Arista Networks (NYSE:ANET) Shares Up 2.7% on Earnings Beat

Shares of Arista Networks, Inc. (NYSE:ANET) traded up 2.7% during trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $112.12 and last traded at $109.72. 5,910,278 shares were traded during mid-day trading, a decline of 34% from the average session volume of 8,939,321 shares. The stock had previously closed at $106.87.

The technology company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%.

Analysts Set New Price Targets

Several brokerages have weighed in on ANET. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. UBS Group lifted their price target on shares of Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research report on Friday, November 8th. Wells Fargo & Company increased their price target on Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Morgan Stanley lifted their price objective on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Finally, Piper Sandler reiterated a “neutral” rating and set a $105.25 target price (up from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.59.

Insider Transactions at Arista Networks

In other news, insider John F. Mccool sold 288 shares of the business’s 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 document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $412.65, for a total value of $825,300.00. Following the completion of the sale, the director now directly owns 42,946 shares of the company’s stock, valued at approximately $17,721,666.90. This trade represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 337,320 shares of company stock worth $37,946,706 over the last quarter. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Several institutional investors and hedge funds have recently bought and sold shares of ANET. Stock Yards Bank & Trust Co. purchased a new position in Arista Networks during the fourth quarter valued at $242,000. Silver Oak Securities Incorporated increased its stake in shares of Arista Networks by 395.8% in the 4th quarter. Silver Oak Securities Incorporated now owns 18,593 shares of the technology company’s stock worth $2,072,000 after purchasing an additional 14,843 shares in the last quarter. Proactive Wealth Strategies LLC increased its holdings in Arista Networks by 387.6% in the 4th quarter. Proactive Wealth Strategies LLC now owns 6,120 shares of the technology company’s stock worth $676,000 after acquiring an additional 4,865 shares in the last quarter. Chevy Chase Trust Holdings LLC lifted its holdings in Arista Networks by 292.7% during the fourth quarter. Chevy Chase Trust Holdings LLC now owns 602,541 shares of the technology company’s stock valued at $66,599,000 after purchasing an additional 449,088 shares in the last quarter. Finally, 5T Wealth LLC bought a new stake in shares of Arista Networks during the 4th quarter valued at $1,046,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Trading Up 3.9 %

The business’s 50 day moving average is $113.95 and its two-hundred day moving average is $101.32. The company has a market cap of $139.89 billion, a PE ratio of 53.39, a PEG ratio of 3.10 and a beta of 1.09.

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.