Arista Networks (NYSE:ANET) Stock Price Up 1.1% – Time to Buy?

Arista Networks, Inc. (NYSE:ANET)’s stock price was up 1.1% during trading on Wednesday . The stock traded as high as $106.43 and last traded at $105.92. Approximately 986,886 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 8,831,813 shares. The stock had previously closed at $104.78.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ANET shares. StockNews.com upgraded shares of Arista Networks from a “hold” rating to a “buy” rating in a research report on Wednesday, December 4th. Barclays cut their target price on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, December 4th. Wells Fargo & Company increased their price target on Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Evercore ISI lifted their price objective on Arista Networks from $100.00 to $106.25 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Finally, Piper Sandler restated a “neutral” rating and set a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and a consensus target price of $98.88.

Arista Networks Stock Performance

The company has a 50-day moving average of $100.27 and a 200-day moving average of $90.41. The firm has a market capitalization of $136.00 billion, a price-to-earnings ratio of 50.92, a price-to-earnings-growth ratio of 3.24 and a beta of 1.10.

Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.41 EPS. As a group, analysts anticipate that Arista Networks, Inc. will post 1.96 EPS for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $108.29, for a total value of $8,663,200.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at $1,405,171.04. This trade represents a 86.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $89.19, for a total value of $132,707.28. Following the transaction, the director now directly owns 10,260 shares in the company, valued at $915,038.10. This trade represents a 12.67 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 354,676 shares of company stock worth $36,943,399. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

A number of institutional investors and hedge funds have recently modified their holdings of ANET. State Street Corp lifted its position in shares of Arista Networks by 3.8% in the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock valued at $4,313,229,000 after buying an additional 411,109 shares during the last quarter. Geode Capital Management LLC raised its stake in Arista Networks by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 5,871,481 shares of the technology company’s stock valued at $2,246,705,000 after acquiring an additional 236,151 shares during the period. Wellington Management Group LLP lifted its holdings in Arista Networks by 22.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock valued at $1,021,228,000 after purchasing an additional 492,615 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Arista Networks by 4.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,283,573 shares of the technology company’s stock worth $876,481,000 after purchasing an additional 99,790 shares during the period. Finally, Legal & General Group Plc increased its holdings in shares of Arista Networks by 0.9% in the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock valued at $769,560,000 after purchasing an additional 20,278 shares during the last quarter. 82.47% of the stock is 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.