average of $97.46.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the previous year, the firm posted $0.41 earnings per share. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. Equities analysts forecast that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 2,496 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $96.83, for a total transaction of $241,693.92. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $118.47, for a total transaction of $9,477,600.00. Following the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at $1,537,266.72. The trade was a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 343,824 shares of company stock valued at $37,614,089 in the last quarter. Corporate insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

A number of institutional investors have recently bought and sold shares of the company. Ameriprise Financial Inc. raised its holdings in shares of Arista Networks by 97.2% in the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after acquiring an additional 884,703 shares during the last quarter. International Assets Investment Management LLC raised its stake in Arista Networks by 39,841.1% in the 3rd quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock valued at $3,358,850,000 after purchasing an additional 872,919 shares during the last quarter. Fifth Third Bancorp lifted its holdings in Arista Networks by 335.0% in the 4th quarter. Fifth Third Bancorp now owns 717,251 shares of the technology company’s stock valued at $79,278,000 after purchasing an additional 552,350 shares in the last quarter. Wellington Management Group LLP grew 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 worth $1,021,228,000 after buying an additional 492,615 shares in the last quarter. Finally, Wedge Capital Management L L P NC raised its position in shares of 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 hedge funds and other 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.