Arista Networks (NYSE:ANET) Trading 3.6% Higher – What’s Next?

Arista Networks, Inc. (NYSE:ANET) shares traded up 3.6% during trading on Friday . The company traded as high as $112.46 and last traded at $110.72. 3,330,580 shares changed hands during trading, a decline of 62% from the average session volume of 8,805,445 shares. The stock had previously closed at $106.88.

Analyst Ratings Changes

Several research firms have recently issued reports on ANET. Citigroup increased their price objective on shares of Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. UBS Group lifted 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. Piper Sandler restated a “neutral” rating and set a $105.25 price objective (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Barclays lowered their price target on Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a report on Wednesday, December 4th. Finally, Rosenblatt Securities boosted their price objective 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. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $98.88.

Arista Networks Price Performance

The company has a market capitalization of $140.58 billion, a price-to-earnings ratio of 53.23, a PEG ratio of 3.21 and a beta of 1.10. The stock has a 50-day moving average price of $100.85 and a 200-day moving average price of $90.84.

Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping 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 company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter last year, the company earned $0.41 earnings per share. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. Equities analysts forecast that Arista Networks, Inc. will post 1.96 earnings per share for the current year.

Insider Activity

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,488 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $89.19, for a total value of $132,707.28. Following the sale, the director now owns 10,260 shares in the company, valued at approximately $915,038.10. The trade was a 12.67 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $95.63, for a total value of $765,040.00. Following the transaction, the director now owns 187,784 shares of the company’s stock, valued at $17,957,783.92. This trade represents a 4.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 354,964 shares of company stock worth $36,974,705. Insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Several institutional investors and hedge funds have recently made changes to their positions in ANET. Beacon Capital Management LLC raised its position in Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after buying an additional 65 shares during the last quarter. LGT Financial Advisors LLC bought a new position in shares of Arista Networks during the 2nd quarter worth $27,000. Byrne Asset Management LLC bought a new stake in Arista Networks in the 2nd quarter valued at about $33,000. Anchor Investment Management LLC purchased a new stake in Arista Networks during the second quarter valued at about $35,000. Finally, MidAtlantic Capital Management Inc. purchased a new position in shares of Arista Networks in the third quarter worth about $44,000. Institutional investors own 82.47% of the company’s stock.

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.