Arista Networks, Inc. (NYSE:ANET) Receives $102.42 Average Price Target from Analysts

Arista Networks, Inc. (NYSE:ANET) has received a consensus recommendation of “Moderate Buy” from the seventeen research firms that are covering the firm, MarketBeat reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and thirteen have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $105.83.

ANET has been the topic of a number of research analyst reports. StockNews.com downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Piper Sandler restated a “neutral” rating and set a $105.25 price objective (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. 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. The Goldman Sachs Group lifted their price objective on Arista Networks from $120.00 to $135.00 and gave the company a “buy” rating in a report on Friday. Finally, Rosenblatt Securities raised their target price on shares of Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a research report on Friday, November 8th.

Insider Activity at Arista Networks

In other news, SVP Marc Taxay sold 2,496 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $96.83, for a total value of $241,693.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $99.12, for a total transaction of $147,887.04. Following the sale, the director now directly owns 8,768 shares in the company, valued at approximately $869,084.16. The trade was a 14.54 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 345,316 shares of company stock valued at $37,761,976. 3.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arista Networks

Hedge funds have recently modified their holdings of the business. State Street Corp lifted its position in Arista Networks by 3.8% in the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock valued at $4,313,229,000 after buying an additional 411,109 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Arista Networks by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 5,871,481 shares of the technology company’s stock worth $2,246,705,000 after acquiring an additional 236,151 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Arista Networks by 22.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock worth $1,021,228,000 after purchasing an additional 492,615 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Arista Networks by 4.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,283,573 shares of the technology company’s stock valued at $876,481,000 after purchasing an additional 99,790 shares during the last quarter. Finally, Legal & General Group Plc raised its position in Arista Networks by 0.9% in the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock valued at $769,560,000 after purchasing an additional 20,278 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Trading Up 1.4 %

ANET stock opened at $119.78 on Monday. The stock has a market cap of $150.90 billion, a PE ratio of 57.59, a P/E/G ratio of 3.09 and a beta of 1.08. Arista Networks has a 12 month low of $60.08 and a 12 month high of $120.98. The company has a 50-day moving average price of $107.84 and a 200 day moving average price of $97.01.

Arista Networks (NYSE:ANET) last released its earnings results on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the prior year, the firm posted $0.41 earnings per share. The company’s quarterly revenue was up 20.0% on a year-over-year basis. Sell-side analysts forecast that Arista Networks will post 1.97 EPS for the current year.

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.