Piper Sandler Reaffirms Neutral Rating for Arista Networks (NYSE:ANET)

Arista Networks (NYSE:ANET)‘s stock had its “neutral” rating reissued by investment analysts at Piper Sandler in a research report issued on Wednesday,Benzinga reports. They presently have a $108.00 target price on the technology company’s stock, up from their previous target price of $106.00. Piper Sandler’s price target would indicate a potential upside of 4.38% from the stock’s current price.

Several other research analysts have also issued reports on the company. StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Citigroup raised their target price on Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a report on Wednesday. UBS Group raised their target price on Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a report on Friday, November 8th. Morgan Stanley raised their target price on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Finally, Rosenblatt Securities restated a “sell” rating and issued a $80.00 target price on shares of Arista Networks in a report on Tuesday. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus target price of $113.79.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $103.47 on Wednesday. The business’s 50 day simple moving average is $114.01 and its two-hundred day simple moving average is $101.55. The firm has a market cap of $130.35 billion, a P/E ratio of 46.61, a PEG ratio of 2.98 and a beta of 1.09. Arista Networks has a 52-week low of $60.08 and a 52-week high of $133.57.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. The business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a return on equity of 31.22% and a net margin of 40.72%. On average, equities analysts forecast that Arista Networks will post 2.18 earnings per share for the current fiscal year.

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the completion of the sale, the director now directly owns 42,946 shares of the company’s stock, valued at $17,721,666.90. This trade represents a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of the firm’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $107.13, for a total value of $159,409.44. Following the completion of the sale, the director now directly owns 8,128 shares of the company’s stock, valued at $870,752.64. This represents a 15.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 259,944 shares of company stock valued at $30,214,186. 3.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Arista Networks

Several hedge funds have recently made changes to their positions in the stock. Zions Bancorporation N.A. grew its position in shares of Arista Networks by 6.9% in the third quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company’s stock valued at $160,000 after purchasing an additional 27 shares in the last quarter. Intellectus Partners LLC grew its position in shares of Arista Networks by 1.4% in the third quarter. Intellectus Partners LLC now owns 1,927 shares of the technology company’s stock valued at $740,000 after purchasing an additional 27 shares in the last quarter. Altman Advisors Inc. grew its position in shares of Arista Networks by 0.5% in the third quarter. Altman Advisors Inc. now owns 5,862 shares of the technology company’s stock valued at $2,250,000 after purchasing an additional 28 shares in the last quarter. HM Payson & Co. grew its position in shares of Arista Networks by 28.2% in the third quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after purchasing an additional 29 shares in the last quarter. Finally, Beacon Financial Advisory LLC grew its position in shares of Arista Networks by 4.9% in the third quarter. Beacon Financial Advisory LLC now owns 640 shares of the technology company’s stock valued at $246,000 after purchasing an additional 30 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

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.