Evercore ISI Reaffirms “Outperform” Rating for Arista Networks (NYSE:ANET)

Arista Networks (NYSE:ANET)‘s stock had its “outperform” rating restated by research analysts at Evercore ISI in a note issued to investors on Wednesday, Benzinga reports. They currently have a $300.00 price objective on the technology company’s stock. Evercore ISI’s price target points to a potential upside of 3.46% from the company’s current price.

Several other analysts have also recently issued reports on ANET. Piper Sandler boosted their price objective on shares of Arista Networks from $254.00 to $268.00 and gave the company a “neutral” rating in a research note on Tuesday, February 13th. Oppenheimer restated a “market perform” rating on shares of Arista Networks in a report on Tuesday, February 13th. Melius raised Arista Networks from a “hold” rating to a “buy” rating in a research note on Monday, January 8th. KeyCorp increased their target price on shares of Arista Networks from $232.00 to $287.00 and gave the stock an “overweight” rating in a research report on Thursday, January 18th. Finally, Wells Fargo & Company lifted their price target on shares of Arista Networks from $225.00 to $310.00 and gave the company an “overweight” rating in a research report on Wednesday, February 7th. Three research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus price target of $275.59.

Arista Networks Trading Up 0.5 %

Arista Networks stock opened at $289.96 on Wednesday. The stock has a fifty day moving average price of $275.24 and a 200 day moving average price of $233.38. Arista Networks has a 52 week low of $131.68 and a 52 week high of $307.74. The firm has a market capitalization of $90.65 billion, a P/E ratio of 44.13, a PEG ratio of 2.57 and a beta of 1.10.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, beating analysts’ consensus estimates of $1.70 by $0.38. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the company posted $1.25 EPS. The company’s quarterly revenue was up 20.8% compared to the same quarter last year. As a group, equities analysts predict that Arista Networks will post 6.63 EPS for the current year.

Insider Activity

In other Arista Networks news, SVP Marc Taxay sold 1,040 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $234.00, for a total value of $243,360.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Yvonne Wassenaar sold 186 shares of Arista Networks stock in a transaction dated Friday, January 19th. The stock was sold at an average price of $261.41, for a total value of $48,622.26. Following the completion of the transaction, the director now directly owns 2,678 shares in the company, valued at $700,055.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Marc Taxay sold 1,040 shares of the company’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $234.00, for a total value of $243,360.00. The disclosure for this sale can be found here. Insiders sold 286,084 shares of company stock worth $79,741,091 over the last ninety days. Corporate insiders own 18.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Larson Financial Group LLC bought a new position in shares of Arista Networks during the third quarter valued at approximately $28,000. First Command Advisory Services Inc. acquired a new stake in Arista Networks in the third quarter worth $29,000. Hollencrest Capital Management bought a new stake in Arista Networks in the first quarter valued at $30,000. BluePath Capital Management LLC acquired a new position in shares of Arista Networks during the third quarter valued at $33,000. Finally, NBC Securities Inc. bought a new position in shares of Arista Networks during the third quarter worth about $33,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Company Profile

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.