Piper Sandler Reiterates “Neutral” Rating for Arista Networks (NYSE:ANET)

Arista Networks (NYSE:ANET)‘s stock had its “neutral” rating restated by Piper Sandler in a report issued on Friday,Benzinga reports. They presently have a $421.00 price target on the technology company’s stock, up from their prior price target of $345.00. Piper Sandler’s price target would suggest a potential upside of 5.13% from the company’s previous close.

Several other equities analysts also recently issued reports on ANET. KeyCorp boosted their price objective on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Rosenblatt Securities boosted their price target on Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research report on Wednesday, July 31st. Citigroup raised their price target on Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Evercore ISI lifted their price objective on shares of Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Finally, Barclays increased their target price on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. 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. According to data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and an average price target of $395.19.

Arista Networks Price Performance

NYSE:ANET opened at $400.45 on Friday. Arista Networks has a 12-month low of $203.19 and a 12-month high of $431.97. The business has a 50 day simple moving average of $382.60 and a 200 day simple moving average of $344.17. The firm has a market capitalization of $125.80 billion, a P/E ratio of 51.94, a P/E/G ratio of 3.72 and a beta of 1.08.

Arista Networks shares are scheduled to split before the market opens on Wednesday, December 4th. The 4-1 split was announced on Thursday, November 7th. The newly issued shares will be issued to shareholders after the market closes on Tuesday, December 3rd.

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $420.36, for a total transaction of $8,407,200.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,363,647.84. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $420.36, for a total transaction of $8,407,200.00. Following the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,363,647.84. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 completion of the transaction, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $6,264,201.49. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 78,346 shares of company stock worth $30,021,432. 3.54% of the stock is owned by insiders.

Institutional Trading of Arista Networks

A number of hedge funds have recently modified their holdings of ANET. Beacon Capital Management LLC raised its position in Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after buying an additional 65 shares during the period. LGT Financial Advisors LLC purchased a new position in Arista Networks during the 2nd quarter valued at about $27,000. Byrne Asset Management LLC purchased a new position in Arista Networks during the 2nd quarter valued at about $33,000. Sugarloaf Wealth Management LLC acquired a new position in shares of Arista Networks in the 2nd quarter valued at about $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Arista Networks in the second quarter worth approximately $35,000. Hedge funds and other 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.