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

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

Wall Street Analyst Weigh In

A number of analysts have issued reports on ANET shares. Piper Sandler reaffirmed an “overweight” rating and issued a $175.00 price objective (up from $159.00) on shares of Arista Networks in a research note on Friday, February 13th. KeyCorp reissued an “overweight” rating and issued a $178.00 target price (up from $170.00) on shares of Arista Networks in a report on Friday, February 13th. Needham & Company LLC boosted their price target on shares of Arista Networks from $165.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Finally, Wells Fargo & Company increased their price objective on shares of Arista Networks from $175.00 to $185.00 and gave the company an “overweight” rating in a research report on Friday, February 13th. Eighteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $176.47.

Arista Networks Stock Up 2.3%

The firm’s 50 day simple moving average is $134.83 and its 200 day simple moving average is $137.32. The company has a market capitalization of $171.08 billion, a PE ratio of 49.33, a price-to-earnings-growth ratio of 2.40 and a beta of 1.46.

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

Insider Activity

In other news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $128.67, for a total transaction of $1,029,360.00. Following the transaction, the director owned 1,784 shares of the company’s stock, valued at approximately $229,547.28. This represents a 81.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Yvonne Wassenaar sold 1,815 shares of the stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $132.44, for a total value of $240,378.60. Following the completion of the sale, the director owned 12,574 shares in the company, valued at approximately $1,665,300.56. The trade was a 12.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 140,237 shares of company stock valued at $18,968,800. Company insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

A number of large investors have recently bought and sold shares of the business. Norges Bank bought a new position in Arista Networks in the 2nd quarter worth about $1,228,177,000. Massachusetts Financial Services Co. MA increased its position in shares of Arista Networks by 2,829.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 5,721,156 shares of the technology company’s stock worth $833,630,000 after acquiring an additional 5,525,828 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Arista Networks by 82.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 9,587,115 shares of the technology company’s stock valued at $1,396,939,000 after acquiring an additional 4,332,659 shares in the last quarter. M&T Bank Corp boosted its holdings in shares of Arista Networks by 3,182.7% in the fourth quarter. M&T Bank Corp now owns 4,012,373 shares of the technology company’s stock valued at $525,741,000 after purchasing an additional 3,890,146 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in shares of Arista Networks by 59.3% in the fourth quarter. Franklin Resources Inc. now owns 7,878,360 shares of the technology company’s stock valued at $1,032,302,000 after purchasing an additional 2,934,098 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 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.