Arista Networks (NYSE:ANET) Trading 2.3% Higher – What’s Next?

Shares of Arista Networks, Inc. (NYSE:ANET) shot up 2.3% on Tuesday . The company traded as high as $80.19 and last traded at $79.37. 3,512,585 shares were traded during mid-day trading, a decline of 60% from the average session volume of 8,714,035 shares. The stock had previously closed at $77.56.

Analyst Upgrades and Downgrades

ANET has been the subject of a number of analyst reports. UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and boosted their target price for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Piper Sandler reissued a “neutral” rating and issued a $108.00 price objective (up from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, Barclays reiterated an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Stock Up 1.9 %

The company has a 50 day moving average of $108.24 and a two-hundred day moving average of $102.10. The firm has a market cap of $99.72 billion, a P/E ratio of 35.62, a PEG ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. Research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total value of $892,080.00. Following the completion of the transaction, the director now owns 163,784 shares in the company, valued at $18,263,553.84. This trade represents a 4.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $115.61, for a total value of $9,248,800.00. Following the sale, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,500,155.36. The trade was a 86.04 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 491,001 shares of company stock worth $49,112,111. Corporate insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caitlin John LLC lifted its holdings in shares of Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after purchasing an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC lifted its stake in Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after acquiring an additional 191 shares in the last quarter. Cranbrook Wealth Management LLC boosted its position in Arista Networks by 300.0% during the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock worth $29,000 after acquiring an additional 198 shares during the period. Trust Co. of Vermont grew its stake in Arista Networks by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after acquiring an additional 198 shares in the last quarter. Finally, New Millennium Group LLC grew its stake in Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock valued at $29,000 after acquiring an additional 195 shares in the last quarter. Institutional investors and hedge funds 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.