Arista Networks’ (ANET) “Outperform” Rating Reiterated at Evercore ISI

Evercore ISI reissued their outperform rating on shares of Arista Networks (NYSE:ANET) in a report published on Friday, Benzinga reports. Evercore ISI currently has a $400.00 price target on the technology company’s stock.

ANET has been the subject of a number of other research reports. JPMorgan Chase & Co. upped their price target on Arista Networks from $335.00 to $340.00 and gave the stock an overweight rating in a report on Wednesday, July 31st. Morgan Stanley lifted their price target on shares of Arista Networks from $325.00 to $355.00 and gave the company an overweight rating in a research note on Thursday, July 18th. Bank of America upped their price objective on shares of Arista Networks from $320.00 to $380.00 and gave the stock a buy rating in a research report on Thursday, June 20th. Piper Sandler lifted their target price on shares of Arista Networks from $302.00 to $345.00 and gave the company a neutral rating in a research report on Monday, July 15th. Finally, Citigroup upped their price target on shares of Arista Networks from $330.00 to $385.00 and gave the stock a buy rating in a research report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $358.63.

Arista Networks Trading Down 0.2 %

Arista Networks stock opened at $359.16 on Friday. The firm has a market cap of $112.55 billion, a PE ratio of 50.02, a P/E/G ratio of 2.70 and a beta of 1.07. The stock’s 50 day simple moving average is $340.84 and its two-hundred day simple moving average is $314.50. Arista Networks has a 12 month low of $168.25 and a 12 month high of $376.50.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the prior year, the firm posted $1.41 earnings per share. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. On average, equities research analysts forecast that Arista Networks will post 7.38 EPS for the current year.

Insider Transactions at Arista Networks

In related news, SVP Kenneth Duda sold 1,689 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $321.28, for a total transaction of $542,641.92. Following the completion of the sale, the senior vice president now directly owns 182,600 shares in the company, valued at $58,665,728. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Arista Networks news, SVP Kenneth Duda sold 1,689 shares of Arista Networks stock in a transaction on Friday, September 6th. The stock was sold at an average price of $321.28, for a total value of $542,641.92. Following the sale, the senior vice president now owns 182,600 shares in the company, valued at $58,665,728. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,600,800 shares in the company, valued at approximately $555,477,600. The disclosure for this sale can be found here. Insiders have sold a total of 106,989 shares of company stock worth $37,891,416 in the last quarter. Company insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

A number of institutional investors and hedge funds have recently bought and sold shares of ANET. International Assets Investment Management LLC increased its stake in Arista Networks by 7.4% during the 4th quarter. International Assets Investment Management LLC now owns 2,606 shares of the technology company’s stock worth $614,000 after buying an additional 179 shares during the period. 9258 Wealth Management LLC purchased a new stake in shares of Arista Networks during the fourth quarter worth $240,000. Avantax Advisory Services Inc. raised its stake in shares of Arista Networks by 18.6% in the fourth quarter. Avantax Advisory Services Inc. now owns 4,034 shares of the technology company’s stock valued at $950,000 after acquiring an additional 633 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in Arista Networks by 13.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 33,433 shares of the technology company’s stock valued at $7,873,000 after purchasing an additional 4,068 shares during the period. Finally, Foundations Investment Advisors LLC grew its stake in Arista Networks by 8.6% during the 4th quarter. Foundations Investment Advisors LLC now owns 1,291 shares of the technology company’s stock worth $304,000 after purchasing an additional 102 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other 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.