Arista Networks (NYSE:ANET) Stock Price Up 6.5% – What’s Next?

Arista Networks, Inc. (NYSE:ANET)’s stock price rose 6.5% during mid-day trading on Wednesday . The company traded as high as $130.19 and last traded at $129.43. Approximately 3,192,405 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 5,966,801 shares. The stock had previously closed at $121.50.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ANET shares. Piper Sandler reaffirmed a “neutral” rating and set a $105.25 price target (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. UBS Group raised their target price on shares of Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Citigroup boosted their price target on shares of Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Morgan Stanley raised their price target on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Finally, Barclays lowered their price target on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $105.83.

Arista Networks Stock Down 0.0 %

The firm’s 50 day simple moving average is $109.97 and its 200-day simple moving average is $97.91. The company has a market capitalization of $162.63 billion, a PE ratio of 62.06, a P/E/G ratio of 3.49 and a beta of 1.08.

Arista Networks (NYSE:ANET) last issued its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.08. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The company’s revenue was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.41 earnings per share. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

Insider Activity at Arista Networks

In other Arista Networks news, insider John F. Mccool sold 2,336 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $96.83, for a total transaction of $226,200.72. Following the completion of the transaction, the insider now directly owns 288 shares of the company’s stock, valued at $27,887.76. This trade represents a 89.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $412.65, for a total transaction of $825,300.00. Following the transaction, the director now directly owns 42,946 shares in the company, valued at $17,721,666.90. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 343,992 shares of company stock valued at $37,634,420. Insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ANET. GW Henssler & Associates Ltd. boosted its holdings in shares of Arista Networks by 3.6% during the third quarter. GW Henssler & Associates Ltd. now owns 63,244 shares of the technology company’s stock valued at $24,274,000 after acquiring an additional 2,219 shares during the period. Sumitomo Life Insurance Co. grew its position in Arista Networks by 69.8% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 9,028 shares of the technology company’s stock worth $3,465,000 after purchasing an additional 3,711 shares during the last quarter. Walkner Condon Financial Advisors LLC acquired a new stake in shares of Arista Networks in the third quarter valued at approximately $2,318,000. Greenleaf Trust raised its holdings in shares of Arista Networks by 20.1% during the third quarter. Greenleaf Trust now owns 13,224 shares of the technology company’s stock valued at $5,076,000 after buying an additional 2,216 shares during the last quarter. Finally, Forsta AP Fonden boosted its position in shares of Arista Networks by 10.0% during the third quarter. Forsta AP Fonden now owns 72,800 shares of the technology company’s stock worth $27,942,000 after buying an additional 6,600 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

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.