Arista Networks (NYSE:ANET) Trading 1.6% Higher – Should You Buy?

Arista Networks, Inc. (NYSE:ANET)’s share price rose 1.6% on Thursday . The company traded as high as $114.15 and last traded at $112.27. Approximately 1,175,663 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 8,687,398 shares. The stock had previously closed at $110.53.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Barclays dropped their price objective on Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a report on Wednesday, December 4th. Piper Sandler restated a “neutral” rating and issued a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Evercore ISI lifted their price target on shares of Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Wells Fargo & Company boosted their target price on Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Citigroup raised their price target on Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $100.70.

Arista Networks Trading Up 3.1 %

The stock has a market capitalization of $145.12 billion, a price-to-earnings ratio of 55.38, a PEG ratio of 3.21 and a beta of 1.08. The stock’s 50 day moving average is $104.73 and its 200 day moving average is $94.81.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.41 earnings per share. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 1.96 EPS for the current year.

Insiders Place Their Bets

In other news, insider John F. Mccool sold 288 shares of Arista Networks stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $108.70, for a total value of $31,305.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 3,328 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The shares were sold at an average price of $99.35, for a total value of $330,628.48. Following the sale, the chief executive officer now directly owns 70,724 shares in the company, valued at approximately $7,026,252.59. This represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 337,316 shares of company stock worth $35,286,096 over the last quarter. 3.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arista Networks

Several institutional investors have recently made changes to their positions in ANET. LGT Financial Advisors LLC acquired a new position in Arista Networks during the 2nd quarter valued at about $27,000. Anchor Investment Management LLC acquired a new position in shares of Arista Networks during the second quarter worth approximately $35,000. MidAtlantic Capital Management Inc. bought a new position in Arista Networks in the 3rd quarter worth approximately $44,000. HM Payson & Co. increased its position in Arista Networks by 28.2% in the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after acquiring an additional 29 shares during the period. Finally, True Wealth Design LLC raised its stake in Arista Networks by 2,133.3% during the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock valued at $51,000 after acquiring an additional 128 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

About Arista Networks

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.