Arista Networks, Inc. (NYSE:ANET) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Arista Networks, Inc. (NYSE:ANET) has earned a consensus rating of “Moderate Buy” from the eighteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $195.65.

ANET has been the subject of several analyst reports. BNP Paribas initiated coverage on Arista Networks in a report on Thursday, July 20th. They set an “outperform” rating and a $210.00 price target for the company. Needham & Company LLC raised their price target on Arista Networks from $195.00 to $200.00 and gave the company a “buy” rating in a report on Tuesday, August 1st. Morgan Stanley lifted their price objective on Arista Networks from $150.00 to $185.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 1st. Piper Sandler lifted their price objective on Arista Networks from $166.00 to $190.00 and gave the stock an “overweight” rating in a report on Tuesday, August 1st. Finally, The Goldman Sachs Group lifted their price objective on Arista Networks from $193.00 to $215.00 and gave the stock a “buy” rating in a report on Tuesday, August 1st.

Arista Networks Stock Down 1.0 %

Shares of ANET stock opened at $195.54 on Friday. The stock has a fifty day moving average of $175.71 and a 200 day moving average of $161.40. Arista Networks has a 52 week low of $98.20 and a 52 week high of $198.70. The firm has a market capitalization of $60.54 billion, a price-to-earnings ratio of 36.14, a PEG ratio of 1.92 and a beta of 1.17.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Monday, July 31st. The technology company reported $1.58 EPS for the quarter, beating the consensus estimate of $1.29 by $0.29. Arista Networks had a return on equity of 31.19% and a net margin of 32.48%. The business had revenue of $1.46 billion during the quarter, compared to analyst estimates of $1.38 billion. During the same quarter last year, the firm posted $0.98 earnings per share. The company’s revenue for the quarter was up 38.7% on a year-over-year basis. Equities research analysts anticipate that Arista Networks will post 5.49 earnings per share for the current year.

Insider Activity

In other news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $166.56, for a total transaction of $3,331,200.00. Following the transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $540,320.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, COO Anshul Sadana sold 25,212 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $180.11, for a total value of $4,540,933.32. Following the transaction, the chief operating officer now directly owns 25,378 shares of the company’s stock, valued at approximately $4,570,831.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $166.56, for a total value of $3,331,200.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at $540,320.64. The disclosure for this sale can be found here. Insiders have sold a total of 165,828 shares of company stock valued at $29,252,543 in the last ninety days. Corporate insiders own 18.99% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ANET. Cibc World Market Inc. lifted its holdings in Arista Networks by 135.9% in the 1st quarter. Cibc World Market Inc. now owns 34,026 shares of the technology company’s stock worth $4,729,000 after purchasing an additional 19,602 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Arista Networks by 1.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,261,171 shares of the technology company’s stock worth $175,274,000 after acquiring an additional 19,738 shares in the last quarter. Prudential PLC purchased a new stake in shares of Arista Networks during the 1st quarter worth approximately $676,000. Sequoia Financial Advisors LLC purchased a new stake in shares of Arista Networks during the 1st quarter worth approximately $224,000. Finally, Vanguard Group Inc. raised its holdings in shares of Arista Networks by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 25,268,588 shares of the technology company’s stock worth $3,511,828,000 after acquiring an additional 353,253 shares in the last quarter. 67.13% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Company Profile

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.