Arista Networks, Inc. (NYSE:ANET – Get Free Report)’s stock price rose 1.5% during mid-day trading on Wednesday after Evercore ISI raised their price target on the stock from $400.00 to $425.00. Evercore ISI currently has an outperform rating on the stock. Arista Networks traded as high as $389.07 and last traded at $387.59. Approximately 215,009 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 2,271,072 shares. The stock had previously closed at $381.85.
A number of other equities analysts also recently commented on ANET. Citigroup boosted their price objective on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. The Goldman Sachs Group boosted their target price on shares of Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Barclays lifted their price target on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Wells Fargo & Company increased their price objective on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $364.81.
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Insiders Place Their Bets
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the business. UniSuper Management Pty Ltd boosted its position in shares of Arista Networks by 20.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock worth $10,535,000 after purchasing an additional 6,133 shares in the last quarter. Central Pacific Bank Trust Division acquired a new position in Arista Networks during the first quarter worth about $1,405,000. M&G Plc purchased a new position in Arista Networks in the first quarter valued at about $3,238,000. Nordea Investment Management AB lifted its position in shares of Arista Networks by 32.5% during the 1st quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after acquiring an additional 6,578 shares during the period. Finally, Cim LLC acquired a new stake in shares of Arista Networks in the 4th quarter worth approximately $2,589,000. Institutional investors and hedge funds own 82.47% of the company’s stock.
Arista Networks Stock Performance
The business has a fifty day moving average of $350.01 and a two-hundred day moving average of $323.05. The firm has a market cap of $122.19 billion, a price-to-earnings ratio of 54.31, a PEG ratio of 3.04 and a beta of 1.07.
Arista Networks (NYSE:ANET – Get Free Report) last posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period last year, the firm posted $1.41 EPS. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, equities research analysts forecast that Arista Networks, Inc. will post 7.38 earnings per share for the current year.
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.
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