Arista Networks (NYSE:ANET) Trading 1.4% Higher Following Analyst Upgrade

Arista Networks, Inc. (NYSE:ANET - Get Free Report)'s stock price traded up 1.4% during mid-day trading on Monday after The Goldman Sachs Group raised their price target on the stock from $120.00 to $135.00. The Goldman Sachs Group currently has a buy rating on the stock. Arista Networks traded as high as $120.98 and last traded at $119.78. 5,776,024 shares were traded during mid-day trading, an increase of 13% from the average session volume of 5,099,290 shares. The stock had previously closed at $118.13.

A number of other brokerages have also weighed in on ANET. Morgan Stanley lifted their price target on shares of Arista Networks from $102.50 to $118.00 and gave the company an "overweight" rating in a report on Tuesday, December 17th. Piper Sandler restated a "neutral" rating and set a $105.25 price target (up from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. StockNews.com downgraded Arista Networks from a "buy" rating to a "hold" rating in a report on Thursday, December 12th. Evercore ISI boosted their target price on Arista Networks from $110.00 to $130.00 and gave the stock an "outperform" rating in a report on Friday. Finally, UBS Group raised their price target on shares of Arista Networks from $92.25 to $106.25 and gave the company a "neutral" rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $105.83.

Insider Buying and Selling at Arista Networks

In related news, SVP Marc Taxay sold 2,496 shares of Arista Networks stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $96.83, for a total value of $241,693.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $105.09, for a total value of $8,407,200.00. Following the sale, the senior vice president now owns 12,976 shares in the company, valued at $1,363,647.84. The trade was a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 345,316 shares of company stock valued at $37,761,976 in the last three months. Corporate insiders own 3.54% of the company's stock.

Hedge Funds Weigh In On Arista Networks

A number of hedge funds have recently added to or reduced their stakes in ANET. State Street Corp boosted its stake in Arista Networks by 3.8% in the third quarter. State Street Corp now owns 11,237,635 shares of the technology company's stock valued at $4,313,229,000 after acquiring an additional 411,109 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Arista Networks by 4.2% during the third quarter. Geode Capital Management LLC now owns 5,871,481 shares of the technology company's stock valued at $2,246,705,000 after acquiring an additional 236,151 shares during the period. Wellington Management Group LLP boosted its stake in Arista Networks by 22.7% during 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 period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Arista Networks by 4.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,283,573 shares of the technology company's stock worth $876,481,000 after purchasing an additional 99,790 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Arista Networks by 0.9% in the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company's stock valued at $769,560,000 after purchasing an additional 20,278 shares during the period. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Price Performance

The company has a market cap of $150.90 billion, a P/E ratio of 57.59, a PEG ratio of 3.09 and a beta of 1.08. The stock has a fifty day moving average price of $107.84 and a two-hundred day moving average price of $97.05.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.08. The company had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The company's revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.41 earnings per share. As a group, analysts forecast that Arista Networks, Inc. will post 1.97 earnings per share for the current year.

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.