Arista Networks (NYSE:ANET) Trading Up 1.3% After Analyst Upgrade

Arista Networks, Inc. (NYSE:ANET - Get Free Report)'s stock price was up 1.3% during trading on Tuesday after Evercore ISI raised their price target on the stock from $105.00 to $110.00. Evercore ISI currently has an outperform rating on the stock. Arista Networks traded as high as $95.00 and last traded at $93.18. Approximately 3,085,661 shares were traded during trading, a decline of 66% from the average daily volume of 9,018,140 shares. The stock had previously closed at $91.95.

Several other brokerages also recently weighed in on ANET. The Goldman Sachs Group cut their price target on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Citigroup lifted their price target on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. BNP Paribas Exane lowered Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price on the stock. in a research report on Wednesday, June 11th. Barclays dropped their price target on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Finally, Piper Sandler reissued a "neutral" rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Arista Networks has a consensus rating of "Moderate Buy" and an average target price of $108.87.

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $88.58, for a total value of $708,640.00. Following the completion of the transaction, the director now directly owns 131,784 shares in the company, valued at $11,673,426.72. This trade represents a 5.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of the business's stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. The trade was a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 161,690 shares of company stock worth $14,525,085 over the last ninety days. Company insiders own 3.54% of the company's stock.

Hedge Funds Weigh In On Arista Networks

Hedge funds have recently added to or reduced their stakes in the stock. DSG Capital Advisors LLC bought a new position in shares of Arista Networks in the 4th quarter valued at $5,984,000. Ibex Wealth Advisors increased its holdings in Arista Networks by 14.4% in the 1st quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock worth $4,501,000 after purchasing an additional 7,329 shares in the last quarter. GHE LLC raised its position in Arista Networks by 319.0% in the fourth quarter. GHE LLC now owns 28,368 shares of the technology company's stock valued at $3,136,000 after purchasing an additional 21,597 shares during the last quarter. Colonial River Investments LLC boosted its stake in shares of Arista Networks by 327.6% during the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock valued at $1,077,000 after purchasing an additional 7,466 shares in the last quarter. Finally, Unified Investment Management bought a new stake in shares of Arista Networks during the fourth quarter worth about $630,000. Institutional investors own 82.47% of the company's stock.

Arista Networks Stock Up 2.0%

The company has a 50 day moving average price of $87.89 and a 200-day moving average price of $95.73. The company has a market cap of $117.78 billion, a price-to-earnings ratio of 39.71, a P/E/G ratio of 2.53 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The company's revenue for the quarter was up 27.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.50 EPS. On average, analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its shares are undervalued.

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.

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