Arista Networks (NYSE:ANET) Trading Up 1.5% Following Analyst Upgrade

Arista Networks, Inc. (NYSE:ANET) shot up 1.5% during mid-day trading on Wednesday after Evercore ISI raised their price target on the stock from $400.00 to $425.00. Evercore ISI currently has an outperform rating on the stock. Arista Networks traded as high as $389.07 and last traded at $387.59. 215,009 shares changed hands during trading, a decline of 91% from the average session volume of 2,271,072 shares. The stock had previously closed at $381.85.

ANET has been the topic of several other research reports. UBS Group lifted their price target on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research note on Wednesday, September 4th. Barclays lifted their target price on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group upped their price target on Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Jefferies Financial Group raised their price target on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Morgan Stanley boosted their price objective on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $364.81.

Insider Activity

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $370.70, for a total value of $7,414,000.00. Following the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Marc Taxay sold 628 shares of Arista Networks stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total value of $220,114.00. The disclosure for this sale can be found here. Insiders sold a total of 54,157 shares of company stock valued at $19,291,193 over the last three months. Insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Hedge funds and other institutional investors have recently made changes to their positions in the business. GQG Partners LLC acquired a new position in Arista Networks in the 1st quarter valued at $881,848,000. Swedbank AB bought a new stake in shares of Arista Networks during the 1st quarter valued at approximately $521,767,000. Vanguard Group Inc. grew its holdings in shares of Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after purchasing an additional 1,596,040 shares during the last quarter. Ameriprise Financial Inc. increased its position in Arista Networks by 97.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after purchasing an additional 884,703 shares in the last quarter. Finally, 1832 Asset Management L.P. lifted its stake in Arista Networks by 4,160.9% in the 2nd 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 during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Price Performance

The business’s 50-day simple moving average is $347.22 and its two-hundred day simple moving average is $322.12. The stock has a market cap of $121.46 billion, a price-to-earnings ratio of 53.98, a price-to-earnings-growth ratio of 3.04 and a beta of 1.07.

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