Arista Networks (NYSE:ANET) Reaches New 1-Year High – Time to Buy?

Shares of Arista Networks, Inc. (NYSE:ANET) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $108.97 and last traded at $107.04, with a volume of 424644 shares changing hands. The stock had previously closed at $103.62.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on ANET shares. Citigroup raised their price objective on shares of Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. 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. Wells Fargo & Company lifted their price target on shares of Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Rosenblatt Securities lifted their price target on shares of Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research report on Friday, November 8th. Finally, The Goldman Sachs Group lifted their price target on shares of Arista Networks from $97.50 to $107.50 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus price target of $98.80.

Arista Networks Stock Performance

The firm’s 50-day moving average is $397.74 and its 200 day moving average is $358.46. The firm has a market capitalization of $32.89 billion, a P/E ratio of 49.81, a PEG ratio of 3.09 and a beta of 1.10.

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, beating the consensus estimate of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same period in the previous year, the business earned $0.41 EPS. The company’s revenue was up 20.0% compared to the same quarter last year. As a group, research analysts expect that Arista Networks, Inc. will post 7.79 EPS for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other news, SVP Kenneth Duda sold 6,756 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $80.32, for a total transaction of $542,641.92. Following the transaction, the senior vice president now directly owns 730,400 shares in the company, valued at $58,665,728. The trade was a 0.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $95.63, for a total transaction of $765,040.00. Following the transaction, the director now owns 187,784 shares in the company, valued at $17,957,783.92. This represents a 4.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 279,432 shares of company stock worth $27,997,541. Insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ANET. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Arista Networks during the second quarter worth approximately $35,000. CWM LLC boosted its stake in Arista Networks by 2.1% in the 2nd quarter. CWM LLC now owns 15,942 shares of the technology company’s stock valued at $5,587,000 after purchasing an additional 332 shares during the period. Aprio Wealth Management LLC bought a new position in Arista Networks during the 2nd quarter worth $234,000. Valeo Financial Advisors LLC lifted its holdings in shares of Arista Networks by 5.4% during the second quarter. Valeo Financial Advisors LLC now owns 1,866 shares of the technology company’s stock worth $654,000 after buying an additional 96 shares in the last quarter. Finally, Simplicity Wealth LLC boosted its position in shares of Arista Networks by 21.2% in the second quarter. Simplicity Wealth LLC now owns 5,685 shares of the technology company’s stock valued at $1,992,000 after acquiring an additional 993 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.