Arista Networks (NYSE:ANET) Given New $112.00 Price Target at UBS Group

Arista Networks (NYSE:ANET) had its price objective hoisted by UBS Group from $106.00 to $112.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a neutral rating on the technology company’s stock.

Several other research firms have also recently issued reports on ANET. The Goldman Sachs Group boosted their target price on shares of Arista Networks from $135.00 to $145.00 and gave the company a “buy” rating in a research note on Wednesday. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Evercore ISI boosted their target price on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Piper Sandler reiterated a “neutral” rating and issued a $108.00 target price (up from $106.00) on shares of Arista Networks in a research note on Wednesday. Finally, Needham & Company LLC restated a “buy” rating and set a $145.00 price objective on shares of Arista Networks in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus price target of $113.79.

Arista Networks Price Performance

ANET stock opened at $103.82 on Wednesday. The firm’s fifty day simple moving average is $114.08 and its 200-day simple moving average is $101.54. The company has a market capitalization of $130.79 billion, a P/E ratio of 49.91, a price-to-earnings-growth ratio of 2.87 and a beta of 1.09. Arista Networks has a 12 month low of $60.08 and a 12 month high of $133.57.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. The business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. As a group, sell-side analysts forecast that Arista Networks will post 1.97 earnings per share for the current year.

Insider Activity

In other news, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $412.65, for a total value of $825,300.00. Following the completion of the sale, the director now directly owns 42,946 shares in the company, valued at $17,721,666.90. This represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of the stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $107.13, for a total transaction of $159,409.44. Following the completion of the sale, the director now owns 8,128 shares of the company’s stock, valued at $870,752.64. This trade represents a 15.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 259,944 shares of company stock worth $30,214,186 over the last three months. Insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

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