Arista Networks (NYSE:ANET) Shares Up 0.6% – Here’s Why

Arista Networks, Inc. (NYSE:ANET)’s stock price rose 0.6% during mid-day trading on Thursday . The company traded as high as $112.12 and last traded at $108.76. Approximately 1,357,855 shares were traded during trading, a decline of 85% from the average daily volume of 8,793,188 shares. The stock had previously closed at $108.07.

Analyst Ratings Changes

ANET has been the subject of a number of research analyst reports. The Goldman Sachs Group boosted their price target on Arista Networks from $97.50 to $107.50 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Rosenblatt Securities upped their price objective on shares of Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a research note on Friday, November 8th. Wells Fargo & Company raised their price objective on shares of Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Piper Sandler restated a “neutral” rating and set a $105.25 price objective (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Finally, Barclays dropped their price objective on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and an average price target of $100.70.

Arista Networks Trading Up 1.2 %

The firm has a fifty day simple moving average of $101.87 and a two-hundred day simple moving average of $91.96. The firm has a market cap of $137.81 billion, a PE ratio of 52.59, a PEG ratio of 3.21 and a beta of 1.10.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.08. The business 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%. The business’s revenue was up 20.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.41 EPS. Equities analysts expect that Arista Networks, Inc. will post 1.96 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $412.65, for a total transaction of $825,300.00. Following the transaction, the director now directly owns 42,946 shares of the company’s stock, valued at $17,721,666.90. This represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jayshree Ullal sold 3,344 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $96.67, for a total transaction of $323,264.48. Following the transaction, the chief executive officer now owns 70,724 shares in the company, valued at $6,836,889.08. This represents a 4.51 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 353,476 shares of company stock worth $36,841,998. Insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in shares of Arista Networks by 9.3% in the third quarter. Principal Financial Group Inc. now owns 339,556 shares of the technology company’s stock worth $130,328,000 after buying an additional 29,006 shares during the period. Retirement Systems of Alabama lifted its holdings in Arista Networks by 0.6% during the third quarter. Retirement Systems of Alabama now owns 56,320 shares of the technology company’s stock valued at $21,617,000 after purchasing an additional 329 shares in the last quarter. Oddo BHF Asset Management Sas bought a new position in shares of Arista Networks in the third quarter worth approximately $13,283,000. American Trust increased its stake in shares of Arista Networks by 71.7% in the third quarter. American Trust now owns 4,382 shares of the technology company’s stock worth $1,682,000 after purchasing an additional 1,830 shares in the last quarter. Finally, Old North State Trust LLC raised its position in shares of Arista Networks by 6.9% during the 3rd quarter. Old North State Trust LLC now owns 1,371 shares of the technology company’s stock valued at $526,000 after purchasing an additional 89 shares during the period. 82.47% of the stock is 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.