Rosenblatt Securities Issues Pessimistic Forecast for Arista Networks (NYSE:ANET) Stock Price

Arista Networks (NYSE:ANET) had its target price trimmed by Rosenblatt Securities from $85.00 to $55.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a sell rating on the technology company’s stock.

ANET has been the topic of several other reports. Needham & Company LLC reiterated a “buy” rating and issued a $145.00 price target on shares of Arista Networks in a report on Wednesday, February 19th. Barclays reiterated an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Piper Sandler cut their price target on shares of Arista Networks from $108.00 to $76.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Citigroup dropped their target price on shares of Arista Networks from $121.00 to $92.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, UBS Group raised Arista Networks from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $104.29.

Arista Networks Stock Up 6.3 %

Shares of ANET opened at $75.25 on Tuesday. The business has a 50-day simple moving average of $81.23 and a two-hundred day simple moving average of $98.52. Arista Networks has a 52 week low of $59.43 and a 52 week high of $133.58. The stock has a market cap of $94.49 billion, a price-to-earnings ratio of 33.90, a PEG ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. On average, equities analysts anticipate that Arista Networks will post 2.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the sale, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. This trade represents a 59.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of the business’s stock in a transaction that occurred on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the transaction, the director now directly owns 7,480 shares of the company’s stock, valued at $512,305.20. The trade was a 16.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 412,355 shares of company stock worth $39,446,799 in the last ninety days. 3.54% of the stock is owned by insiders.

Institutional Trading of Arista Networks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock valued at $10,620,270,000 after purchasing an additional 72,311,318 shares in the last quarter. FMR LLC raised its position 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 Arista Networks by 277.5% in the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock valued at $3,016,207,000 after acquiring an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC increased its stake in Arista Networks by 311.6% during the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock worth $2,665,829,000 after acquiring an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of Arista Networks by 218.5% during 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 last quarter. Institutional investors and hedge funds 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.