Arista Networks (NYSE:ANET) Price Target Raised to $125.00 at Wells Fargo & Company

Arista Networks (NYSE:ANET) had its price objective lifted by stock analysts at Wells Fargo & Company from $115.00 to $125.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 12.57% from the company’s previous close.

A number of other research analysts have also commented on the company. Evercore ISI upped their price target on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. UBS Group upped their target price on Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a report on Friday, November 8th. Rosenblatt Securities reiterated a “sell” rating and set a $80.00 target price on shares of Arista Networks in a report on Tuesday. Piper Sandler reiterated a “neutral” rating and set a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Finally, Needham & Company LLC restated a “buy” rating and issued a $145.00 price target on shares of Arista Networks in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $113.38.

Arista Networks Price Performance

ANET opened at $111.05 on Wednesday. The business has a 50 day simple moving average of $114.08 and a two-hundred day simple moving average of $101.54. The firm has a market capitalization of $139.89 billion, a price-to-earnings ratio of 53.39, a PEG ratio of 2.87 and a beta of 1.09. Arista Networks has a one year low of $60.08 and a one year high of $133.57.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. As a group, sell-side analysts expect that Arista Networks will post 1.97 EPS for the current fiscal year.

Insider Activity at Arista Networks

In other news, CEO Jayshree Ullal sold 71,036 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $100.06, for a total transaction of $7,107,506.98. Following the transaction, the chief executive officer now directly owns 70,724 shares of the company’s stock, valued at $7,076,289.82. This represents a 50.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $108.29, for a total value of $8,663,200.00. Following the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at $1,405,171.04. The trade was a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 337,320 shares of company stock valued at $37,946,706. 3.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently modified their holdings of ANET. Vanguard Group Inc. lifted its holdings in shares of Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock valued at $10,620,270,000 after buying an additional 72,311,318 shares during the period. FMR LLC lifted its holdings in shares of Arista Networks by 330.9% during the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock valued at $6,371,848,000 after buying an additional 44,269,572 shares during the period. Cresset Asset Management LLC lifted its holdings in shares of Arista Networks by 277.5% during the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock valued at $3,016,207,000 after buying an additional 20,059,303 shares during the period. Geode Capital Management LLC raised its holdings in Arista Networks by 311.6% in the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock worth $2,665,829,000 after purchasing an additional 18,293,874 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in Arista Networks by 218.5% in the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after purchasing an additional 14,454,822 shares during the period. 82.47% of the stock is owned by institutional investors.

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.