Arista Networks (NYSE:ANET) Reaches New 12-Month High Following Analyst Upgrade

Arista Networks, Inc. (NYSE:ANET) hit a new 52-week high during trading on Friday after Evercore ISI raised their price target on the stock from $110.00 to $130.00. Evercore ISI currently has an outperform rating on the stock. Arista Networks traded as high as $120.28 and last traded at $119.88, with a volume of 1369065 shares traded. The stock had previously closed at $118.13.

Other research analysts have also issued reports about the stock. Citigroup upped their target price on shares of Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Piper Sandler restated a “neutral” rating and issued a $105.25 price target (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. The Goldman Sachs Group lifted their price objective on Arista Networks from $97.50 to $107.50 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Wells Fargo & Company upped their target price on Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Morgan Stanley lifted their price target on Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and an average target price of $104.00.

Insider Activity at Arista Networks

In other news, CEO Jayshree Ullal sold 3,328 shares of Arista Networks stock in a transaction on Monday, November 4th. The stock was sold at an average price of $99.35, for a total value of $330,628.48. Following the completion of the sale, the chief executive officer now owns 70,724 shares of the company’s stock, valued at $7,026,252.59. The trade was a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Marc Taxay sold 2,496 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $96.83, for a total value of $241,693.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 345,316 shares of company stock valued at $37,761,976. 3.54% of the stock is owned by insiders.

Institutional Trading of Arista Networks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its holdings in Arista Networks by 5.8% in the second quarter. Dimensional Fund Advisors LP now owns 596,220 shares of the technology company’s stock valued at $208,962,000 after purchasing an additional 32,480 shares during the period. Citizens Financial Group Inc. RI acquired a new position in shares of Arista Networks in the 2nd quarter valued at $612,000. Waterloo Capital L.P. purchased a new stake in shares of Arista Networks during the 2nd quarter valued at $217,000. Sienna Gestion acquired a new stake in shares of Arista Networks during the 2nd quarter worth $6,186,000. Finally, Brighton Jones LLC raised its position in shares of Arista Networks by 8.8% in the 2nd quarter. Brighton Jones LLC now owns 1,650 shares of the technology company’s stock worth $578,000 after buying an additional 134 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Up 1.1 %

The stock has a fifty day moving average of $107.24 and a two-hundred day moving average of $96.59. The stock has a market cap of $150.42 billion, a price-to-earnings ratio of 57.49, a PEG ratio of 3.09 and a beta of 1.08.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.08. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The company’s revenue was up 20.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 EPS. Equities research analysts anticipate that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

Arista Networks Company Profile

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.