Arista Networks (NYSE:ANET) Earns Buy Rating from Analysts at Truist Financial

Investment analysts at Truist Financial started coverage on shares of Arista Networks (NYSE:ANET) in a research note issued on Tuesday, MarketBeat reports. The firm set a “buy” rating and a $161.00 price target on the technology company’s stock. Truist Financial’s price target suggests a potential upside of 38.96% from the company’s previous close.

Several other analysts also recently issued reports on the stock. Rosenblatt Securities upped their price target on shares of Arista Networks from $140.00 to $165.00 and gave the company a “neutral” rating in a report on Tuesday, February 10th. Wells Fargo & Company upped their target price on Arista Networks from $175.00 to $185.00 and gave the company an “overweight” rating in a research note on Friday, February 13th. The Goldman Sachs Group reiterated a “buy” rating and set a $188.00 target price (up from $165.00) on shares of Arista Networks in a report on Friday, February 13th. KeyCorp reissued an “overweight” rating and issued a $178.00 price target (up from $170.00) on shares of Arista Networks in a report on Friday, February 13th. Finally, TD Cowen assumed coverage on Arista Networks in a research note on Thursday, March 12th. They set a “buy” rating and a $170.00 price objective on the stock. Nineteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.61.

Arista Networks Stock Performance

ANET opened at $115.86 on Tuesday. The company has a market cap of $145.59 billion, a price-to-earnings ratio of 41.98, a PEG ratio of 2.14 and a beta of 1.46. Arista Networks has a one year low of $59.43 and a one year high of $164.94. The business’s fifty day moving average is $135.21 and its two-hundred day moving average is $136.50.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.07. The business had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.38 billion. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The business’s revenue was up 28.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.66 EPS. On average, analysts predict that Arista Networks will post 2.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Arista Networks news, Director Kelly Bodnar Battles sold 422 shares of Arista Networks stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $128.06, for a total value of $54,041.32. Following the completion of the sale, the director owned 9,529 shares in the company, valued at $1,220,283.74. The trade was a 4.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $128.67, for a total transaction of $1,029,360.00. Following the transaction, the director directly owned 1,784 shares of the company’s stock, valued at approximately $229,547.28. This represents a 81.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 199,632 shares of company stock valued at $26,936,324 in the last quarter. Corporate insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

A number of hedge funds have recently made changes to their positions in the stock. Brighton Jones LLC grew its stake in shares of Arista Networks by 321.7% during the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock valued at $863,000 after buying an additional 5,955 shares during the period. Revolve Wealth Partners LLC purchased a new position in shares of Arista Networks in the 4th quarter worth $202,000. Bison Wealth LLC acquired a new position in Arista Networks in the fourth quarter valued at $251,000. Sivia Capital Partners LLC boosted its holdings in Arista Networks by 48.4% in the second quarter. Sivia Capital Partners LLC now owns 10,723 shares of the technology company’s stock valued at $1,097,000 after acquiring an additional 3,496 shares during the last quarter. Finally, Smith Moore & CO. purchased a new stake in Arista Networks during the second quarter valued at about $339,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Company Profile

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.