Arista Networks (NYSE:ANET) Trading Up 1.4% – What’s Next?

Arista Networks, Inc. (NYSE:ANET)’s stock price shot up 1.4% during trading on Friday . The stock traded as high as $113.97 and last traded at $113.40. 861,429 shares were traded during trading, a decline of 69% from the average session volume of 2,737,767 shares. The stock had previously closed at $111.79.

Analyst Ratings Changes

Several analysts have commented on ANET shares. Rosenblatt Securities lifted their price objective on shares of Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a research note on Friday, November 8th. Piper Sandler reaffirmed a “neutral” rating and set a $105.25 price target (up from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. UBS Group boosted their price objective on Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a report on Friday, November 8th. Evercore ISI raised their target price on Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Finally, StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $100.70.

Arista Networks Trading Up 2.7 %

The company has a fifty day moving average of $104.39 and a 200-day moving average of $94.60. The stock has a market cap of $144.62 billion, a PE ratio of 55.19, a P/E/G ratio of 3.21 and a beta of 1.10.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the prior year, the company earned $0.41 earnings per share. The company’s revenue was up 20.0% on a year-over-year basis. As a group, research analysts anticipate that Arista Networks, Inc. will post 1.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Arista Networks news, insider John F. Mccool sold 288 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $108.70, for a total value of $31,305.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $98.30, for a total transaction of $786,360.00. Following the transaction, the director now owns 179,784 shares in the company, valued at approximately $17,671,868.28. This trade represents a 4.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 337,316 shares of company stock valued at $35,286,096 in the last ninety days. Insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several institutional investors have recently added to or reduced their stakes in ANET. State Street Corp raised its position in Arista Networks by 3.8% during the 3rd quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock worth $4,313,229,000 after buying an additional 411,109 shares during the last quarter. Geode Capital Management LLC grew its position in Arista Networks by 4.2% during the third quarter. Geode Capital Management LLC now owns 5,871,481 shares of the technology company’s stock worth $2,246,705,000 after buying an additional 236,151 shares during the period. Wellington Management Group LLP increased its holdings in Arista Networks by 22.7% in the third quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock valued at $1,021,228,000 after buying an additional 492,615 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Arista Networks by 4.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,283,573 shares of the technology company’s stock worth $876,481,000 after acquiring an additional 99,790 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Arista Networks by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after acquiring an additional 20,278 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

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.