Arista Networks (NYSE:ANET) Stock Price Up 1.9% – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET)’s stock price traded up 1.9% on Tuesday . The company traded as high as $115.10 and last traded at $114.73. 981,827 shares traded hands during trading, a decline of 82% from the average session volume of 5,442,593 shares. The stock had previously closed at $112.64.

Wall Street Analyst Weigh In

ANET has been the topic of a number of recent analyst reports. UBS Group raised their price target on Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Barclays cut their price target on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a report on Wednesday, December 4th. Piper Sandler reissued a “neutral” rating and issued a $105.25 price objective (up from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Evercore ISI upped their target price on Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Finally, Citigroup boosted their price target on Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. One equities 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. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $102.42.

Arista Networks Stock Up 1.8 %

The company has a market cap of $148.91 billion, a P/E ratio of 56.83, a PEG ratio of 3.09 and a beta of 1.08. The firm’s 50 day moving average is $107.24 and its two-hundred day moving average is $96.59.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data 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. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The firm’s revenue was up 20.0% compared to the same quarter last year. During the same period last year, the company earned $0.41 earnings per share. As a group, research analysts forecast that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Marc Taxay sold 2,496 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the 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 completion of the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,537,266.72. This represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 345,316 shares of company stock worth $37,761,976. Corporate insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Hedge funds and other institutional investors have recently modified their holdings of the business. GW Henssler & Associates Ltd. grew its holdings in Arista Networks by 3.6% during the third quarter. GW Henssler & Associates Ltd. now owns 63,244 shares of the technology company’s stock valued at $24,274,000 after purchasing an additional 2,219 shares during the period. Deepwater Asset Management LLC bought a new position in shares of Arista Networks during the 2nd quarter worth $15,084,000. Sumitomo Life Insurance Co. increased its holdings in Arista Networks by 69.8% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 9,028 shares of the technology company’s stock worth $3,465,000 after acquiring an additional 3,711 shares during the last quarter. Walkner Condon Financial Advisors LLC bought a new stake in Arista Networks in the 3rd quarter valued at about $2,318,000. Finally, Greenleaf Trust lifted its holdings in Arista Networks by 20.1% during the third quarter. Greenleaf Trust now owns 13,224 shares of the technology company’s stock valued at $5,076,000 after purchasing an additional 2,216 shares during the last quarter. 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.