Rosenblatt Securities Forecasts Strong Price Appreciation for Arista Networks (NYSE:ANET) Stock

Arista Networks (NYSE:ANET) had its price objective increased by analysts at Rosenblatt Securities from $140.00 to $165.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Rosenblatt Securities’ price objective points to a potential upside of 16.37% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. Weiss Ratings restated a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Morgan Stanley lowered their target price on Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 17th. Erste Group Bank cut Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Piper Sandler raised Arista Networks from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $145.00 to $159.00 in a report on Monday, January 5th. Finally, Barclays reaffirmed an “overweight” rating and issued a $183.00 target price (up previously from $179.00) on shares of Arista Networks in a report on Wednesday, November 5th. Seventeen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $166.00.

Arista Networks Stock Up 3.1%

Arista Networks stock opened at $141.79 on Tuesday. The company has a 50 day moving average of $132.06 and a 200-day moving average of $136.47. The stock has a market capitalization of $178.55 billion, a PE ratio of 53.91, a price-to-earnings-growth ratio of 2.32 and a beta of 1.42. Arista Networks has a twelve month low of $59.43 and a twelve month high of $164.94.

Insider Activity

In related news, insider Kenneth Duda sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $123.16, for a total value of $3,694,800.00. Following the transaction, the insider owned 12,976 shares in the company, valued at approximately $1,598,124.16. This represents a 69.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $140.43, for a total value of $1,123,440.00. Following the transaction, the director directly owned 9,784 shares in the company, valued at $1,373,967.12. This represents a 44.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 216,464 shares of company stock valued at $27,553,548 in the last three months. Company insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ANET. Vanguard Group Inc. grew its holdings in shares of Arista Networks by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 101,189,629 shares of the technology company’s stock worth $13,258,877,000 after purchasing an additional 1,188,799 shares in the last quarter. State Street Corp lifted its stake in Arista Networks by 0.5% during the third quarter. State Street Corp now owns 46,342,551 shares of the technology company’s stock worth $6,752,573,000 after purchasing an additional 245,976 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Arista Networks by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 26,447,629 shares of the technology company’s stock valued at $3,455,095,000 after purchasing an additional 477,625 shares during the last quarter. Cresset Asset Management LLC lifted its position in Arista Networks by 1.0% in the 2nd quarter. Cresset Asset Management LLC now owns 26,374,373 shares of the technology company’s stock worth $2,698,362,000 after buying an additional 263,272 shares during the last quarter. Finally, Norges Bank bought a new position in Arista Networks during the second quarter valued at approximately $1,228,177,000. 82.47% of the stock is owned by institutional investors.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.