Arista Networks (NYSE:ANET) Trading Up 4% – What’s Next?

Arista Networks, Inc. (NYSE:ANET) shares rose 4% during trading on Friday . The stock traded as high as $120.18 and last traded at $119.89. Approximately 3,503,869 shares changed hands during trading, a decline of 60% from the average daily volume of 8,781,294 shares. The stock had previously closed at $115.27.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ANET. Evercore ISI increased their price target on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Piper Sandler reiterated a “neutral” rating and issued a $105.25 price target (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Morgan Stanley increased their target price on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Wells Fargo & Company lifted their price target on Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Finally, UBS Group raised their target price on Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $105.83.

Arista Networks Stock Performance

The company has a market capitalization of $149.31 billion, a price-to-earnings ratio of 56.98, a PEG ratio of 3.10 and a beta of 1.09. The business has a 50-day simple moving average of $112.87 and a two-hundred day simple moving average of $99.58.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. The firm had revenue of $1.81 billion for 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%. Arista Networks’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period last year, the firm posted $0.41 EPS. Research analysts predict that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

Insider Activity at Arista Networks

In other news, insider John F. Mccool sold 288 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $108.70, for a total transaction of $31,305.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the completion of the sale, the director now owns 42,946 shares in the company, valued at approximately $17,721,666.90. This represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 255,832 shares of company stock worth $28,538,497 over the last 90 days. Company insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Institutional investors and hedge funds have recently made changes to their positions in the business. Brookstone Capital Management lifted its holdings in Arista Networks by 21.5% in the 3rd quarter. Brookstone Capital Management now owns 18,113 shares of the technology company’s stock valued at $6,952,000 after purchasing an additional 3,204 shares in the last quarter. CWM LLC boosted its holdings in shares of Arista Networks by 12.5% during the third quarter. CWM LLC now owns 17,931 shares of the technology company’s stock worth $6,882,000 after purchasing an additional 1,989 shares during the last quarter. Wedmont Private Capital increased its stake in Arista Networks by 6.0% in the third quarter. Wedmont Private Capital now owns 4,354 shares of the technology company’s stock valued at $1,709,000 after purchasing an additional 245 shares during the last quarter. Perpetual Ltd boosted its stake in Arista Networks by 25.4% in the 3rd quarter. Perpetual Ltd now owns 5,703 shares of the technology company’s stock worth $2,189,000 after buying an additional 1,156 shares during the last quarter. Finally, Sendero Wealth Management LLC increased its stake in shares of Arista Networks by 2.7% during the 3rd quarter. Sendero Wealth Management LLC now owns 27,241 shares of the technology company’s stock valued at $10,456,000 after acquiring an additional 723 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

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.