Arista Networks (NYSE:ANET) Stock Price Up 1.3% – Here’s Why

Arista Networks, Inc. (NYSE:ANET)’s stock price traded up 1.3% during mid-day trading on Monday . The stock traded as high as $136.28 and last traded at $135.3670. 7,851,674 shares were traded during mid-day trading, a decline of 5% from the average session volume of 8,286,630 shares. The stock had previously closed at $133.57.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Rosenblatt Securities boosted their target price on shares of Arista Networks from $140.00 to $165.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 10th. The Goldman Sachs Group reiterated a “buy” rating and issued a $188.00 price target (up from $165.00) on shares of Arista Networks in a report on Friday, February 13th. KeyCorp reiterated an “overweight” rating and issued a $178.00 price objective (up from $170.00) on shares of Arista Networks in a research note on Friday, February 13th. Morgan Stanley reissued an “overweight” rating and set a $165.00 price objective on shares of Arista Networks in a report on Friday, February 13th. Finally, Piper Sandler restated an “overweight” rating and set a $175.00 target price (up from $159.00) on shares of Arista Networks in a research report on Friday, February 13th. Eighteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $176.47.

Arista Networks Stock Up 1.3%

The company has a market cap of $170.09 billion, a price-to-earnings ratio of 49.05, a price-to-earnings-growth ratio of 2.37 and a beta of 1.46. The company has a fifty day simple moving average of $134.86 and a two-hundred day simple moving average of $137.35.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.07. The business had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.38 billion. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The business’s revenue was up 28.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.66 EPS. On average, research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insiders Place Their Bets

In other news, Director Yvonne Wassenaar sold 1,815 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $132.44, for a total transaction of $240,378.60. Following the completion of the transaction, the director directly owned 12,574 shares of the company’s stock, valued at $1,665,300.56. This trade represents a 12.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $140.43, for a total value of $1,123,440.00. Following the transaction, the director owned 9,784 shares of the company’s stock, valued at $1,373,967.12. This represents a 44.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 196,237 shares of company stock worth $25,865,760. Insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Large investors have recently bought and sold shares of the stock. Bare Financial Services Inc boosted its stake in shares of Arista Networks by 2,118.2% during the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock valued at $25,000 after acquiring an additional 233 shares during the last quarter. Board of the Pension Protection Fund purchased a new stake in Arista Networks during the 4th quarter worth about $26,000. Sankala Group LLC acquired a new position in Arista Networks in the 4th quarter valued at about $27,000. Prosperity Bancshares Inc acquired a new position in Arista Networks in the 4th quarter valued at about $28,000. Finally, AdvisorNet Financial Inc lifted its holdings in Arista Networks by 56.7% in the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after purchasing an additional 72 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.