Rosenblatt Securities Upgrades Arista Networks (NYSE:ANET) to Buy

Arista Networks (NYSE:ANET) was upgraded by equities research analysts at Rosenblatt Securities from a “neutral” rating to a “buy” rating in a report issued on Tuesday,Finviz reports. The brokerage presently has a $180.00 price objective on the technology company’s stock. Rosenblatt Securities’ target price points to a potential upside of 42.60% from the company’s previous close.

Several other analysts also recently weighed in on ANET. Wells Fargo & Company lifted their target price on Arista Networks from $175.00 to $185.00 and gave the stock an “overweight” rating in a research report on Friday, February 13th. Evercore reiterated an “outperform” rating and set a $200.00 target price on shares of Arista Networks in a research report on Friday, February 13th. UBS Group set a $200.00 price target on Arista Networks in a research note on Tuesday, February 24th. Truist Financial initiated coverage on Arista Networks in a research note on Tuesday, March 31st. They set a “buy” rating and a $161.00 price target on the stock. Finally, Piper Sandler restated an “overweight” rating and set a $175.00 price target (up from $159.00) on shares of Arista Networks in a research note on Friday, February 13th. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus target price of $176.44.

Arista Networks Trading Down 0.4%

NYSE:ANET opened at $126.23 on Tuesday. Arista Networks has a twelve month low of $59.43 and a twelve month high of $164.94. The company has a market cap of $158.61 billion, a price-to-earnings ratio of 45.73, a price-to-earnings-growth ratio of 2.24 and a beta of 1.48. The stock has a fifty day simple moving average of $134.29 and a 200-day simple moving average of $135.88.

Arista Networks (NYSE:ANET) last released its earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.07. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The business had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period last year, the company earned $0.66 earnings per share. The business’s revenue for the quarter was up 28.9% compared to the same quarter last year. As a group, equities research analysts predict that Arista Networks 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 firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $140.43, for a total transaction of $1,123,440.00. Following the transaction, the director owned 9,784 shares in the company, valued at approximately $1,373,967.12. This trade represents a 44.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Kenneth Duda sold 32,000 shares of the firm’s stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $134.14, for a total value of $4,292,480.00. Following the transaction, the insider owned 12,976 shares in the company, valued at approximately $1,740,600.64. This represents a 71.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 199,632 shares of company stock worth $26,873,604. Company insiders own 3.39% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Arista Networks by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 101,189,629 shares of the technology company’s stock valued at $13,258,877,000 after purchasing an additional 1,188,799 shares during the last quarter. State Street Corp grew its stake in Arista Networks by 1.4% in the fourth quarter. State Street Corp now owns 46,970,697 shares of the technology company’s stock valued at $6,154,570,000 after purchasing an additional 628,146 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Arista Networks by 1.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 37,171,766 shares of the technology company’s stock valued at $4,870,618,000 after purchasing an additional 380,724 shares during the last quarter. Geode Capital Management LLC grew its stake in Arista Networks by 1.8% in the fourth quarter. Geode Capital Management LLC now owns 26,447,629 shares of the technology company’s stock valued at $3,455,095,000 after purchasing an additional 477,625 shares during the last quarter. Finally, Norges Bank purchased a new position in Arista Networks in the fourth quarter valued at about $1,558,563,000. Hedge funds and other institutional investors 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.