Barclays Forecasts Strong Price Appreciation for Arista Networks (NYSE:ANET) Stock

Arista Networks (NYSE:ANET) had its price target lifted by Barclays from $341.00 to $495.00 in a report published on Friday,Benzinga reports. Barclays currently has an overweight rating on the technology company’s stock.

Other equities research analysts have also recently issued reports about the stock. Citigroup boosted their price target on shares of Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. UBS Group boosted their price target on shares of Arista Networks from $369.00 to $425.00 and gave the company a “neutral” rating in a research report on Friday. Piper Sandler reissued a “neutral” rating and issued a $421.00 price target (up from $345.00) on shares of Arista Networks in a research report on Friday. Needham & Company LLC reissued a “buy” rating and issued a $375.00 price target on shares of Arista Networks in a research report on Wednesday, July 31st. Finally, Rosenblatt Securities boosted their price target on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, Arista Networks has an average rating of “Moderate Buy” and a consensus target price of $395.19.

Arista Networks Stock Down 0.8 %

Shares of ANET stock opened at $397.31 on Friday. Arista Networks has a 52 week low of $206.83 and a 52 week high of $431.97. The stock has a market capitalization of $124.81 billion, a PE ratio of 47.75, a P/E/G ratio of 3.52 and a beta of 1.08. The firm has a 50 day moving average of $382.60 and a two-hundred day moving average of $345.46.

Arista Networks’s stock is set to split on Wednesday, December 4th. The 4-1 split was announced on Thursday, November 7th. The newly minted shares will be issued to shareholders after the closing bell on Tuesday, December 3rd.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, November 7th. The technology company reported $2.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.08 by $0.32. The business had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 31.90%. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.63 EPS. Analysts expect that Arista Networks will post 7.42 EPS for the current fiscal year.

Insider Transactions at Arista Networks

In other news, insider John F. Mccool sold 2,575 shares of the business’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $354.38, for a total transaction of $912,528.50. Following the transaction, the insider now directly owns 72 shares in the company, valued at $25,515.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Arista Networks news, SVP Marc Taxay sold 4,497 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $336.32, for a total value of $1,512,431.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John F. Mccool sold 2,575 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $354.38, for a total transaction of $912,528.50. Following the completion of the transaction, the insider now directly owns 72 shares of the company’s stock, valued at approximately $25,515.36. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 78,346 shares of company stock worth $30,021,432 over the last ninety days. 3.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. LPL Financial LLC increased its holdings in Arista Networks by 2.0% in the third quarter. LPL Financial LLC now owns 250,416 shares of the technology company’s stock valued at $96,114,000 after buying an additional 4,952 shares in the last quarter. Citizens Financial Group Inc. RI grew its position in shares of Arista Networks by 67.3% in the third quarter. Citizens Financial Group Inc. RI now owns 2,920 shares of the technology company’s stock valued at $1,121,000 after purchasing an additional 1,175 shares during the last quarter. Moran Wealth Management LLC grew its position in shares of Arista Networks by 0.5% in the third quarter. Moran Wealth Management LLC now owns 21,280 shares of the technology company’s stock valued at $8,168,000 after purchasing an additional 113 shares during the last quarter. Altman Advisors Inc. grew its position in shares of Arista Networks by 0.5% in the third quarter. Altman Advisors Inc. now owns 5,862 shares of the technology company’s stock valued at $2,250,000 after purchasing an additional 28 shares during the last quarter. Finally, First Horizon Advisors Inc. grew its position in shares of Arista Networks by 20.7% in the third quarter. First Horizon Advisors Inc. now owns 963 shares of the technology company’s stock valued at $370,000 after purchasing an additional 165 shares during the last quarter. 82.47% of the stock is 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.