Arista Networks (NYSE:ANET) Reaches New 12-Month High – What’s Next?

Shares of Arista Networks, Inc. (NYSE:ANET) reached a new 52-week high on Thursday . The stock traded as high as $131.18 and last traded at $129.85, with a volume of 9744592 shares trading hands. The stock had previously closed at $121.50.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ANET shares. Morgan Stanley increased their target price on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Evercore ISI upped their target price on Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Rosenblatt Securities lifted their price target on Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a report on Friday, November 8th. Finally, Piper Sandler restated a “neutral” rating and set a $105.25 price objective (up from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $105.83.

Arista Networks Trading Up 6.9 %

The firm has a 50-day moving average of $108.70 and a 200-day moving average of $97.46. The stock has a market capitalization of $163.58 billion, a price-to-earnings ratio of 62.43, a P/E/G ratio of 3.22 and a beta of 1.08.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.08. The firm had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period last year, the business posted $0.41 earnings per share. On average, equities research analysts anticipate that Arista Networks, Inc. will post 1.97 EPS for the current year.

Insider Activity

In related news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $105.09, for a total transaction of $8,407,200.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,363,647.84. This trade represents a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Marc Taxay sold 2,496 shares of the business’s 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 disclosure for this sale can be found here. Insiders have sold 343,824 shares of company stock valued at $37,614,089 in the last ninety days. Insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Anchor Investment Management LLC purchased a new position in shares of Arista Networks in the 2nd quarter valued at about $35,000. MidAtlantic Capital Management Inc. acquired a new position in shares of Arista Networks during the 3rd quarter worth approximately $44,000. HM Payson & Co. increased its holdings in Arista Networks by 28.2% in the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock worth $51,000 after acquiring an additional 29 shares in the last quarter. True Wealth Design LLC raised its position in Arista Networks by 2,133.3% during the third quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock worth $51,000 after acquiring an additional 128 shares during the period. Finally, ORG Partners LLC lifted its holdings in Arista Networks by 186.0% during the third quarter. ORG Partners LLC now owns 143 shares of the technology company’s stock valued at $55,000 after purchasing an additional 93 shares in the last quarter. 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.