Arista Networks (NYSE:ANET) Stock Price Up 0.7% - Time to Buy?

Arista Networks, Inc. (NYSE:ANET - Get Free Report)'s stock price was up 0.7% during trading on Wednesday . The stock traded as high as $83.00 and last traded at $79.66. Approximately 3,860,652 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 8,726,252 shares. The stock had previously closed at $79.13.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Evercore ISI boosted their price target on Arista Networks from $110.00 to $130.00 and gave the company an "outperform" rating in a report on Friday, January 17th. Piper Sandler reiterated a "neutral" rating and set a $108.00 price objective (up from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. StockNews.com lowered shares of Arista Networks from a "buy" rating to a "hold" rating in a report on Thursday, December 12th. Needham & Company LLC reaffirmed a "buy" rating and set a $145.00 price target on shares of Arista Networks in a report on Wednesday, February 19th. Finally, Rosenblatt Securities reissued a "sell" rating and issued a $80.00 price objective on shares of Arista Networks in a research note on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $114.00.

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Arista Networks Stock Up 1.9 %

The company has a fifty day moving average price of $107.62 and a 200-day moving average price of $102.03. The stock has a market capitalization of $101.65 billion, a P/E ratio of 36.36, a PEG ratio of 3.10 and a beta of 1.08.

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

Insiders Place Their Bets

In other news, Director Kelly Bodnar Battles sold 1,488 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $107.13, for a total value of $159,409.44. Following the sale, the director now owns 8,128 shares of the company's stock, valued at approximately $870,752.64. This represents a 15.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Jayshree Ullal sold 138,351 shares of Arista Networks stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the transaction, the chief executive officer now directly owns 92,641 shares of the company's stock, valued at approximately $8,697,137.08. This represents a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 491,001 shares of company stock valued at $49,112,111 over the last ninety days. 3.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Arista Networks

Hedge funds and other institutional investors have recently made changes to their positions in the company. Caitlin John LLC raised its stake in Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after buying an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC boosted its position in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after purchasing an additional 191 shares in the last quarter. Cranbrook Wealth Management LLC grew its stake in Arista Networks by 300.0% in the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock valued at $29,000 after purchasing an additional 198 shares during the last quarter. Trust Co. of Vermont raised its holdings in Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock worth $29,000 after purchasing an additional 198 shares in the last quarter. Finally, New Millennium Group LLC lifted its position in shares of Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock valued at $29,000 after buying an additional 195 shares during the last quarter. 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.

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