Arista Networks (NYSE:ANET) Stock Price Up 1.7% – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET) shot up 1.7% during mid-day trading on Thursday . The company traded as high as $118.88 and last traded at $118.06. 1,592,253 shares changed hands during trading, a decline of 72% from the average session volume of 5,762,369 shares. The stock had previously closed at $116.10.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. StockNews.com downgraded Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. UBS Group raised their price objective on shares of 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 research report on Friday, November 8th. Wells Fargo & Company increased their target price on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group boosted their price target on shares of Arista Networks from $97.50 to $107.50 and gave the company a “buy” rating in a research report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus price target of $102.42.

Arista Networks Stock Performance

The stock has a market capitalization of $149.92 billion, a PE ratio of 57.20, a price-to-earnings-growth ratio of 3.09 and a beta of 1.08. The business’s 50-day moving average is $107.03 and its two-hundred day moving average is $96.46.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The business’s revenue was up 20.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.41 earnings per share. Equities analysts forecast that Arista Networks, Inc. will post 1.97 EPS for the current year.

Insider Activity

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the business’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $99.12, for a total transaction of $147,887.04. Following the sale, the director now directly owns 8,768 shares in the company, valued at approximately $869,084.16. The trade was a 14.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Marc Taxay sold 2,496 shares of Arista Networks stock in a transaction on Friday, November 1st. The stock was 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 sold 345,316 shares of company stock valued at $37,761,976 in the last three months. 3.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arista Networks

Several hedge funds have recently added to or reduced their stakes in the business. Anchor Investment Management LLC purchased a new position in shares of Arista Networks during the 2nd quarter worth approximately $35,000. MidAtlantic Capital Management Inc. purchased a new position in Arista Networks during the third quarter worth $44,000. HM Payson & Co. raised its holdings 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 worth $51,000 after acquiring an additional 29 shares during the last quarter. True Wealth Design LLC lifted its position in shares of Arista Networks by 2,133.3% in the third quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock valued at $51,000 after acquiring an additional 128 shares in the last quarter. Finally, ORG Partners LLC increased its position in Arista Networks by 186.0% during the 3rd quarter. ORG Partners LLC now owns 143 shares of the technology company’s stock worth $55,000 after purchasing an additional 93 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

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.