Arista Networks (NYSE:ANET) Reaches New 1-Year High - Should You Buy?

Arista Networks, Inc. (NYSE:ANET - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $108.97 and last traded at $107.04, with a volume of 424644 shares trading hands. The stock had previously closed at $103.62.

Analysts Set New Price Targets

ANET has been the topic of a number of recent research reports. The Goldman Sachs Group upped their price target on Arista Networks from $97.50 to $107.50 and gave the company a "buy" rating in a research report on Tuesday, September 24th. Evercore ISI upped their price target on Arista Networks from $100.00 to $106.25 and gave the company an "outperform" rating in a research report on Tuesday, October 1st. Barclays upped their price target on Arista Networks from $85.25 to $123.75 and gave the company an "overweight" rating in a research report on Friday, November 8th. Citigroup increased their price objective on Arista Networks from $96.25 to $115.00 and gave the stock a "buy" rating in a report on Tuesday, October 8th. Finally, Piper Sandler reissued a "neutral" rating and set a $105.25 price objective (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks currently has a consensus rating of "Moderate Buy" and an average price target of $98.80.

Arista Networks Stock Performance

The stock has a market capitalization of $33.22 billion, a P/E ratio of 12.68, a price-to-earnings-growth ratio of 3.09 and a beta of 1.10. The firm has a 50-day moving average price of $99.60 and a 200 day moving average price of $89.73.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.08. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The business had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.76 billion. During the same period in the previous year, the firm earned $0.41 EPS. The business's quarterly revenue was up 20.0% on a year-over-year basis. On average, equities analysts anticipate that Arista Networks, Inc. will post 7.79 earnings per share for the current fiscal year.

Insider Activity at Arista Networks

In other news, SVP Marc Taxay sold 2,496 shares of the business's stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $97.09, for a total value of $242,342.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of the company's stock in a transaction on Monday, September 16th. The shares were sold at an average price of $89.19, for a total value of $132,707.28. Following the sale, the director now owns 10,260 shares of the company's stock, valued at approximately $915,038.10. This trade represents a 12.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 284,092 shares of company stock worth $29,919,134 over the last ninety days. 3.54% of the stock is owned by corporate insiders.

Institutional Trading of Arista Networks

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Ameriprise Financial Inc. boosted its stake in Arista Networks by 97.2% during the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company's stock valued at $628,966,000 after buying an additional 884,703 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Arista Networks by 39,841.1% during the third quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company's stock valued at $3,358,850,000 after buying an additional 872,919 shares during the last quarter. 1832 Asset Management L.P. lifted its stake in shares of Arista Networks by 4,160.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company's stock valued at $180,743,000 after purchasing an additional 503,597 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Arista Networks by 22.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company's stock valued at $1,021,228,000 after purchasing an additional 492,615 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of Arista Networks by 3.8% in the 3rd quarter. State Street Corp now owns 11,237,635 shares of the technology company's stock valued at $4,313,229,000 after purchasing an additional 411,109 shares during the last quarter. 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.