Arista Networks (NYSE:ANET) Upgraded at StockNews.com

StockNews.com upgraded shares of Arista Networks (NYSE:ANET) from a hold rating to a buy rating in a research report released on Wednesday morning.

Several other research analysts have also commented on the company. Barclays lifted their price target on Arista Networks from $85.25 to $123.75 and gave the stock an “overweight” rating in a report on Friday, November 8th. UBS Group upped their target price on shares of Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research report on Friday, November 8th. Citigroup lifted their target price on shares of Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Wells Fargo & Company boosted their price target on shares of Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Piper Sandler reissued a “neutral” rating and issued a $105.25 price objective (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.88.

Arista Networks Price Performance

Shares of NYSE ANET opened at $108.24 on Wednesday. The stock has a market capitalization of $34.09 billion, a price-to-earnings ratio of 13.01, a PEG ratio of 3.12 and a beta of 1.10. The firm’s 50 day simple moving average is $99.81 and its 200-day simple moving average is $89.84. Arista Networks has a 12 month low of $53.12 and a 12 month high of $110.74.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same period last year, the firm posted $0.41 earnings per share. The company’s revenue was up 20.0% compared to the same quarter last year. Analysts anticipate that Arista Networks will post 7.79 earnings per share for the current fiscal year.

Insider Activity

In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the completion of the sale, the director now owns 42,946 shares of the company’s stock, valued at approximately $17,721,666.90. This trade represents a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kelly Bodnar Battles sold 1,488 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $89.19, for a total transaction of $132,707.28. Following the transaction, the director now directly owns 10,260 shares in the company, valued at approximately $915,038.10. This trade represents a 12.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 274,676 shares of company stock valued at $28,280,199 over the last quarter. Corporate insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ANET. State Street Corp raised its position in Arista Networks by 3.8% during the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock worth $4,313,229,000 after acquiring an additional 411,109 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Arista Networks by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 5,871,481 shares of the technology company’s stock worth $2,246,705,000 after purchasing an additional 236,151 shares during the last quarter. Wellington Management Group LLP lifted its stake in Arista Networks by 22.7% in 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 buying an additional 492,615 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased 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 buying an additional 99,790 shares in the last quarter. Finally, Legal & General Group Plc raised 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 worth $769,560,000 after acquiring an additional 20,278 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.