Arista Networks (NYSE:ANET) Upgraded by StockNews.com to Buy Rating

Arista Networks (NYSE:ANET - Get Free Report) was upgraded by stock analysts at StockNews.com from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Wednesday.

A number of other research firms also recently weighed in on ANET. Piper Sandler restated a "neutral" rating and issued a $105.25 target price (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Barclays boosted their price objective on shares of Arista Networks from $85.25 to $123.75 and gave the company an "overweight" rating in a research report on Friday, November 8th. Rosenblatt Securities upped their price target on shares of Arista Networks from $66.25 to $80.00 and gave the stock a "sell" rating in a research report on Friday, November 8th. Citigroup upped their price target on shares of Arista Networks from $96.25 to $115.00 and gave the stock a "buy" rating in a research report on Tuesday, October 8th. Finally, The Goldman Sachs Group boosted their price objective on shares of Arista Networks from $97.50 to $107.50 and gave the stock a "buy" rating in a research note on Tuesday, September 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.80.

Arista Networks Trading Up 1.8 %

Shares of ANET traded up $1.87 during trading hours on Wednesday, reaching $105.48. 5,842,153 shares of the stock traded hands, compared to its average volume of 8,889,905. Arista Networks has a 52-week low of $53.12 and a 52-week high of $108.97. The company's 50-day moving average price is $99.60 and its two-hundred day moving average price is $89.73. The company has a market cap 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.

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

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 71,036 shares of the stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $100.06, for a total transaction of $7,107,506.98. Following the sale, the chief executive officer now directly owns 70,724 shares of the company's stock, valued at approximately $7,076,289.82. This represents a 50.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $98.67, for a total transaction of $7,893,800.00. Following the sale, the senior vice president now directly owns 12,976 shares in the company, valued at $1,280,374.36. This trade represents a 86.04 % decrease in their ownership of the stock. 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 90 days. 3.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp lifted its holdings in Arista Networks by 3.8% during 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 purchasing an additional 411,109 shares in the last quarter. Geode Capital Management LLC lifted its holdings in 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 purchasing an additional 236,151 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Arista Networks by 22.7% during the third 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Arista Networks by 4.6% during the third 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 valued at $876,481,000 after purchasing an additional 99,790 shares in the last quarter. Finally, Legal & General Group Plc raised its position 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 buying an additional 20,278 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

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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