Arista Networks (NYSE:ANET) Shares Up 4.2%

Shares of Arista Networks, Inc. (NYSE:ANETGet Free Report) rose 4.2% during mid-day trading on Friday . The company traded as high as $278.35 and last traded at $272.87. Approximately 1,183,811 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 2,434,232 shares. The stock had previously closed at $261.86.

Wall Street Analyst Weigh In

ANET has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their target price on shares of Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Wells Fargo & Company boosted their target price on Arista Networks from $225.00 to $310.00 and gave the company an “overweight” rating in a research note on Wednesday, February 7th. Barclays raised their price target on Arista Networks from $272.00 to $311.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 13th. Melius Research upgraded Arista Networks from a “hold” rating to a “buy” rating and set a $300.00 price objective on the stock in a report on Monday, January 8th. Finally, Jefferies Financial Group upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and lifted their target price for the company from $240.00 to $320.00 in a research note on Friday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and a consensus target price of $285.53.

Read Our Latest Stock Analysis on Arista Networks

Arista Networks Stock Performance

The firm has a 50 day moving average of $279.07 and a two-hundred day moving average of $249.25. The stock has a market cap of $85.79 billion, a P/E ratio of 41.77, a P/E/G ratio of 2.24 and a beta of 1.13.

Arista Networks (NYSE:ANETGet Free Report) last announced its earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.38. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the previous year, the firm posted $1.25 earnings per share. Arista Networks’s revenue was up 20.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 6.7 EPS for the current fiscal year.

Insider Buying and Selling

In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was 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 owns 56,946 shares of the company’s stock, valued at approximately $14,568,495.18. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $255.83, for a total transaction of $511,660.00. Following the sale, the director now directly owns 56,946 shares of the company’s stock, valued at $14,568,495.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Kenneth Duda sold 20,000 shares of the firm’s 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 sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $922,301.64. The disclosure for this sale can be found here. Insiders have sold a total of 335,974 shares of company stock valued at $96,252,685 over the last three months. 18.99% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arista Networks

A number of hedge funds have recently added to or reduced their stakes in ANET. FMR LLC lifted its position in shares of Arista Networks by 32.2% during the third quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock worth $1,897,906,000 after purchasing an additional 2,515,864 shares in the last quarter. Norges Bank acquired a new position in Arista Networks during the 4th quarter worth $586,051,000. Vanguard Group Inc. boosted its position in Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after buying an additional 1,596,040 shares during the last quarter. Schroder Investment Management Group increased its stake in shares of Arista Networks by 439.3% in the 3rd quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock valued at $231,624,000 after buying an additional 1,025,815 shares during the period. Finally, International Assets Investment Management LLC raised its position in shares of Arista Networks by 25,188.0% during the fourth quarter. International Assets Investment Management LLC now owns 613,739 shares of the technology company’s stock worth $1,445,420,000 after acquiring an additional 611,312 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

About Arista Networks

(Get Free Report)

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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