Arista Networks (NYSE:ANET) Trading Up 1.8% – Still a Buy?

Arista Networks, Inc. (NYSE:ANET) was up 1.8% during mid-day trading on Wednesday . The company traded as high as $117.25 and last traded at $117.00. Approximately 1,761,618 shares were traded during trading, a decline of 69% from the average daily volume of 5,621,485 shares. The stock had previously closed at $114.91.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ANET shares. Wells Fargo & Company boosted their price objective on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. UBS Group increased their price objective on shares of Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research report on Friday, November 8th. The Goldman Sachs Group increased their price objective on shares of Arista Networks from $97.50 to $107.50 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Piper Sandler reissued a “neutral” rating and set a $105.25 price objective (up previously from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. Finally, Rosenblatt Securities increased their price objective on shares of Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and an average price target of $102.42.

Arista Networks Stock Up 1.6 %

The business’s 50 day simple moving average is $107.03 and its 200 day simple moving average is $96.46. The stock has a market cap of $147.03 billion, a price-to-earnings ratio of 56.11, a PEG ratio of 3.21 and a beta of 1.08.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The company had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter last year, the company posted $0.41 EPS. Arista Networks’s quarterly revenue was up 20.0% compared to the same quarter last year. Equities research analysts forecast that Arista Networks, Inc. will post 1.96 earnings per share for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $412.65, for a total transaction of $825,300.00. Following the completion of the transaction, the director now directly owns 42,946 shares in the company, valued at $17,721,666.90. This trade represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Marc Taxay sold 2,496 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $96.83, for a total value of $241,693.92. The disclosure for this sale can be found here. Over the last three months, insiders sold 345,316 shares of company stock worth $37,761,976. 3.54% of the stock is currently owned by insiders.

Institutional Trading of Arista Networks

Hedge funds have recently added to or reduced their stakes in the stock. Anchor Investment Management LLC bought a new stake in shares of Arista Networks in the second quarter valued at approximately $35,000. MidAtlantic Capital Management Inc. bought a new stake in Arista Networks during the 3rd quarter worth approximately $44,000. HM Payson & Co. increased its holdings in Arista Networks by 28.2% during the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock worth $51,000 after acquiring an additional 29 shares during the period. True Wealth Design LLC increased its holdings in Arista Networks by 2,133.3% during the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock worth $51,000 after acquiring an additional 128 shares during the period. Finally, ORG Partners LLC increased its holdings in Arista Networks by 186.0% during the 3rd quarter. ORG Partners LLC now owns 143 shares of the technology company’s stock worth $55,000 after acquiring an additional 93 shares during the period. Institutional investors 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.