Arista Networks (NYSE:ANET) Stock Price Up 1.5% Following Analyst Upgrade

Arista Networks, Inc. (NYSE:ANET) shares rose 1.5% during trading on Wednesday after Evercore ISI raised their price target on the stock from $400.00 to $425.00. Evercore ISI currently has an outperform rating on the stock. Arista Networks traded as high as $389.07 and last traded at $387.59. Approximately 215,009 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 2,271,072 shares. The stock had previously closed at $381.85.

A number of other research analysts also recently issued reports on the company. Jefferies Financial Group boosted their price objective on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group raised their price objective on shares of Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. UBS Group increased their price target on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. Rosenblatt Securities raised their price target on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. Finally, Bank of America upped their price objective on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $364.81.

Insider Activity

In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Arista Networks news, SVP Marc Taxay sold 628 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $350.50, for a total transaction of $220,114.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 57,361 shares of company stock valued at $20,523,830. 3.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arista Networks

Several institutional investors have recently bought and sold shares of the business. GQG Partners LLC purchased a new position in shares of Arista Networks in the 1st quarter valued at $881,848,000. Swedbank AB purchased a new position in Arista Networks in the first quarter valued at about $521,767,000. Vanguard Group Inc. raised its holdings in Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Arista Networks by 97.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after buying an additional 884,703 shares in the last quarter. Finally, 1832 Asset Management L.P. grew its position in shares of Arista Networks by 4,160.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock worth $180,743,000 after buying an additional 503,597 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

The stock has a market cap of $122.19 billion, a P/E ratio of 54.31, a price-to-earnings-growth ratio of 3.04 and a beta of 1.07. The firm’s 50 day moving average is $350.01 and its 200 day moving average is $323.05.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company’s revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.41 earnings per share. As a group, analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

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.