Arista Networks (NYSE:ANET) Upgraded by StockNews.com to “Buy”

Arista Networks (NYSE:ANETGet Rating) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

ANET has been the subject of several other research reports. Evercore ISI boosted their price target on Arista Networks from $135.00 to $145.00 and gave the company an “outperform” rating in a research note on Tuesday, August 2nd. JPMorgan Chase & Co. boosted their price target on Arista Networks from $150.00 to $160.00 and gave the company an “overweight” rating in a research note on Tuesday, August 2nd. Needham & Company LLC boosted their price target on Arista Networks from $128.00 to $140.00 and gave the company a “buy” rating in a research note on Tuesday, August 2nd. Cowen boosted their price target on Arista Networks from $154.00 to $163.00 and gave the company an “outperform” rating in a research note on Tuesday, August 2nd. Finally, Piper Sandler boosted their target price on Arista Networks from $108.00 to $125.00 and gave the stock a “neutral” rating in a report on Tuesday, August 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $156.40.

Arista Networks Price Performance

NYSE:ANET opened at $115.73 on Friday. Arista Networks has a fifty-two week low of $85.18 and a fifty-two week high of $148.57. The stock’s 50-day moving average is $117.28 and its two-hundred day moving average is $114.79. The stock has a market cap of $35.21 billion, a PE ratio of 35.69, a price-to-earnings-growth ratio of 1.86 and a beta of 1.33.

Arista Networks (NYSE:ANETGet Rating) last released its earnings results on Monday, August 1st. The technology company reported $0.98 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.20. Arista Networks had a return on equity of 24.03% and a net margin of 29.55%. The company had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $979.66 million. During the same quarter in the previous year, the business posted $0.56 EPS. The business’s revenue for the quarter was up 48.7% on a year-over-year basis. On average, equities research analysts anticipate that Arista Networks will post 3.53 earnings per share for the current year.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 6,660 shares of the company’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $92.70, for a total value of $617,382.00. Following the sale, the director now directly owns 105,606 shares in the company, valued at $9,789,676.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Charles H. Giancarlo sold 6,660 shares of the stock in a transaction on Friday, July 1st. The stock was sold at an average price of $92.70, for a total transaction of $617,382.00. Following the sale, the director now owns 105,606 shares in the company, valued at $9,789,676.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Marc Taxay sold 1,040 shares of the stock in a transaction on Friday, July 1st. The stock was sold at an average price of $93.14, for a total value of $96,865.60. The disclosure for this sale can be found here. Insiders have sold 268,229 shares of company stock worth $32,746,091 over the last three months. Company insiders own 19.59% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Large investors have recently made changes to their positions in the company. Park Avenue Securities LLC lifted its stake in shares of Arista Networks by 9.6% during the first quarter. Park Avenue Securities LLC now owns 3,672 shares of the technology company’s stock valued at $510,000 after acquiring an additional 322 shares during the period. Prospera Financial Services Inc acquired a new position in Arista Networks in the first quarter valued at about $101,000. Quadrant Capital Group LLC lifted its stake in Arista Networks by 44.7% in the first quarter. Quadrant Capital Group LLC now owns 1,448 shares of the technology company’s stock valued at $201,000 after buying an additional 447 shares during the period. Metropolitan Life Insurance Co NY lifted its stake in Arista Networks by 296.5% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 35,533 shares of the technology company’s stock valued at $5,108,000 after buying an additional 26,572 shares during the period. Finally, Mutual of America Capital Management LLC lifted its stake in Arista Networks by 1.1% in the first quarter. Mutual of America Capital Management LLC now owns 29,939 shares of the technology company’s stock valued at $4,161,000 after buying an additional 319 shares during the period. Institutional investors and hedge funds own 63.82% of the company’s stock.

About Arista Networks

(Get Rating)

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.

Further Reading

Analyst Recommendations for Arista Networks (NYSE:ANET)

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