Arista Networks (NYSE:ANET) Given New $125.00 Price Target at Wells Fargo & Company

Arista Networks (NYSE:ANET) had its price objective increased by equities researchers at Wells Fargo & Company from $115.00 to $125.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 20.81% from the company’s current price.

ANET has been the topic of several other reports. Barclays increased their target price on shares of Arista Networks from $125.00 to $126.00 and gave the stock an “overweight” rating in a research note on Wednesday. Citigroup increased their target price on shares of Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a research note on Wednesday. Piper Sandler reissued a “neutral” rating and set a $105.25 target price (up from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Needham & Company LLC restated a “buy” rating and set a $145.00 price target on shares of Arista Networks in a research report on Wednesday. Finally, StockNews.com downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $113.79.

Arista Networks Stock Performance

NYSE:ANET opened at $103.47 on Wednesday. The firm’s fifty day moving average is $114.01 and its two-hundred day moving average is $101.55. Arista Networks has a one year low of $60.08 and a one year high of $133.57. The firm has a market cap of $130.35 billion, a price-to-earnings ratio of 46.61, a PEG ratio of 2.98 and a beta of 1.09.

Arista Networks (NYSE:ANET) last posted its earnings results 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. Arista Networks had a net margin of 40.72% and a return on equity of 31.22%. The business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. As a group, equities research analysts predict that Arista Networks will post 2.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $412.65, for a total transaction of $825,300.00. Following the completion of the sale, the director now owns 42,946 shares in the company, valued at $17,721,666.90. This trade represents a 4.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,405,171.04. This represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 259,944 shares of company stock worth $30,214,186. Insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Hedge funds have recently made changes to their positions in the stock. MidAtlantic Capital Management Inc. purchased a new position in shares of Arista Networks during the 3rd quarter worth approximately $44,000. HM Payson & Co. boosted its position in shares of Arista Networks by 28.2% during the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock worth $51,000 after purchasing an additional 29 shares during the period. True Wealth Design LLC boosted its position in shares of Arista Networks by 2,133.3% during the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock worth $51,000 after purchasing an additional 128 shares during the period. Anchor Investment Management LLC boosted its position in shares of Arista Networks by 35.0% during the 3rd quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock worth $52,000 after purchasing an additional 35 shares during the period. Finally, Transcendent Capital Group LLC boosted its position in shares of Arista Networks by 75.0% during the 3rd quarter. Transcendent Capital Group LLC now owns 175 shares of the technology company’s stock worth $67,000 after purchasing an additional 75 shares during the period. 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.