Arista Networks (NYSE:ANET) Stock Price Up 3.8% Following Analyst Upgrade

Shares of Arista Networks, Inc. (NYSE:ANET) traded up 3.8% during mid-day trading on Friday after Morgan Stanley raised their price target on the stock from $73.00 to $100.00. Morgan Stanley currently has an overweight rating on the stock. Arista Networks traded as high as $91.06 and last traded at $91.18. 3,084,089 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 11,226,331 shares. The stock had previously closed at $87.84.

A number of other analysts also recently weighed in on the stock. Barclays reaffirmed an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Piper Sandler lowered their target price 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. JPMorgan Chase & Co. cut their price target on Arista Networks from $140.00 to $110.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Evercore ISI lowered their price objective on Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. Finally, Erste Group Bank cut Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 17th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and a consensus target price of $108.36.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $112.02, for a total transaction of $896,160.00. Following the completion of the transaction, the director now owns 155,784 shares in the company, valued at $17,450,923.68. This trade represents a 4.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the completion of the sale, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,500,155.36. This trade represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 412,355 shares of company stock valued at $39,446,799 in the last 90 days. Insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ANET. Optimum Investment Advisors boosted its holdings in shares of Arista Networks by 31.3% in the 1st quarter. Optimum Investment Advisors now owns 525 shares of the technology company’s stock worth $41,000 after purchasing an additional 125 shares during the period. Tradewinds Capital Management LLC boosted its stake in Arista Networks by 45.8% during the first quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company’s stock worth $35,000 after buying an additional 143 shares during the period. Caitlin John LLC raised its stake in shares of Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after acquiring an additional 152 shares during the period. Weaver Capital Management LLC lifted its stake in Arista Networks by 0.8% in the first quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company’s stock worth $1,662,000 after purchasing an additional 162 shares during the last quarter. Finally, First American Bank grew its position in Arista Networks by 1.1% in the 1st quarter. First American Bank now owns 14,478 shares of the technology company’s stock valued at $1,122,000 after acquiring an additional 164 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Up 3.7 %

The firm has a market cap of $114.36 billion, a PE ratio of 41.03, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30. The business has a 50 day simple moving average of $79.15 and a two-hundred day simple moving average of $97.75.

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

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.