Arista Networks (NYSE:ANET) Stock Price Up 0.5% – Time to Buy?

Arista Networks, Inc. (NYSE:ANET)’s stock price rose 0.5% during mid-day trading on Tuesday . The stock traded as high as $114.29 and last traded at $113.63. Approximately 530,939 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 8,767,841 shares. The stock had previously closed at $113.09.

Analysts Set New Price Targets

ANET has been the subject of several research analyst reports. The Goldman Sachs Group boosted their price objective on Arista Networks from $97.50 to $107.50 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Wells Fargo & Company lifted their price objective on shares of Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Evercore ISI boosted their price target on Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Barclays cut their price objective on Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 4th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $105.25 price target (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $100.70.

Arista Networks Price Performance

The firm’s fifty day simple moving average is $102.96 and its 200 day simple moving average is $93.31. The company has a market capitalization of $144.43 billion, a price-to-earnings ratio of 55.12, a PEG ratio of 3.21 and a beta of 1.10.

Arista Networks (NYSE:ANET) last released its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. The firm 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%. The business’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.41 EPS. Equities research analysts forecast that Arista Networks, Inc. will post 1.96 earnings per share for the current fiscal year.

Insider Transactions at Arista Networks

In other Arista Networks news, insider John F. Mccool sold 288 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $108.70, for a total transaction of $31,305.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $95.63, for a total value of $765,040.00. Following the completion of the transaction, the director now owns 187,784 shares in the company, valued at approximately $17,957,783.92. The trade was a 4.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 353,476 shares of company stock worth $36,841,998 in the last three months. Insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Several institutional investors have recently bought and sold shares of the stock. HB Wealth Management LLC increased its holdings in shares of Arista Networks by 28.9% in the second quarter. HB Wealth Management LLC now owns 4,835 shares of the technology company’s stock worth $1,695,000 after purchasing an additional 1,083 shares during the period. Financial Advocates Investment Management bought a new position in shares of Arista Networks during the second quarter valued at $265,000. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Arista Networks by 4.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 3,480 shares of the technology company’s stock worth $1,220,000 after purchasing an additional 158 shares in the last quarter. Ameritas Advisory Services LLC grew its position in Arista Networks by 8.4% in the 2nd quarter. Ameritas Advisory Services LLC now owns 5,590 shares of the technology company’s stock worth $1,959,000 after purchasing an additional 431 shares during the period. Finally, UMB Bank n.a. lifted its stake in shares of Arista Networks by 1,732.0% in the 2nd quarter. UMB Bank n.a. now owns 13,612 shares of the technology company’s stock worth $4,771,000 after purchasing an additional 12,869 shares during the period. Institutional investors own 82.47% of the company’s stock.

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.