Arista Networks (NYSE:ANET) Now Covered by Truist Financial

Equities researchers at Truist Financial initiated coverage on shares of Arista Networks (NYSE:ANET) in a research report issued on Tuesday, Marketbeat reports. The brokerage set a “buy” rating and a $161.00 price target on the technology company’s stock. Truist Financial’s price target indicates a potential upside of 38.96% from the stock’s current price.

Other equities analysts also recently issued reports about the stock. KeyCorp reaffirmed an “overweight” rating and set a $178.00 price objective (up from $170.00) on shares of Arista Networks in a report on Friday, February 13th. Weiss Ratings reissued a “hold (c+)” rating on shares of Arista Networks in a research note on Friday. Rosenblatt Securities raised their price target on shares of Arista Networks from $140.00 to $165.00 and gave the company a “neutral” rating in a research note on Tuesday, February 10th. Morgan Stanley reiterated an “overweight” rating and issued a $165.00 price objective on shares of Arista Networks in a report on Friday, February 13th. Finally, Wells Fargo & Company boosted their price objective on Arista Networks from $175.00 to $185.00 and gave the stock an “overweight” rating in a research note on Friday, February 13th. Nineteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus price target of $175.61.

Arista Networks Trading Down 4.1%

Shares of ANET opened at $115.86 on Tuesday. The firm has a market cap of $145.59 billion, a P/E ratio of 41.98, a PEG ratio of 2.14 and a beta of 1.46. Arista Networks has a 12 month low of $59.43 and a 12 month high of $164.94. The stock’s 50 day moving average is $135.21 and its two-hundred day moving average is $136.50.

Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.07. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The business had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the prior year, the company posted $0.66 EPS. The business’s quarterly revenue was up 28.9% on a year-over-year basis. Equities research analysts forecast that Arista Networks will post 2.2 EPS for the current year.

Insider Buying and Selling

In other Arista Networks news, Director Yvonne Wassenaar sold 1,815 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $132.44, for a total value of $240,378.60. Following the transaction, the director directly owned 12,574 shares of the company’s stock, valued at $1,665,300.56. This trade represents a 12.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Kenneth Duda sold 32,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $134.14, for a total value of $4,292,480.00. Following the transaction, the insider owned 12,976 shares in the company, valued at approximately $1,740,600.64. This represents a 71.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 199,632 shares of company stock worth $26,936,324. 3.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Arista Networks

Institutional investors have recently added to or reduced their stakes in the stock. Global Trust Asset Management LLC raised its position in Arista Networks by 33.0% in the third quarter. Global Trust Asset Management LLC now owns 19,273 shares of the technology company’s stock worth $2,808,000 after acquiring an additional 4,780 shares in the last quarter. Rakuten Investment Management Inc. acquired a new position in shares of Arista Networks during the 3rd quarter worth $8,263,000. National Wealth Management Group LLC purchased a new position in shares of Arista Networks in the 3rd quarter valued at about $1,296,000. Holocene Advisors LP purchased a new position in shares of Arista Networks in the 2nd quarter valued at about $247,451,000. Finally, Three Seasons Wealth LLC acquired a new stake in shares of Arista Networks in the third quarter valued at about $2,483,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Company Profile

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.