Arista Networks’ (ANET) “Neutral” Rating Reaffirmed at Piper Sandler

Piper Sandler reaffirmed their neutral rating on shares of Arista Networks (NYSE:ANET) in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has a $108.00 price objective on the technology company’s stock, up from their prior price objective of $106.00.

ANET has been the subject of several other reports. The Goldman Sachs Group increased their price objective on Arista Networks from $135.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday. StockNews.com downgraded Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Wells Fargo & Company increased their price objective on Arista Networks from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday. Citigroup increased their price objective on Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Evercore ISI increased their price objective on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $113.79.

Arista Networks Price Performance

Shares of ANET stock opened at $103.82 on Wednesday. The company has a market cap of $130.79 billion, a price-to-earnings ratio of 49.91, a PEG ratio of 2.87 and a beta of 1.09. The stock has a 50 day simple moving average of $114.08 and a 200-day simple moving average of $101.54. Arista Networks has a 1-year low of $60.08 and a 1-year high of $133.57.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. Analysts anticipate that Arista Networks will post 1.97 earnings per share for the current fiscal year.

Insider Transactions at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,405,171.04. This represents a 86.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,488 shares of the stock in a transaction on Friday, February 14th. The stock was sold at an average price of $107.13, for a total value of $159,409.44. Following the transaction, the director now owns 8,128 shares of the company’s stock, valued at approximately $870,752.64. This represents a 15.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 259,944 shares of company stock worth $30,214,186. 3.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arista Networks

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Toronto Dominion Bank boosted its holdings in Arista Networks by 303.7% during the 4th quarter. Toronto Dominion Bank now owns 564,027 shares of the technology company’s stock valued at $62,342,000 after acquiring an additional 424,315 shares during the period. DigitalBridge Group Inc. boosted its holdings in Arista Networks by 314.1% during the 4th quarter. DigitalBridge Group Inc. now owns 296,410 shares of the technology company’s stock valued at $32,762,000 after acquiring an additional 224,834 shares during the period. Cache Advisors LLC purchased a new position in Arista Networks during the 4th quarter valued at about $7,464,000. University of Texas Texas AM Investment Management Co. boosted its holdings in Arista Networks by 300.0% during the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 544 shares of the technology company’s stock valued at $60,000 after acquiring an additional 408 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new position in Arista Networks during the 4th quarter valued at about $50,080,000. 82.47% of the stock is currently owned by hedge funds and other 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.