Wells Fargo & Company Raises Arista Networks (NYSE:ANET) Price Target to $460.00

Arista Networks (NYSE:ANET) had its price target upped by investment analysts at Wells Fargo & Company from $390.00 to $460.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 19.04% from the company’s previous close.

Several other brokerages have also issued reports on ANET. Piper Sandler increased their target price on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. Rosenblatt Securities boosted their target price on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. UBS Group increased their price target on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Evercore ISI boosted their price objective on Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Finally, The Goldman Sachs Group increased their target price on Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $373.88.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $386.44 on Wednesday. The firm has a market cap of $121.10 billion, a price-to-earnings ratio of 53.82, a PEG ratio of 3.21 and a beta of 1.07. The stock’s 50-day moving average is $375.35 and its 200 day moving average is $337.82. Arista Networks has a one year low of $187.68 and a one year high of $422.73.

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

Insiders Place Their Bets

In other news, Director Kelly Bodnar Battles sold 373 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $396.48, for a total value of $147,887.04. Following the completion of the transaction, the director now directly owns 2,192 shares of the company’s stock, valued at $869,084.16. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Kelly Bodnar Battles sold 373 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $396.48, for a total value of $147,887.04. Following the transaction, the director now directly owns 2,192 shares of the company’s stock, valued at approximately $869,084.16. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 17,752 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $354.29, for a total transaction of $6,289,356.08. Following the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $6,264,201.49. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,522 shares of company stock valued at $20,099,338 in the last 90 days. 3.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arista Networks

Institutional investors and hedge funds have recently bought and sold shares of the company. AIA Group Ltd grew its stake in shares of Arista Networks by 4.9% during the 3rd quarter. AIA Group Ltd now owns 17,286 shares of the technology company’s stock worth $6,635,000 after acquiring an additional 800 shares during the period. Dudley Capital Management LLC purchased a new stake in Arista Networks during the third quarter valued at about $317,000. Montecito Bank & Trust boosted its position in Arista Networks by 19.3% during the third quarter. Montecito Bank & Trust now owns 1,634 shares of the technology company’s stock worth $627,000 after purchasing an additional 264 shares during the period. Principal Financial Group Inc. increased its stake in shares of Arista Networks by 9.3% in the third quarter. Principal Financial Group Inc. now owns 339,556 shares of the technology company’s stock worth $130,328,000 after purchasing an additional 29,006 shares in the last quarter. Finally, Cozad Asset Management Inc. raised its position in shares of Arista Networks by 32.8% in the third quarter. Cozad Asset Management Inc. now owns 1,080 shares of the technology company’s stock valued at $415,000 after purchasing an additional 267 shares during the period. 82.47% of the stock is owned by 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.