Arista Networks (NYSE:ANET) Trading 2.3% Higher – Here’s Why

Arista Networks, Inc. (NYSE:ANET) traded up 2.3% during mid-day trading on Tuesday . The stock traded as high as $80.19 and last traded at $79.37. 3,512,585 shares traded hands during trading, a decline of 60% from the average session volume of 8,714,035 shares. The stock had previously closed at $77.56.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. Piper Sandler restated a “neutral” rating and issued a $108.00 price objective (up from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Evercore ISI boosted their target price on Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Barclays reissued an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, Rosenblatt Securities reaffirmed a “sell” rating and set a $80.00 price target on shares of Arista Networks in a research report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $114.00.

Arista Networks Stock Performance

The firm has a market capitalization of $99.72 billion, a price-to-earnings ratio of 35.62, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08. The stock’s fifty day moving average is $108.24 and its two-hundred day moving average is $102.10.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. Sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Buying and Selling at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $84.85, for a total value of $6,788,000.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,101,013.60. The trade was a 86.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Marc Taxay sold 51,848 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $88.59, for a total transaction of $4,593,214.32. The disclosure for this sale can be found here. Insiders have sold a total of 491,001 shares of company stock valued at $49,112,111 in the last three months. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

A number of institutional investors have recently made changes to their positions in ANET. MidAtlantic Capital Management Inc. acquired a new position in Arista Networks in the third quarter worth $44,000. True Wealth Design LLC lifted its position in shares of Arista Networks by 2,133.3% in the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock worth $51,000 after buying an additional 128 shares during the last quarter. Anchor Investment Management LLC boosted its holdings in shares of Arista Networks by 35.0% in the 3rd quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock valued at $52,000 after buying an additional 35 shares during the period. Transcendent Capital Group LLC boosted its holdings in shares of Arista Networks by 75.0% in the 3rd quarter. Transcendent Capital Group LLC now owns 175 shares of the technology company’s stock valued at $67,000 after buying an additional 75 shares during the period. Finally, Meeder Asset Management Inc. grew its position in shares of Arista Networks by 52.5% during the 3rd quarter. Meeder Asset Management Inc. now owns 183 shares of the technology company’s stock valued at $70,000 after buying an additional 63 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

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.