Arista Networks (NYSE:ANET) Trading Up 1.7% – Time to Buy?

Arista Networks, Inc. (NYSE:ANET)’s stock price was up 1.7% during mid-day trading on Thursday . The company traded as high as $118.88 and last traded at $118.06. Approximately 1,592,253 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 5,762,369 shares. The stock had previously closed at $116.10.

Analyst Upgrades and Downgrades

ANET has been the subject of several research reports. StockNews.com downgraded Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Rosenblatt Securities increased their price target on Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research note on Friday, November 8th. 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 note on Wednesday, October 30th. Piper Sandler reiterated a “neutral” rating and set a $105.25 price target (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Finally, The Goldman Sachs Group increased their price target on Arista Networks from $120.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $105.83.

Arista Networks Trading Up 1.4 %

The firm has a fifty day simple moving average of $107.45 and a two-hundred day simple moving average of $96.74. The stock has a market cap of $150.90 billion, a PE ratio of 57.59, a PEG ratio of 3.09 and a beta of 1.08.

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

Insider Buying and Selling

In other news, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $99.12, for a total value of $147,887.04. Following the sale, the director now directly owns 8,768 shares in the company, valued at approximately $869,084.16. This trade represents a 14.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $118.47, for a total value of $9,477,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,537,266.72. This represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 345,316 shares of company stock worth $37,761,976 in the last ninety days. 3.54% of the stock is owned by insiders.

Institutional Investors Weigh In On Arista Networks

A number of large investors have recently made changes to their positions in the business. Ameriprise Financial Inc. boosted its position in shares of Arista Networks by 97.2% during the second 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. International Assets Investment Management LLC boosted its position in shares of Arista Networks by 39,841.1% during the third quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock valued at $3,358,850,000 after purchasing an additional 872,919 shares in the last quarter. 1832 Asset Management L.P. boosted its position in shares of Arista Networks by 4,160.9% during the second quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock valued at $180,743,000 after purchasing an additional 503,597 shares in the last quarter. Wellington Management Group LLP raised its stake in Arista Networks by 22.7% during the third quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock valued at $1,021,228,000 after buying an additional 492,615 shares during the last quarter. Finally, Wedge Capital Management L L P NC raised its stake in Arista Networks by 263.9% during the fourth quarter. Wedge Capital Management L L P NC now owns 630,248 shares of the technology company’s stock valued at $69,661,000 after buying an additional 457,068 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

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.