Arista Networks (NYSE:ANET) PT Raised to $140.00 at Needham & Company LLC

Arista Networks (NYSE:ANET – Get Rating) had its target price boosted by Needham & Company LLC from $128.00 to $140.00 in a report released on Tuesday, Benzinga reports. Needham & Company LLC currently has a buy rating on the technology company’s stock.

A number of other research firms have also weighed in on ANET. Morgan Stanley cut their price objective on shares of Arista Networks from $144.00 to $114.00 and set an equal weight rating for the company in a research report on Tuesday, June 14th. UBS Group decreased their target price on shares of Arista Networks from $140.00 to $134.00 and set a neutral rating for the company in a research note on Tuesday. Piper Sandler dropped their target price on shares of Arista Networks from $133.00 to $108.00 and set a neutral rating on the stock in a report on Wednesday, July 13th. StockNews.com raised shares of Arista Networks from a hold rating to a buy rating in a report on Wednesday. Finally, Bank of America cut shares of Arista Networks from a buy rating to an underperform rating and lowered their target price for the company from $140.00 to $105.00 in a research note on Wednesday, July 20th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $157.53.

Arista Networks Stock Up 2.9 %

Shares of ANET stock opened at $126.68 on Tuesday. Arista Networks has a 52 week low of $85.18 and a 52 week high of $148.57. The firm has a 50 day moving average of $101.91 and a two-hundred day moving average of $114.69. The stock has a market capitalization of $39.05 billion, a PE ratio of 39.07, a P/E/G ratio of 2.00 and a beta of 1.35.

Arista Networks (NYSE:ANET – Get Rating) last posted its quarterly earnings data on Monday, August 1st. The technology company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.30. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $979.66 million. Arista Networks had a net margin of 29.55% and a return on equity of 24.03%. Arista Networks’s quarterly revenue was up 48.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.56 earnings per share. Analysts expect that Arista Networks will post 3.28 EPS for the current fiscal year.

Insider Transactions at Arista Networks

In other news, Director Kelly Bodnar Battles sold 560 shares of the firm’s stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $98.50, for a total value of $55,160.00. Following the sale, the director now owns 2,212 shares in the company, valued at $217,882. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Kelly Bodnar Battles sold 560 shares of the firm’s stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $98.50, for a total value of $55,160.00. Following the sale, the director now owns 2,212 shares in the company, valued at $217,882. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Andreas Bechtolsheim sold 100,000 shares of Arista Networks stock in a transaction on Thursday, May 26th. The stock was sold at an average price of $102.95, for a total transaction of $10,295,000.00. Following the sale, the insider now owns 46,520,000 shares in the company, valued at approximately $4,789,234,000. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 530,320 shares of company stock worth $54,800,753. Insiders own 19.59% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Several institutional investors and hedge funds have recently made changes to their positions in ANET. BlackRock Inc. boosted its stake in shares of Arista Networks by 316.3% in the 4th quarter. BlackRock Inc. now owns 17,330,539 shares of the technology company’s stock valued at $2,491,267,000 after purchasing an additional 13,167,098 shares in the last quarter. State Street Corp boosted its stake in shares of Arista Networks by 316.7% in the 4th quarter. State Street Corp now owns 8,893,510 shares of the technology company’s stock valued at $1,278,442,000 after purchasing an additional 6,759,436 shares in the last quarter. Capital World Investors boosted its stake in shares of Arista Networks by 289.1% in the 4th quarter. Capital World Investors now owns 8,686,014 shares of the technology company’s stock valued at $1,248,615,000 after purchasing an additional 6,453,749 shares in the last quarter. Alliancebernstein L.P. boosted its stake in shares of Arista Networks by 303.5% in the 4th quarter. Alliancebernstein L.P. now owns 8,374,583 shares of the technology company’s stock valued at $1,203,846,000 after purchasing an additional 6,299,163 shares in the last quarter. Finally, Eaton Vance Management boosted its stake in shares of Arista Networks by 300.0% in the 4th quarter. Eaton Vance Management now owns 4,681,386 shares of the technology company’s stock valued at $672,741,000 after purchasing an additional 3,511,113 shares in the last quarter. Institutional investors and hedge funds own 67.10% of the company’s stock.

Arista Networks Company Profile

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Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.