Arista Networks (NYSE:ANET) Stock Price Up 0.6%

Arista Networks, Inc. (NYSE:ANET) shares rose 0.6% during trading on Monday . The company traded as high as $390.00 and last traded at $386.64. Approximately 383,898 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 2,307,668 shares. The stock had previously closed at $384.46.

Analyst Upgrades and Downgrades

ANET has been the subject of a number of recent research reports. Piper Sandler upped their target price on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Rosenblatt Securities upped their price target on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Jefferies Financial Group lifted their price target on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. KeyCorp lifted their target price on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Citigroup increased their price target on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. One analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $358.63.

Arista Networks Stock Performance

The company has a market cap of $120.93 billion, a price-to-earnings ratio of 53.75, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. The stock’s fifty day moving average is $341.55 and its two-hundred day moving average is $316.93.

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

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the company’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 sale, the chief executive officer now directly owns 1,595,800 shares of the company’s stock, valued at $569,700,600. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Kelly Bodnar Battles sold 372 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $356.74, for a total value of $132,707.28. Following the completion of the sale, the director now owns 2,565 shares of the company’s stock, valued at approximately $915,038.10. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was 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 owns 1,595,800 shares in the company, valued at approximately $569,700,600. The disclosure for this sale can be found here. Insiders sold 107,361 shares of company stock worth $38,024,123 in the last quarter. 3.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arista Networks

Several large investors have recently modified their holdings of ANET. Benjamin Edwards Inc. bought a new stake in Arista Networks during the 1st quarter valued at approximately $26,000. Beacon Capital Management LLC increased its position in shares of Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after acquiring an additional 65 shares during the period. LGT Financial Advisors LLC purchased a new stake in shares of Arista Networks in the 2nd quarter worth $27,000. Financial Synergies Wealth Advisors Inc. increased its position in Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after purchasing an additional 96 shares during the period. Finally, Byrne Asset Management LLC bought a new position in shares of Arista Networks in the 2nd quarter worth $33,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

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.