Arista Networks’ (ANET) Outperform Rating Reaffirmed at Evercore ISI

Evercore ISI reiterated their outperform rating on shares of Arista Networks (NYSE:ANET) in a research note published on Wednesday morning, Benzinga reports. They currently have a $300.00 price objective on the technology company’s stock.

Several other research firms have also commented on ANET. Rosenblatt Securities boosted their price target on Arista Networks from $230.00 to $330.00 and gave the stock a buy rating in a research report on Tuesday, February 13th. Citigroup boosted their price target on Arista Networks from $220.00 to $300.00 and gave the stock a buy rating in a research report on Thursday, December 14th. The Goldman Sachs Group boosted their price target on Arista Networks from $313.00 to $356.00 and gave the stock a buy rating in a research report on Friday, March 22nd. Piper Sandler boosted their price target on Arista Networks from $254.00 to $268.00 and gave the stock a neutral rating in a research report on Tuesday, February 13th. Finally, Needham & Company LLC reissued a buy rating and set a $320.00 price target on shares of Arista Networks in a research report on Tuesday, February 13th. Three investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $275.59.

Arista Networks Price Performance

NYSE ANET opened at $288.41 on Wednesday. The firm has a market capitalization of $90.17 billion, a P/E ratio of 43.90, a P/E/G ratio of 2.64 and a beta of 1.10. Arista Networks has a 1-year low of $131.68 and a 1-year high of $307.74. The business’s 50-day simple moving average is $274.45 and its 200-day simple moving average is $232.99.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 earnings per share for the quarter, beating the consensus estimate of $1.70 by $0.38. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. Arista Networks had a return on equity of 31.44% and a net margin of 35.62%. The company’s revenue was up 20.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.25 EPS. On average, equities research analysts expect that Arista Networks will post 6.63 EPS for the current fiscal year.

Insider Activity

In other news, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $230.28, for a total value of $460,560.00. Following the completion of the sale, the director now directly owns 64,946 shares in the company, valued at approximately $14,955,764.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Jayshree Ullal sold 87,418 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $4,929,639.61. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $230.28, for a total value of $460,560.00. Following the transaction, the director now owns 64,946 shares of the company’s stock, valued at $14,955,764.88. The disclosure for this sale can be found here. In the last ninety days, insiders sold 286,084 shares of company stock worth $79,741,091. 18.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Nomura Holdings Inc. bought a new position in Arista Networks during the 4th quarter worth $1,193,000. HighPoint Advisor Group LLC bought a new position in Arista Networks during the 4th quarter worth $2,520,000. PNC Financial Services Group Inc. grew its stake in Arista Networks by 7.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company’s stock worth $12,082,000 after buying an additional 3,763 shares during the last quarter. BlueChip Wealth Advisors LLC bought a new position in Arista Networks during the 4th quarter worth $217,000. Finally, B. Riley Wealth Advisors Inc. grew its stake in Arista Networks by 7.8% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 10,270 shares of the technology company’s stock worth $2,419,000 after buying an additional 746 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

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.