Arista Networks (NYSE:ANET) Trading 0.6% Higher Following Analyst Upgrade

Shares of Arista Networks, Inc. (NYSE:ANET) shot up 0.6% during mid-day trading on Wednesday after The Goldman Sachs Group raised their price target on the stock from $390.00 to $430.00. The Goldman Sachs Group currently has a buy rating on the stock. Arista Networks traded as high as $388.51 and last traded at $387.52. 231,724 shares were traded during mid-day trading, a decline of 90% from the average session volume of 2,297,267 shares. The stock had previously closed at $385.07.

Several other research analysts have also recently issued reports on the company. UBS Group increased their price target on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. Jefferies Financial Group boosted their price target on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Evercore ISI reaffirmed an “outperform” rating and issued a $400.00 price target on shares of Arista Networks in a research note on Friday, September 13th. Barclays raised their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $363.25.

Insiders Place Their Bets

In other news, SVP Marc Taxay sold 624 shares of Arista Networks stock in a transaction on Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $221,339.04. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, SVP Marc Taxay sold 624 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $354.71, for a total transaction of $221,339.04. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the transaction, the chief executive officer now owns 1,595,800 shares in the company, valued at approximately $569,700,600. The disclosure for this sale can be found here. In the last three months, insiders have sold 82,361 shares of company stock worth $29,349,123. Corporate insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ANET. UniSuper Management Pty Ltd grew its stake in shares of Arista Networks by 20.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock valued at $10,535,000 after buying an additional 6,133 shares in the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of Arista Networks during the 1st quarter worth $1,405,000. M&G Plc acquired a new position in shares of Arista Networks during the 1st quarter worth $3,238,000. Nordea Investment Management AB raised its holdings in shares of Arista Networks by 32.5% during the 1st quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after purchasing an additional 6,578 shares in the last quarter. Finally, Cim LLC acquired a new stake in shares of Arista Networks in the 4th quarter valued at $2,589,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

The stock’s fifty day moving average is $343.63 and its 200-day moving average is $318.91. The stock has a market capitalization of $121.07 billion, a P/E ratio of 53.81, a PEG ratio of 3.04 and a beta of 1.07.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the prior year, the firm earned $1.41 EPS. Arista Networks’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, research analysts expect that Arista Networks, Inc. will post 7.38 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.