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

Posted by on Aug 6th, 2022

StockNews.com upgraded shares of Arista Networks (NYSE:ANET – Get Rating) from a hold rating to a buy rating in a research note issued to investors on Wednesday.

Several other brokerages have also recently weighed in on ANET. Oppenheimer reissued a market perform rating and set a $305.00 price target on shares of Arista Networks in a research report on Wednesday, May 4th. Morgan Stanley dropped their price target on shares of Arista Networks from $144.00 to $114.00 and set an equal weight rating for the company in a research report on Tuesday, June 14th. Rosenblatt Securities started coverage on shares of Arista Networks in a research report on Tuesday, July 12th. They issued a buy rating and a $140.00 target price for the company. Cowen raised their target price on shares of Arista Networks from $154.00 to $163.00 and gave the stock an outperform rating in a research report on Tuesday. Finally, Cowen raised their target price on shares of Arista Networks from $151.00 to $154.00 in a research report on Tuesday, May 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $157.53.

Arista Networks Stock Performance

ANET stock opened at $126.68 on Wednesday. Arista Networks has a 52 week low of $85.18 and a 52 week high of $148.57. The firm’s fifty day moving average is $101.91 and its 200 day moving average is $114.69. The firm has a market cap of $39.05 billion, a P/E ratio of 39.07, a P/E/G ratio of 2.00 and a beta of 1.35.

Arista Networks (NYSE:ANET – Get Rating) last announced its quarterly earnings results on Monday, August 1st. The technology company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.30. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $979.66 million. Arista Networks had a net margin of 29.55% and a return on equity of 24.03%. The firm’s revenue for the quarter was up 48.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.56 EPS. As a group, analysts forecast that Arista Networks will post 3.28 EPS for the current year.

Insider Buying and Selling at Arista Networks

In other news, insider Andreas Bechtolsheim sold 100,000 shares of Arista Networks stock in a transaction that occurred on Thursday, May 26th. The shares were sold at an average price of $102.95, for a total value of $10,295,000.00. Following the completion of the sale, the insider now directly owns 46,520,000 shares in the company, valued at $4,789,234,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, May 13th. The shares were sold at an average price of $107.74, for a total value of $2,154,800.00. Following the transaction, the senior vice president now owns 29,367 shares of the company’s stock, valued at $3,164,000.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Andreas Bechtolsheim sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 26th. The stock was sold at an average price of $102.95, for a total transaction of $10,295,000.00. Following the completion of the transaction, the insider now directly owns 46,520,000 shares in the company, valued at approximately $4,789,234,000. The disclosure for this sale can be found here. In the last ninety days, insiders sold 530,320 shares of company stock worth $54,800,753. 19.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arista Networks

A number of institutional investors and hedge funds have recently made changes to their positions in ANET. Allspring Global Investments Holdings LLC purchased a new position in shares of Arista Networks in the fourth quarter worth approximately $2,634,000. Commonwealth Equity Services LLC boosted its holdings in shares of Arista Networks by 275.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 37,461 shares of the technology company’s stock worth $5,385,000 after buying an additional 27,477 shares during the last quarter. Vestmark Advisory Solutions Inc. boosted its holdings in shares of Arista Networks by 308.2% in the fourth quarter. Vestmark Advisory Solutions Inc. now owns 2,637 shares of the technology company’s stock worth $379,000 after buying an additional 1,991 shares during the last quarter. Illinois Municipal Retirement Fund lifted its holdings in Arista Networks by 413.8% during the fourth quarter. Illinois Municipal Retirement Fund now owns 8,468 shares of the technology company’s stock valued at $1,217,000 after purchasing an additional 6,820 shares in the last quarter. Finally, Dupont Capital Management Corp lifted its holdings in Arista Networks by 141.3% during the fourth quarter. Dupont Capital Management Corp now owns 1,221 shares of the technology company’s stock valued at $176,000 after purchasing an additional 715 shares in the last quarter. Hedge funds and other institutional investors own 67.10% of the company’s stock.

About Arista Networks

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Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.

Further Reading

Analyst Recommendations for Arista Networks (NYSE:ANET)

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