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

Arista Networks, Inc. (NYSE:ANET) shares gapped up before the market opened on Tuesday . The stock had previously closed at $100.30, but opened at $105.02. Arista Networks shares last traded at $102.73, with a volume of 3,615,985 shares changing hands.

Analysts Set New Price Targets

ANET has been the topic of several research analyst reports. The Goldman Sachs Group boosted their target price on shares of Arista Networks from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, January 17th. UBS Group boosted their price target on shares of Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Piper Sandler reissued 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. StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Finally, Rosenblatt Securities lifted their price objective on Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and an average price target of $105.83.

Arista Networks Stock Up 1.2 %

The business has a 50 day moving average price of $111.07 and a 200 day moving average price of $98.44. The stock has a market cap of $135.87 billion, a P/E ratio of 51.85, a PEG ratio of 3.49 and a beta of 1.08.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.52 by $0.08. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. Arista Networks’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.41 EPS. On average, research analysts expect that Arista Networks, Inc. will post 1.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Arista Networks news, insider John F. Mccool sold 2,336 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $96.83, for a total value of $226,200.72. Following the completion of the sale, the insider now directly owns 288 shares in the company, valued at approximately $27,887.76. This represents a 89.02 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $412.65, for a total value of $825,300.00. Following the transaction, the director now owns 42,946 shares in the company, valued at approximately $17,721,666.90. This represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 343,992 shares of company stock worth $37,634,420 in the last three months. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Large investors have recently modified their holdings of the business. Anchor Investment Management LLC bought a new position in Arista Networks in the second quarter worth about $35,000. MidAtlantic Capital Management Inc. bought a new position in shares of Arista Networks during the 3rd quarter worth approximately $44,000. HM Payson & Co. lifted its position in Arista Networks by 28.2% during the third quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after acquiring an additional 29 shares during the last quarter. True Wealth Design LLC boosted its stake in Arista Networks by 2,133.3% in the third quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock valued at $51,000 after acquiring an additional 128 shares in the last quarter. Finally, ORG Partners LLC increased its position in shares of Arista Networks by 186.0% during the third quarter. ORG Partners LLC now owns 143 shares of the technology company’s stock worth $55,000 after purchasing an additional 93 shares in the last quarter. 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.