Arista Networks (NYSE:ANET) Stock Rating Upgraded by Jefferies Financial Group

Jefferies Financial Group upgraded shares of Arista Networks (NYSE:ANET - Free Report) from a hold rating to a buy rating in a research note published on Friday, MarketBeat reports. The firm currently has $320.00 price target on the technology company's stock, up from their previous price target of $240.00.

Several other research firms have also commented on ANET. Piper Sandler boosted their price objective on shares of Arista Networks from $254.00 to $268.00 and gave the stock a neutral rating in a research report on Tuesday, February 13th. Melius upgraded shares of Arista Networks from a hold rating to a buy rating in a research report on Monday, January 8th. Melius Research upgraded Arista Networks from a hold rating to a buy rating and set a $300.00 price objective for the company in a research report on Monday, January 8th. JPMorgan Chase & Co. increased their target price on Arista Networks from $297.00 to $315.00 and gave the company an overweight rating in a report on Thursday, April 11th. Finally, Needham & Company LLC reissued a buy rating and set a $320.00 price target on shares of Arista Networks in a research report on Tuesday, February 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $285.53.

Arista Networks Stock Performance

Arista Networks stock traded up $12.52 during midday trading on Friday, reaching $274.38. The company's stock had a trading volume of 2,883,165 shares, compared to its average volume of 2,455,522. The firm has a market capitalization of $86.05 billion, a PE ratio of 41.76, a P/E/G ratio of 2.18 and a beta of 1.13. Arista Networks has a fifty-two week low of $131.68 and a fifty-two week high of $307.74. The stock's 50 day simple moving average is $278.94 and its 200 day simple moving average is $248.71.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.70 by $0.38. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The business's revenue was up 20.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.25 EPS. Equities analysts predict that Arista Networks will post 6.7 earnings per share for the current year.

Insider Activity

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction on Monday, February 12th. The shares were sold at an average price of $284.31, for a total value of $5,686,200.00. Following the transaction, the senior vice president now owns 3,244 shares in the company, valued at approximately $922,301.64. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the company's stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $284.31, for a total transaction of $5,686,200.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $922,301.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $255.83, for a total value of $511,660.00. Following the completion of the transaction, the director now directly owns 56,946 shares in the company, valued at $14,568,495.18. The disclosure for this sale can be found here. Insiders sold a total of 335,974 shares of company stock valued at $96,252,685 in the last 90 days. 18.99% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Arista Networks

Large investors have recently made changes to their positions in the business. NBC Securities Inc. boosted its position in Arista Networks by 21.5% during the 1st quarter. NBC Securities Inc. now owns 215 shares of the technology company's stock worth $62,000 after purchasing an additional 38 shares during the period. Sandy Spring Bank grew its stake in shares of Arista Networks by 33.6% in the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company's stock valued at $37,000 after buying an additional 39 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Arista Networks by 6.0% during the 4th quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company's stock valued at $163,000 after buying an additional 39 shares during the period. Fulton Breakefield Broenniman LLC lifted its position in Arista Networks by 1.8% during the 4th quarter. Fulton Breakefield Broenniman LLC now owns 2,255 shares of the technology company's stock worth $531,000 after acquiring an additional 40 shares in the last quarter. Finally, West Family Investments Inc. boosted its holdings in Arista Networks by 3.3% in the 4th quarter. West Family Investments Inc. now owns 1,267 shares of the technology company's stock worth $298,000 after acquiring an additional 40 shares during the period. Institutional investors and hedge funds 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.