Evercore ISI Boosts Arista Networks (NYSE:ANET) Price Target to $425.00

Arista Networks (NYSE:ANET) had its price objective lifted by analysts at Evercore ISI from $400.00 to $425.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the technology company’s stock. Evercore ISI’s price target would indicate a potential upside of 9.09% from the stock’s previous close.

A number of other analysts have also commented on the stock. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Needham & Company LLC reissued a “buy” rating and set a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. UBS Group raised their price target on shares of Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. Piper Sandler boosted their price objective on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Finally, Rosenblatt Securities increased their price objective on Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $364.81.

Arista Networks Price Performance

ANET stock opened at $389.58 on Tuesday. The company’s 50-day moving average is $348.50 and its 200-day moving average is $322.59. The stock has a market capitalization of $122.08 billion, a PE ratio of 54.26, a price-to-earnings-growth ratio of 3.04 and a beta of 1.07. Arista Networks has a 1 year low of $168.25 and a 1 year high of $395.82.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.41 earnings per share. On average, analysts anticipate that Arista Networks will post 7.38 earnings per share for the current fiscal year.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 372 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $356.74, for a total value of $132,707.28. Following the transaction, the director now directly owns 2,565 shares in the company, valued at $915,038.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Arista Networks news, Director Kelly Bodnar Battles sold 372 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $356.74, for a total value of $132,707.28. Following the sale, the director now directly owns 2,565 shares in the company, valued at $915,038.10. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 1,689 shares of the stock in a transaction on Friday, September 6th. The stock was sold at an average price of $321.28, for a total value of $542,641.92. Following the transaction, the senior vice president now owns 182,600 shares of the company’s stock, valued at approximately $58,665,728. The disclosure for this sale can be found here. Insiders have sold 54,157 shares of company stock worth $19,291,193 in the last ninety days. Company insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. FCG Investment Co boosted its holdings in shares of Arista Networks by 2.3% in the second quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock worth $445,000 after acquiring an additional 29 shares during the period. Old Port Advisors lifted its holdings in Arista Networks by 3.5% during the 1st quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after purchasing an additional 32 shares in the last quarter. Fortitude Family Office LLC lifted its holdings in Arista Networks by 33.3% during the 2nd quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock worth $46,000 after purchasing an additional 33 shares in the last quarter. Resonant Capital Advisors LLC boosted its stake in Arista Networks by 4.1% in the 2nd quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock worth $305,000 after purchasing an additional 34 shares during the period. Finally, Modera Wealth Management LLC grew its holdings in Arista Networks by 2.1% during the 2nd quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock valued at $625,000 after buying an additional 37 shares in the last quarter. 82.47% of the stock is 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.