Arista Networks (NYSE:ANET) Trading Up 2.7% – Here’s What Happened

Shares of Arista Networks, Inc. (NYSE:ANET) traded up 2.7% on Friday . The company traded as high as $112.32 and last traded at $112.06. 1,740,925 shares were traded during mid-day trading, a decline of 80% from the average session volume of 8,784,883 shares. The stock had previously closed at $109.07.

Analysts Set New Price Targets

ANET has been the subject of a number of analyst reports. Wells Fargo & Company lifted their price objective on Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. UBS Group upped their price target on Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research note on Friday, November 8th. StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Piper Sandler reaffirmed a “neutral” rating and issued a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Finally, Citigroup lifted their price target on shares of Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $100.70.

Arista Networks Stock Up 3.7 %

The firm has a market cap of $142.55 billion, a price-to-earnings ratio of 54.40, a PEG ratio of 3.21 and a beta of 1.10. The company’s fifty day moving average is $102.00 and its 200 day moving average is $92.07.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, beating 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 firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period last year, the company earned $0.41 earnings per share. The business’s revenue was up 20.0% compared to the same quarter last year. On average, equities research analysts forecast that Arista Networks, Inc. will post 1.96 EPS for the current fiscal year.

Insider Activity at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $98.67, for a total transaction of $7,893,800.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at $1,280,374.36. This represents a 86.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Marc Taxay sold 2,496 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $97.09, for a total value of $242,342.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 353,476 shares of company stock worth $36,841,998. Company insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Institutional investors have recently modified their holdings of the business. Ameriprise Financial Inc. grew its stake 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 during the period. International Assets Investment Management LLC raised its position in shares of Arista Networks by 39,841.1% during the third quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock worth $3,358,850,000 after purchasing an additional 872,919 shares during the period. 1832 Asset Management L.P. lifted its holdings 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 purchasing an additional 503,597 shares in the last quarter. Wellington Management Group LLP increased its stake in Arista Networks by 22.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock valued at $1,021,228,000 after purchasing an additional 492,615 shares in the last quarter. Finally, State Street Corp raised its holdings in Arista Networks by 3.8% during the third 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. Institutional investors own 82.47% of the company’s stock.

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.