Arista Networks (NYSE:ANET) Shares Up 0.6% – Time to Buy?

Arista Networks, Inc. (NYSE:ANET) traded up 0.6% during mid-day trading on Tuesday . The stock traded as high as $77.92 and last traded at $77.94. 1,975,824 shares traded hands during trading, a decline of 81% from the average session volume of 10,646,906 shares. The stock had previously closed at $77.48.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ANET. Piper Sandler reaffirmed a “neutral” rating and issued a $108.00 target price (up from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Erste Group Bank downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. Finally, Evercore ISI raised their price target on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $114.00.

Arista Networks Trading Up 0.6 %

The firm has a market capitalization of $98.27 billion, a P/E ratio of 35.13, a PEG ratio of 3.10 and a beta of 1.08. The business has a 50 day moving average of $98.31 and a 200-day moving average of $101.83.

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

Insider Activity

In other news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $84.85, for a total value of $6,788,000.00. Following the sale, the senior vice president now directly owns 12,976 shares in the company, valued at $1,101,013.60. This trade represents a 86.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total transaction of $892,080.00. Following the transaction, the director now owns 163,784 shares of the company’s stock, valued at $18,263,553.84. The trade was a 4.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 491,001 shares of company stock worth $49,112,111 over the last three months. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Caitlin John LLC raised its holdings in Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after acquiring an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC raised its stake in shares of Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after purchasing an additional 191 shares in the last quarter. Cranbrook Wealth Management LLC boosted its holdings in shares of Arista Networks by 300.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after buying an additional 198 shares during the last quarter. Trust Co. of Vermont grew its stake in shares of Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after buying an additional 198 shares in the last quarter. Finally, New Millennium Group LLC increased its holdings in Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after buying an additional 195 shares during the last quarter. 82.47% of the stock is owned by 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.