Arista Networks (NYSE:ANET) Trading Up 1.4% Following Analyst Upgrade

Arista Networks, Inc. (NYSE:ANET)’s stock price was up 1.4% during trading on Monday 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 $120.98 and last traded at $119.78. Approximately 5,776,024 shares were traded during trading, an increase of 13% from the average daily volume of 5,099,290 shares. The stock had previously closed at $118.13.

A number of other research firms have also issued reports on ANET. StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Citigroup increased their target price on Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Wells Fargo & Company increased their target price on Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Barclays lowered their target price on Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, December 4th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $105.83.

Insider Transactions at Arista Networks

In other news, Director Kelly Bodnar Battles sold 1,492 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $99.12, for a total transaction of $147,887.04. Following the completion of the transaction, the director now owns 8,768 shares in the company, valued at approximately $869,084.16. This trade represents a 14.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $118.47, for a total transaction of $9,477,600.00. Following the transaction, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,537,266.72. This trade represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 345,316 shares of company stock worth $37,761,976. Insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ANET. Cranbrook Wealth Management LLC boosted its holdings in shares of Arista Networks by 300.0% during the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares during the period. Trust Co. of Vermont boosted its holdings in shares of Arista Networks by 300.0% during the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares during the period. Westside Investment Management Inc. boosted its holdings in shares of Arista Networks by 1,012.0% during the fourth quarter. Westside Investment Management Inc. now owns 278 shares of the technology company’s stock worth $31,000 after purchasing an additional 253 shares during the period. Anchor Investment Management LLC bought a new position in Arista Networks during the second quarter valued at approximately $35,000. Finally, Armstrong Advisory Group Inc. raised its position in Arista Networks by 300.0% during the fourth quarter. Armstrong Advisory Group Inc. now owns 372 shares of the technology company’s stock valued at $41,000 after acquiring an additional 279 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Up 1.4 %

The stock has a market cap of $150.90 billion, a P/E ratio of 57.59, a price-to-earnings-growth ratio of 3.09 and a beta of 1.08. The firm’s 50-day moving average is $107.84 and its two-hundred day moving average is $97.05.

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 analysts’ consensus estimates of $0.52 by $0.08. The business 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 firm’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.41 earnings per share. Analysts anticipate that Arista Networks, Inc. will post 1.97 earnings per share 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.