Arista Networks (NYSE:ANET) Hits New 1-Year High at $376.95

Arista Networks, Inc. (NYSE:ANET)’s share price reached a new 52-week high on Thursday . The stock traded as high as $376.95 and last traded at $374.88, with a volume of 338631 shares changing hands. The stock had previously closed at $361.71.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ANET. Piper Sandler upped their price objective on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, July 15th. Citigroup upped their price objective on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Needham & Company LLC restated a “buy” rating and issued a $375.00 price objective on shares of Arista Networks in a research report on Wednesday, July 31st. Bank of America upped their price objective on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Finally, Evercore ISI restated an “outperform” rating and issued a $400.00 price objective on shares of Arista Networks in a research report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average target price of $358.63.

Arista Networks Stock Up 1.4 %

The firm has a market cap of $120.48 billion, a price-to-earnings ratio of 53.55, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. The business has a 50 day moving average price of $341.55 and a 200-day moving average price of $316.46.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same quarter last year, the firm earned $1.41 earnings per share. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. Research analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Kelly Bodnar Battles sold 372 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $356.74, for a total value of $132,707.28. Following the completion of the sale, the director now owns 2,565 shares in the company, valued at $915,038.10. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Arista Networks news, Director Kelly Bodnar Battles sold 372 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $356.74, for a total transaction of $132,707.28. Following the completion of the sale, the director now owns 2,565 shares in the company, valued at approximately $915,038.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Marc Taxay sold 624 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $354.71, for a total value of $221,339.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 107,361 shares of company stock worth $38,024,123. 3.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Arista Networks

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after purchasing an additional 1,596,040 shares in the last quarter. Capital World Investors grew its position in shares of Arista Networks by 0.5% in the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after acquiring an additional 55,312 shares in the last quarter. WCM Investment Management LLC grew its position in shares of Arista Networks by 0.8% in the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock worth $884,270,000 after acquiring an additional 25,196 shares in the last quarter. GQG Partners LLC acquired a new position in shares of Arista Networks in the 1st quarter worth approximately $881,848,000. Finally, Legal & General Group Plc grew its position in shares of Arista Networks by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after acquiring an additional 20,278 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.