Arista Networks (NYSE:ANET) Trading 3.6% Higher – Time to Buy?

Shares of Arista Networks, Inc. (NYSE:ANET) shot up 3.6% on Monday . The company traded as high as $76.78 and last traded at $75.30. 2,947,454 shares changed hands during trading, a decline of 68% from the average session volume of 9,126,346 shares. The stock had previously closed at $72.67.

Analyst Ratings Changes

A number of research firms have recently weighed in on ANET. Piper Sandler reduced their target price on shares of Arista Networks from $108.00 to $76.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Citigroup upped their price objective on shares of Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Rosenblatt Securities reiterated a “sell” rating and set a $80.00 target price on shares of Arista Networks in a report on Tuesday, February 18th. Morgan Stanley cut their price target on Arista Networks from $118.00 to $73.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Finally, Evercore ISI lifted their price objective on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $108.50.

Arista Networks Trading Up 2.2 %

The stock has a 50-day moving average price of $88.74 and a two-hundred day moving average price of $100.14. The stock has a market cap of $93.64 billion, a price-to-earnings ratio of 33.45, a PEG ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Jayshree Ullal sold 138,351 shares of the business’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the completion of the sale, the chief executive officer now owns 92,641 shares of the company’s stock, valued at $8,697,137.08. The trade was a 59.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the transaction, the director now directly owns 155,784 shares of the company’s stock, valued at $17,450,923.68. The trade was a 4.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 411,031 shares of company stock valued at $39,364,943 in the last quarter. 3.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Arista Networks by 304.2% in the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock valued at $10,620,270,000 after buying an additional 72,311,318 shares during the period. FMR LLC lifted its holdings in shares of Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock worth $6,371,848,000 after acquiring an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC lifted its holdings in shares of Arista Networks by 277.5% in the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock worth $3,016,207,000 after acquiring an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC increased its holdings in Arista Networks by 311.6% in the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock valued at $2,665,829,000 after purchasing an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in shares of Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after buying an additional 14,454,822 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Company Profile

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.