Wells Fargo & Company Issues Positive Forecast for Arista Networks (NYSE:ANET) Stock Price

Arista Networks (NYSE:ANET) had its target price increased by equities researchers at Wells Fargo & Company from $390.00 to $460.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 15.35% from the stock’s current price.

ANET has been the subject of a number of other reports. Citigroup lifted their price target on Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. KeyCorp upped their price target on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Jefferies Financial Group raised their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Piper Sandler upped their target price on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, July 15th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $375.00 price target on shares of Arista Networks in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $373.88.

Arista Networks Trading Down 0.7 %

NYSE:ANET traded down $2.78 during mid-day trading on Wednesday, hitting $398.79. The stock had a trading volume of 219,118 shares, compared to its average volume of 2,200,162. Arista Networks has a twelve month low of $187.68 and a twelve month high of $422.73. The stock has a 50-day simple moving average of $373.86 and a two-hundred day simple moving average of $337.07. The company has a market capitalization of $124.97 billion, a PE ratio of 55.56, a PEG ratio of 3.21 and a beta of 1.07.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The company’s revenue was up 15.9% on a year-over-year basis. During the same period last year, the business earned $1.41 EPS. Sell-side analysts predict that Arista Networks will post 7.38 EPS for the current fiscal year.

Insider Activity

In other Arista Networks news, Director Kelly Bodnar Battles sold 373 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $396.48, for a total transaction of $147,887.04. Following the completion of the transaction, the director now owns 2,192 shares in the company, valued at approximately $869,084.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Marc Taxay sold 628 shares of Arista Networks stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total value of $220,114.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kelly Bodnar Battles sold 373 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $396.48, for a total value of $147,887.04. Following the completion of the transaction, the director now owns 2,192 shares of the company’s stock, valued at $869,084.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 58,570 shares of company stock valued at $21,474,782. Company insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Large investors have recently made changes to their positions in the stock. Beacon Capital Management LLC increased its stake in Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after purchasing an additional 65 shares in the last quarter. LGT Financial Advisors LLC purchased a new stake in shares of Arista Networks in the 2nd quarter worth about $27,000. Byrne Asset Management LLC purchased a new position in Arista Networks during the 2nd quarter valued at about $33,000. Sugarloaf Wealth Management LLC acquired a new position in Arista Networks during the second quarter worth about $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Arista Networks in the second quarter valued at about $35,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

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.