Arista Networks (NYSE:ANET) Shares Up 2.6% – Time to Buy?

by · The Markets Daily

Arista Networks, Inc. (NYSE:ANET – Get Free Report)’s stock price rose 2.6% during trading on Monday . The stock traded as high as $118.79 and last traded at $118.18. Approximately 1,976,289 shares changed hands during trading, a decline of 48% from the average daily volume of 3,799,963 shares. The stock had previously closed at $115.20.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. UBS Group boosted their target price on shares of Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a report on Friday, November 8th. StockNews.com downgraded Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Rosenblatt Securities increased their target price on shares of Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a research report on Friday, November 8th. Wells Fargo & Company boosted their target price on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Piper Sandler reiterated a “neutral” rating and set a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $100.70.

Check Out Our Latest Stock Report on Arista Networks

Arista Networks Stock Performance

The firm has a market capitalization of $145.83 billion, a P/E ratio of 55.65, a price-to-earnings-growth ratio of 3.21 and a beta of 1.08. The business has a 50 day simple moving average of $105.45 and a two-hundred day simple moving average of $95.40.

Arista Networks (NYSE:ANET – Get Free Report) last announced its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.08. The business had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. Arista Networks’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period in the previous year, the business posted $0.41 earnings per share. On average, equities analysts anticipate that Arista Networks, Inc. will post 1.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $98.30, for a total value of $786,360.00. Following the transaction, the director now owns 179,784 shares in the company, valued at approximately $17,671,868.28. This trade represents a 4.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $99.12, for a total transaction of $147,887.04. Following the sale, the director now directly owns 8,768 shares of the company’s stock, valued at $869,084.16. The trade was a 14.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 265,316 shares of company stock valued at $28,284,376 over the last 90 days. Insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ANET. Fulton Bank N.A. grew its holdings in shares of Arista Networks by 310.1% during the 4th quarter. Fulton Bank N.A. now owns 21,569 shares of the technology company’s stock worth $2,384,000 after acquiring an additional 16,310 shares during the period. Range Financial Group LLC grew its stake in Arista Networks by 1,599.0% in the fourth quarter. Range Financial Group LLC now owns 43,562 shares of the technology company’s stock worth $4,815,000 after purchasing an additional 40,998 shares during the period. Rise Advisors LLC raised its holdings in Arista Networks by 132.0% in the fourth quarter. Rise Advisors LLC now owns 775 shares of the technology company’s stock worth $86,000 after purchasing an additional 441 shares in the last quarter. Diversified Trust Co lifted its holdings in shares of Arista Networks by 440.5% during the fourth quarter. Diversified Trust Co now owns 27,880 shares of the technology company’s stock valued at $3,082,000 after purchasing an additional 22,722 shares during the last quarter. Finally, Horizons Wealth Management boosted its stake in Arista Networks by 300.0% in the 4th quarter. Horizons Wealth Management now owns 800 shares of the technology company’s stock worth $88,000 after purchasing an additional 600 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

About Arista Networks

(Get Free Report)

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.

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