Arista Networks (NYSE:ANET) Shares Up 1.4% on Analyst Upgrade

Arista Networks, Inc. (NYSE:ANET) shares rose 1.4% during trading on Tuesday after Rosenblatt Securities raised their price target on the stock from $140.00 to $165.00. Rosenblatt Securities currently has a neutral rating on the stock. Arista Networks traded as high as $145.04 and last traded at $143.71. Approximately 6,119,330 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 8,390,027 shares. The stock had previously closed at $141.74.

A number of other analysts have also weighed in on ANET. Piper Sandler raised shares of Arista Networks from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $145.00 to $159.00 in a research note on Monday, January 5th. Weiss Ratings reissued a “hold (c+)” rating on shares of Arista Networks in a research note on Monday, December 29th. Morgan Stanley decreased their target price on Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a research note on Wednesday, December 17th. Barclays restated an “overweight” rating and set a $183.00 price objective (up previously from $179.00) on shares of Arista Networks in a research report on Wednesday, November 5th. Finally, Erste Group Bank downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $166.00.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 422 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $117.15, for a total value of $49,437.30. Following the completion of the sale, the director directly owned 8,980 shares of the company’s stock, valued at $1,052,007. The trade was a 4.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $140.43, for a total value of $1,123,440.00. Following the completion of the sale, the director directly owned 9,784 shares of the company’s stock, valued at $1,373,967.12. This represents a 44.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 216,464 shares of company stock valued at $27,553,548 over the last 90 days. Company insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bare Financial Services Inc increased its position in Arista Networks by 2,118.2% in the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock valued at $25,000 after acquiring an additional 233 shares in the last quarter. Board of the Pension Protection Fund bought a new position in Arista Networks in the 4th quarter valued at $26,000. AdvisorNet Financial Inc increased its stake in shares of Arista Networks by 56.7% in the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after buying an additional 72 shares during the period. Knuff & Co LLC acquired a new position in shares of Arista Networks during the third quarter valued at $29,000. Finally, Ameliora Wealth Management Ltd. bought a new position in Arista Networks in the fourth quarter valued at about $30,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Price Performance

The stock has a market capitalization of $180.97 billion, a price-to-earnings ratio of 54.64, a price-to-earnings-growth ratio of 2.32 and a beta of 1.42. The stock has a 50-day moving average of $132.06 and a 200 day moving average of $136.47.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.