Arista Networks (NYSE:ANET) Trading 2% Higher on Analyst Upgrade

Arista Networks, Inc. (NYSE:ANET)’s share price traded up 2% during trading on Friday after The Goldman Sachs Group raised their price target on the stock from $120.00 to $135.00. The Goldman Sachs Group currently has a buy rating on the stock. Arista Networks traded as high as $120.33 and last traded at $120.48. 1,792,171 shares traded hands during trading, a decline of 69% from the average session volume of 5,834,124 shares. The stock had previously closed at $118.13.

ANET has been the topic of several other reports. Morgan Stanley lifted their price target on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Piper Sandler restated a “neutral” rating and set a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Wells Fargo & Company increased their price target 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. StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Finally, Citigroup raised their target price on shares of Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $105.83.

Insider Activity

In related news, SVP Marc Taxay sold 2,496 shares of Arista Networks stock in a transaction on Friday, November 1st. The stock was sold at an average price of $96.83, for a total value of $241,693.92. 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 company’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $99.12, for a total value of $147,887.04. Following the sale, the director now owns 8,768 shares of the company’s stock, valued at approximately $869,084.16. This trade represents a 14.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 345,316 shares of company stock valued at $37,761,976 over the last ninety days. 3.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. lifted its position in shares of Arista Networks by 97.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after buying an additional 884,703 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Arista Networks by 39,841.1% during the third quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock valued at $3,358,850,000 after purchasing an additional 872,919 shares in the last quarter. 1832 Asset Management L.P. boosted its position in shares of Arista Networks by 4,160.9% in the second quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock worth $180,743,000 after purchasing an additional 503,597 shares during the period. Wellington Management Group LLP increased its stake in shares of Arista Networks by 22.7% in the third quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock worth $1,021,228,000 after purchasing an additional 492,615 shares in the last quarter. Finally, Wedge Capital Management L L P NC raised its position in shares of Arista Networks by 263.9% during the 4th quarter. Wedge Capital Management L L P NC now owns 630,248 shares of the technology company’s stock valued at $69,661,000 after purchasing an additional 457,068 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Trading Up 1.4 %

The company has a market cap of $150.90 billion, a PE ratio of 57.59, a PEG ratio of 3.09 and a beta of 1.08. The business’s 50 day moving average is $107.84 and its two-hundred day moving average is $96.96.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.52 by $0.08. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the previous year, the business earned $0.41 earnings per share. The business’s revenue was up 20.0% on a year-over-year basis. As a group, equities research analysts predict that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

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.