Arista Networks (NYSE:ANET) Reaches New 12-Month High – Still a Buy?

Arista Networks, Inc. (NYSE:ANET) hit a new 52-week high during trading on Thursday . The stock traded as high as $131.18 and last traded at $129.85, with a volume of 9744592 shares trading hands. The stock had previously closed at $121.50.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Piper Sandler reissued a “neutral” rating and set a $105.25 price target (up from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. Citigroup increased their price target on Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Barclays reduced 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. StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Finally, The Goldman Sachs Group upped their price objective on Arista Networks from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $105.83.

Arista Networks Stock Down 0.0 %

The company has a market cap of $162.63 billion, a P/E ratio of 62.06, a price-to-earnings-growth ratio of 3.49 and a beta of 1.08. The stock has a 50 day moving average price of $109.97 and a two-hundred day moving average price of $97.91.

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

Insider Buying and Selling

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $98.30, for a total value of $786,360.00. Following the sale, the director now owns 179,784 shares of the company’s stock, valued at approximately $17,671,868.28. This trade represents a 4.26 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $118.47, for a total value of $9,477,600.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,537,266.72. This represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 343,992 shares of company stock valued at $37,634,420 over the last 90 days. 3.54% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arista Networks

A number of large investors have recently modified their holdings of ANET. Public Sector Pension Investment Board boosted its holdings in shares of Arista Networks by 103.5% in the 2nd quarter. Public Sector Pension Investment Board now owns 8,192 shares of the technology company’s stock valued at $2,871,000 after purchasing an additional 4,166 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Arista Networks by 97.2% during the 2nd 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. MBB Public Markets I LLC acquired a new stake in shares of Arista Networks during the 2nd quarter valued at $6,664,000. Mark Asset Management LP boosted its holdings in shares of Arista Networks by 50.9% during the 2nd quarter. Mark Asset Management LP now owns 88,489 shares of the technology company’s stock valued at $31,014,000 after acquiring an additional 29,850 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Arista Networks by 2.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 164,739 shares of the technology company’s stock valued at $57,730,000 after acquiring an additional 3,537 shares in the last quarter. Institutional investors and hedge funds 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.