Arista Networks (NYSE:ANET) PT Raised to $425.00

Arista Networks (NYSE:ANET) had its target price upped by research analysts at Evercore ISI from $400.00 to $425.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Evercore ISI’s price objective would suggest a potential upside of 11.37% from the stock’s previous close.

Several other brokerages have also weighed in on ANET. Bank of America lifted their price objective on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Wells Fargo & Company lifted their price objective on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Barclays raised their target price on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Finally, The Goldman Sachs Group raised their target price on Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $364.81.

Arista Networks Price Performance

Shares of Arista Networks stock traded down $2.20 during trading hours on Tuesday, hitting $381.62. 473,717 shares of the company’s stock traded hands, compared to its average volume of 2,278,884. Arista Networks has a 12-month low of $168.25 and a 12-month high of $395.82. The stock has a market capitalization of $119.59 billion, a price-to-earnings ratio of 53.08, a PEG ratio of 3.04 and a beta of 1.07. The company has a fifty day simple moving average of $346.52 and a 200-day simple moving average of $321.38.

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

Insider Buying and Selling

In related news, Director Kelly Bodnar Battles sold 372 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $915,038.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Kelly Bodnar Battles sold 372 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $915,038.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Marc Taxay sold 628 shares of the business’s 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 54,157 shares of company stock worth $19,291,193 in the last quarter. 3.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Arista Networks

A number of large investors have recently bought and sold shares of the stock. FCG Investment Co increased its stake in Arista Networks by 2.3% in the 2nd quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock worth $445,000 after purchasing an additional 29 shares during the period. Old Port Advisors increased its stake in Arista Networks by 3.5% in the 1st quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after purchasing an additional 32 shares during the period. Fortitude Family Office LLC increased its stake in shares of Arista Networks by 33.3% during the second quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock valued at $46,000 after buying an additional 33 shares during the period. Resonant Capital Advisors LLC increased its stake in shares of Arista Networks by 4.1% during the second quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock valued at $305,000 after buying an additional 34 shares during the period. Finally, Modera Wealth Management LLC increased its stake in shares of Arista Networks by 2.1% during the second quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock valued at $625,000 after buying an additional 37 shares during the period. 82.47% of the stock is owned by hedge funds and other 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.