Arista Networks (NYSE:ANET) Price Target Lowered to $100.00 at Evercore ISI

Arista Networks (NYSE:ANET) had its target price lowered by Evercore ISI from $130.00 to $100.00 in a report released on Tuesday morning, Marketbeat reports. Evercore ISI currently has an outperform rating on the technology company’s stock.

Several other brokerages have also issued reports on ANET. UBS Group raised Arista Networks from a “neutral” rating to a “buy” rating and upped their target price for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Barclays restated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Citigroup cut their price target on Arista Networks from $121.00 to $92.00 and set a “buy” rating for the company in a report on Monday. Finally, Piper Sandler cut their price objective on shares of Arista Networks from $108.00 to $76.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $104.29.

Arista Networks Stock Performance

NYSE ANET opened at $73.17 on Tuesday. Arista Networks has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The stock has a market cap of $92.27 billion, a PE ratio of 32.96, a PEG ratio of 3.10 and a beta of 1.30. The firm’s fifty day moving average price is $87.06 and its two-hundred day moving average price is $99.81.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The firm had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. As a group, sell-side analysts predict that Arista Networks will post 2.2 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Marc Taxay sold 51,848 shares of Arista Networks stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $88.59, for a total transaction of $4,593,214.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Jayshree Ullal sold 138,351 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the completion of the transaction, the chief executive officer now owns 92,641 shares in the company, valued at $8,697,137.08. The trade was a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 411,031 shares of company stock valued at $39,364,943. Insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Institutional investors and hedge funds have recently made changes to their positions in the business. Caitlin John LLC boosted its position in Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after acquiring an additional 152 shares during the last quarter. Capital Advisors Ltd. LLC raised its stake in Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock valued at $27,000 after purchasing an additional 191 shares in the last quarter. New Millennium Group LLC boosted its holdings in shares of Arista Networks by 300.0% in the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock valued at $29,000 after purchasing an additional 195 shares in the last quarter. Fragasso Financial Advisors Inc lifted its stake in Arista Networks by 4.4% in the 1st quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company’s stock valued at $360,000 after purchasing an additional 196 shares during the last quarter. Finally, Cranbrook Wealth Management LLC grew its holdings in shares of Arista Networks by 300.0% during the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares during the last quarter. Institutional investors 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.