Piper Sandler Reaffirms “Neutral” Rating for Arista Networks (NYSE:ANET)

Arista Networks (NYSE:ANET)‘s stock had its “neutral” rating reiterated by research analysts at Piper Sandler in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $108.00 price target on the technology company’s stock, up from their prior price target of $106.00. Piper Sandler’s price objective indicates a potential downside of 2.74% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Barclays lifted their price objective on shares of Arista Networks from $125.00 to $126.00 and gave the company an “overweight” rating in a research note on Wednesday. UBS Group lifted their price objective on shares of Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research note on Friday, November 8th. Morgan Stanley lifted their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Rosenblatt Securities restated a “sell” rating and issued a $80.00 price objective on shares of Arista Networks in a research note on Tuesday. Finally, Wells Fargo & Company boosted their price target on shares of Arista Networks from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $113.38.

Arista Networks Price Performance

Shares of ANET opened at $111.05 on Wednesday. Arista Networks has a 1-year low of $60.08 and a 1-year high of $133.57. The stock has a market cap of $139.89 billion, a PE ratio of 53.39, a price-to-earnings-growth ratio of 2.87 and a beta of 1.09. The firm has a fifty day moving average price of $114.08 and a 200 day moving average price of $101.54.

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

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,405,171.04. The trade was a 86.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $412.65, for a total transaction of $825,300.00. Following the sale, the director now directly owns 42,946 shares in the company, valued at approximately $17,721,666.90. This represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 337,320 shares of company stock valued at $37,946,706. Corporate insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Several institutional investors and hedge funds have recently modified their holdings of ANET. OLD National Bancorp IN lifted its holdings in shares of Arista Networks by 6.0% in the third quarter. OLD National Bancorp IN now owns 1,087 shares of the technology company’s stock valued at $417,000 after purchasing an additional 62 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Arista Networks by 2.0% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 3,548 shares of the technology company’s stock valued at $1,362,000 after purchasing an additional 68 shares in the last quarter. Raleigh Capital Management Inc. lifted its holdings in shares of Arista Networks by 16.6% in the third quarter. Raleigh Capital Management Inc. now owns 540 shares of the technology company’s stock valued at $207,000 after purchasing an additional 77 shares in the last quarter. Foundations Investment Advisors LLC lifted its holdings in shares of Arista Networks by 5.0% in the third quarter. Foundations Investment Advisors LLC now owns 653 shares of the technology company’s stock valued at $251,000 after purchasing an additional 31 shares in the last quarter. Finally, Vicus Capital purchased a new position in shares of Arista Networks during the third quarter valued at approximately $211,000. 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.