Arista Networks (NYSE:ANET) Shares Up 1.9% – Should You Buy?

Arista Networks, Inc. (NYSE:ANET) shares shot up 1.9% during trading on Tuesday . The company traded as high as $115.10 and last traded at $114.73. 981,827 shares were traded during trading, a decline of 82% from the average session volume of 5,442,593 shares. The stock had previously closed at $112.64.

Analyst Ratings Changes

ANET has been the topic of several analyst reports. StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Wells Fargo & Company upped their target price on shares of Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group raised their price target on shares of Arista Networks from $97.50 to $107.50 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Rosenblatt Securities boosted their price objective on Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research report on Friday, November 8th. Finally, Piper Sandler restated a “neutral” rating and issued a $105.25 target price (up from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $102.42.

Arista Networks Trading Up 1.0 %

The firm has a market capitalization of $143.35 billion, a P/E ratio of 54.71, a P/E/G ratio of 3.21 and a beta of 1.08. The business’s fifty day moving average is $106.76 and its 200 day moving average is $96.26.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.08. The company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The firm’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.41 earnings per share. As a group, sell-side analysts predict that Arista Networks, Inc. will post 1.96 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $99.12, for a total value of $147,887.04. Following the completion of the sale, the director now directly owns 8,768 shares in the company, valued at $869,084.16. The trade was a 14.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Marc Taxay sold 2,496 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $96.83, for a total value of $241,693.92. The disclosure for this sale can be found here. In the last quarter, insiders have sold 345,316 shares of company stock valued at $37,761,976. 3.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arista Networks

Several large investors have recently added to or reduced their stakes in the company. State Street Corp increased its holdings in shares of Arista Networks by 3.8% during the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock worth $4,313,229,000 after buying an additional 411,109 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Arista Networks by 4.2% in the third quarter. Geode Capital Management LLC now owns 5,871,481 shares of the technology company’s stock valued at $2,246,705,000 after buying an additional 236,151 shares during the period. Wellington Management Group LLP raised its position in shares of Arista Networks by 22.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock valued at $1,021,228,000 after acquiring an additional 492,615 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Arista Networks by 4.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,283,573 shares of the technology company’s stock valued at $876,481,000 after buying an additional 99,790 shares during the period. Finally, Legal & General Group Plc grew its position in shares of Arista Networks by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after buying an additional 20,278 shares during the period. Institutional investors and hedge funds 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.