Arista Networks (NYSE:ANET) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Arista Networks (NYSE:ANET) had its price target boosted by Wells Fargo & Company from $115.00 to $125.00 in a report released on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the technology company’s stock.

Several other research analysts have also recently issued reports on the company. Barclays raised their target price on Arista Networks from $125.00 to $126.00 and gave the stock an “overweight” rating in a research report on Wednesday. Citigroup lifted their price objective on Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research report on Wednesday. Rosenblatt Securities reaffirmed a “sell” rating and set a $80.00 price objective on shares of Arista Networks in a research report on Tuesday. Piper Sandler reaffirmed a “neutral” rating and set a $105.25 price objective (up from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. Finally, Evercore ISI lifted their price objective on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $113.79.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $103.82 on Wednesday. The stock has a market capitalization of $130.79 billion, a price-to-earnings ratio of 49.91, a PEG ratio of 2.87 and a beta of 1.09. The stock’s 50-day simple moving average is $114.08 and its two-hundred day simple moving average is $101.54. Arista Networks has a 52-week low of $60.08 and a 52-week high of $133.57.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. The business had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. As a group, equities analysts forecast that Arista Networks will post 1.97 earnings per share for the current fiscal year.

Insider Transactions at Arista Networks

In other news, insider John F. Mccool sold 288 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $108.70, for a total transaction of $31,305.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the 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 transaction, the director now directly owns 42,946 shares in the company, valued at $17,721,666.90. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 259,944 shares of company stock valued at $30,214,186 in the last ninety days. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Hedge funds have recently made changes to their positions in the stock. Stock Yards Bank & Trust Co. purchased a new stake in shares of Arista Networks during the 4th quarter worth $242,000. Silver Oak Securities Incorporated lifted its stake in shares of Arista Networks by 395.8% during the 4th quarter. Silver Oak Securities Incorporated now owns 18,593 shares of the technology company’s stock worth $2,072,000 after purchasing an additional 14,843 shares during the last quarter. Proactive Wealth Strategies LLC lifted its stake in shares of Arista Networks by 387.6% during the 4th quarter. Proactive Wealth Strategies LLC now owns 6,120 shares of the technology company’s stock worth $676,000 after purchasing an additional 4,865 shares during the last quarter. Chevy Chase Trust Holdings LLC lifted its stake in shares of Arista Networks by 292.7% during the 4th quarter. Chevy Chase Trust Holdings LLC now owns 602,541 shares of the technology company’s stock worth $66,599,000 after purchasing an additional 449,088 shares during the last quarter. Finally, 5T Wealth LLC purchased a new stake in shares of Arista Networks during the 4th quarter worth $1,046,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

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.