Arista Networks (NYSE:ANET) Reaches New 12-Month High – Should You Buy?

Shares of Arista Networks, Inc. (NYSE:ANET) hit a new 52-week high during trading on Monday . The company traded as high as $118.22 and last traded at $117.63, with a volume of 658974 shares traded. The stock had previously closed at $115.20.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ANET. UBS Group increased their price target on shares of Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research note on Friday, November 8th. Piper Sandler reissued a “neutral” rating and set a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Morgan Stanley increased their price target on Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. Barclays reduced their price objective on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a report on Wednesday, December 4th. Finally, StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $100.70.

Arista Networks Price Performance

The company has a market capitalization of $149.22 billion, a price-to-earnings ratio of 56.95, a PEG ratio of 3.21 and a beta of 1.08. The stock has a 50 day simple moving average of $104.73 and a two-hundred day simple moving average of $94.95.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.08. The firm had revenue of $1.81 billion during 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 firm’s revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.41 earnings per share. Equities research analysts predict that Arista Networks, Inc. will post 1.96 EPS for the current year.

Insider Activity at Arista Networks

In other news, insider John F. Mccool sold 288 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $108.70, for a total transaction of $31,305.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $412.65, for a total transaction of $825,300.00. Following the completion of the sale, the director now owns 42,946 shares of the company’s stock, valued at approximately $17,721,666.90. This trade represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 257,316 shares of company stock valued at $27,392,296 in the last ninety days. Insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. New York Life Investment Management LLC raised its position in Arista Networks by 1.2% during the 2nd quarter. New York Life Investment Management LLC now owns 34,954 shares of the technology company’s stock worth $12,251,000 after buying an additional 429 shares during the last quarter. Private Advisor Group LLC lifted its holdings in shares of Arista Networks by 152.6% in the 2nd quarter. Private Advisor Group LLC now owns 13,001 shares of the technology company’s stock valued at $4,557,000 after buying an additional 7,854 shares during the period. Candriam S.C.A. boosted its stake in shares of Arista Networks by 49.3% in the second quarter. Candriam S.C.A. now owns 38,347 shares of the technology company’s stock valued at $13,439,000 after buying an additional 12,660 shares in the last quarter. Savant Capital LLC grew its holdings in Arista Networks by 48.3% during the second quarter. Savant Capital LLC now owns 12,406 shares of the technology company’s stock worth $4,348,000 after acquiring an additional 4,041 shares during the period. Finally, Advisor OS LLC raised its position in Arista Networks by 7.7% in the second quarter. Advisor OS LLC now owns 1,038 shares of the technology company’s stock worth $364,000 after acquiring an additional 74 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.