Arista Networks (NYSE:ANET) Trading 2.2% Higher – Should You Buy?

Arista Networks, Inc. (NYSE:ANET)’s share price traded up 2.2% on Monday . The company traded as high as $116.04 and last traded at $114.83. 2,608,847 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 8,805,212 shares. The stock had previously closed at $112.37.

Analyst Upgrades and Downgrades

ANET has been the subject of a number of analyst reports. Piper Sandler reaffirmed a “neutral” rating and issued a $105.25 price target (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Citigroup raised their price objective on Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. The Goldman Sachs Group boosted their target price on Arista Networks from $97.50 to $107.50 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Evercore ISI upped their price target on shares of Arista Networks from $100.00 to $106.25 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Finally, Morgan Stanley raised their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $100.70.

Arista Networks Stock Down 3.1 %

The firm has a 50 day moving average price of $101.74 and a 200 day moving average price of $91.84. The stock has a market cap of $142.25 billion, a PE ratio of 54.29, a price-to-earnings-growth ratio of 3.21 and a beta of 1.10.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter last year, the firm posted $0.41 EPS. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. Equities analysts forecast that Arista Networks, Inc. will post 1.96 earnings per share 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 shares were sold at an average price of $108.70, for a total value of $31,305.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Marc Taxay sold 2,496 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $97.09, for a total transaction of $242,342.88. The disclosure for this sale can be found here. Insiders sold a total of 353,476 shares of company stock worth $36,841,998 over the last 90 days. Company insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Beacon Capital Management LLC boosted its holdings in Arista Networks by 500.0% in the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after acquiring an additional 65 shares in the last quarter. LGT Financial Advisors LLC acquired a new stake in Arista Networks in the 2nd quarter worth approximately $27,000. Byrne Asset Management LLC purchased a new stake in Arista Networks during the 2nd quarter worth approximately $33,000. Anchor Investment Management LLC acquired a new position in Arista Networks during the 2nd quarter valued at approximately $35,000. Finally, MidAtlantic Capital Management Inc. purchased a new position in shares of Arista Networks in the third quarter worth $44,000. 82.47% of the stock is owned by institutional investors and hedge funds.

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.