Arista Networks (NYSE:ANET) Price Target Lowered to $76.00 at Piper Sandler

Arista Networks (NYSE:ANET - Free Report) had its price target cut by Piper Sandler from $108.00 to $76.00 in a report published on Tuesday,Benzinga reports. They currently have a neutral rating on the technology company's stock.

Several other brokerages have also recently issued reports on ANET. Citigroup boosted their target price on Arista Networks from $115.00 to $121.00 and gave the company a "buy" rating in a report on Wednesday, February 19th. Erste Group Bank downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. UBS Group upgraded shares of Arista Networks from a "neutral" rating to a "buy" rating and increased their target price for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Evercore ISI upped 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. Finally, Barclays reiterated an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $108.50.

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Arista Networks Trading Down 0.2 %

Shares of ANET stock traded down $0.15 on Tuesday, reaching $72.50. 11,224,936 shares of the stock were exchanged, compared to its average volume of 9,205,073. The company has a market capitalization of $91.43 billion, a price-to-earnings ratio of 32.66, a PEG ratio of 3.10 and a beta of 1.30. The business's 50 day moving average price is $88.74 and its 200 day moving average price is $100.12. Arista Networks has a twelve month low of $59.43 and a twelve month high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $1.93 billion during the quarter, compared to analysts' expectations of $1.90 billion. Equities research analysts forecast that Arista Networks will post 2.2 earnings per share for the current year.

Insider Buying and Selling

In other Arista Networks news, SVP Marc Taxay sold 51,848 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $88.59, for a total transaction of $4,593,214.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jayshree Ullal sold 138,351 shares of the company'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 directly owns 92,641 shares in the company, valued at $8,697,137.08. This trade represents a 59.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 411,031 shares of company stock worth $39,364,943 in the last quarter. Company insiders own 3.54% of the company's stock.

Hedge Funds Weigh In On Arista Networks

Several hedge funds have recently bought and sold shares of ANET. Gateway Investment Advisers LLC boosted its stake in shares of Arista Networks by 37.7% during the first quarter. Gateway Investment Advisers LLC now owns 9,340 shares of the technology company's stock valued at $724,000 after acquiring an additional 2,559 shares during the last quarter. KFG Wealth Management LLC purchased a new position in Arista Networks in the 1st quarter valued at about $476,000. First Affirmative Financial Network boosted its stake in shares of Arista Networks by 16.1% during the 1st quarter. First Affirmative Financial Network now owns 3,835 shares of the technology company's stock worth $297,000 after purchasing an additional 531 shares during the last quarter. Intellectus Partners LLC grew its holdings in shares of Arista Networks by 12.6% during the first quarter. Intellectus Partners LLC now owns 8,226 shares of the technology company's stock worth $637,000 after buying an additional 918 shares in the last quarter. Finally, Breakwater Capital Group acquired a new position in shares of Arista Networks in the first quarter valued at approximately $370,000. Hedge funds and other institutional investors own 82.47% of the company's stock.

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.