Arista Networks (NYSE:ANET) Stock Rating Reaffirmed by Evercore ISI

Arista Networks (NYSE:ANET)‘s stock had its “outperform” rating reissued by investment analysts at Evercore ISI in a report issued on Friday, Benzinga reports. They currently have a $400.00 price target on the technology company’s stock. Evercore ISI’s price target indicates a potential upside of 11.19% from the stock’s previous close.

A number of other brokerages have also issued reports on ANET. KeyCorp lifted their price target on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Piper Sandler increased their price target on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Morgan Stanley increased their target price on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $375.00 price target on shares of Arista Networks in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $358.63.

Arista Networks Price Performance

NYSE:ANET opened at $359.76 on Friday. The firm has a 50-day moving average of $341.07 and a two-hundred day moving average of $313.64. The stock has a market cap of $113.02 billion, a P/E ratio of 50.11, a PEG ratio of 2.70 and a beta of 1.07. Arista Networks has a 1-year low of $168.25 and a 1-year high of $376.50.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the prior year, the business posted $1.41 earnings per share. Arista Networks’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, equities analysts expect that Arista Networks will post 7.38 earnings per share for the current year.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $370.70, for a total value of $7,414,000.00. Following the sale, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,202,550.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $357.00, for a total value of $8,925,000.00. Following the transaction, the chief executive officer now owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The disclosure for this sale can be found here. Insiders have sold a total of 106,989 shares of company stock valued at $37,891,416 in the last quarter. Company insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Hedge funds and other institutional investors have recently modified their holdings of the stock. GQG Partners LLC acquired a new position in Arista Networks during the 1st quarter valued at about $881,848,000. Norges Bank acquired a new position in shares of Arista Networks during the fourth quarter valued at approximately $586,051,000. Swedbank AB bought a new stake in Arista Networks during the first quarter worth approximately $521,767,000. Vanguard Group Inc. lifted its position in Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. Finally, Ameriprise Financial Inc. boosted its stake in 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 purchasing an additional 884,703 shares in 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.