Evercore ISI Forecasts Strong Price Appreciation for Arista Networks (NYSE:ANET) Stock

Arista Networks (NYSE:ANET) had its price target increased by research analysts at Evercore ISI from $110.00 to $130.00 in a report issued on Friday,Benzinga reports. The firm currently has an “outperform” rating on the technology company’s stock. Evercore ISI’s price objective suggests a potential upside of 8.32% from the company’s current price.

ANET has been the subject of a number of other research reports. Piper Sandler reiterated a “neutral” rating and issued a $105.25 price target (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. The Goldman Sachs Group raised their price target on shares of Arista Networks from $97.50 to $107.50 and gave the company a “buy” rating in a report on Tuesday, September 24th. StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Wells Fargo & Company boosted their price target on Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Barclays decreased their price objective on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $104.00.

Arista Networks Price Performance

Shares of ANET stock opened at $120.02 on Friday. The company has a market cap of $151.19 billion, a PE ratio of 57.66, a price-to-earnings-growth ratio of 3.09 and a beta of 1.08. The stock’s 50 day simple moving average is $107.24 and its two-hundred day simple moving average is $96.59. Arista Networks has a 1 year low of $60.08 and a 1 year high of $120.28.

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 business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.41 earnings per share. Equities research analysts expect that Arista Networks will post 1.97 EPS for the current year.

Insiders Place Their Bets

In other Arista Networks news, SVP Marc Taxay sold 2,496 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $96.83, for a total transaction of $241,693.92. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $105.09, for a total value of $8,407,200.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,363,647.84. This trade represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 345,316 shares of company stock worth $37,761,976. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GW Henssler & Associates Ltd. grew its position in shares of Arista Networks by 3.6% in the third quarter. GW Henssler & Associates Ltd. now owns 63,244 shares of the technology company’s stock valued at $24,274,000 after purchasing an additional 2,219 shares during the period. Deepwater Asset Management LLC acquired a new stake in Arista Networks in the 2nd quarter worth about $15,084,000. Sumitomo Life Insurance Co. increased its stake in Arista Networks by 69.8% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 9,028 shares of the technology company’s stock worth $3,465,000 after buying an additional 3,711 shares in the last quarter. Walkner Condon Financial Advisors LLC acquired a new position in shares of Arista Networks during the third quarter valued at approximately $2,318,000. Finally, Greenleaf Trust raised its holdings in shares of Arista Networks by 20.1% during the third quarter. Greenleaf Trust now owns 13,224 shares of the technology company’s stock valued at $5,076,000 after acquiring an additional 2,216 shares during the last quarter. Hedge funds and other 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.