Arista Networks (NYSE:ANET) Reaches New 1-Year High – Here’s What Happened

Shares of Arista Networks, Inc. (NYSE:ANET) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $118.22 and last traded at $117.63, with a volume of 658974 shares trading hands. The stock had previously closed at $115.20.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ANET. Evercore ISI upped their target price on Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Morgan Stanley raised their price objective on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Piper Sandler reiterated a “neutral” rating and issued a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. The Goldman Sachs Group increased their price target on shares of Arista Networks from $97.50 to $107.50 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Finally, Wells Fargo & Company boosted their price objective on shares of Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and an average target price of $100.70.

Arista Networks Price Performance

The stock has a fifty day simple moving average of $104.73 and a 200-day simple moving average of $94.95. The company has a market capitalization of $149.22 billion, a price-to-earnings ratio of 56.95, a P/E/G ratio of 3.21 and a beta of 1.08.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The firm had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the prior year, the firm posted $0.41 earnings per share. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, equities analysts expect that Arista Networks, Inc. will post 1.96 EPS for the current fiscal year.

Insider Activity at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $99.12, for a total transaction of $147,887.04. Following the transaction, the director now directly owns 8,768 shares of the company’s stock, valued at $869,084.16. This trade represents a 14.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John F. Mccool sold 288 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $108.70, for a total transaction of $31,305.60. The disclosure for this sale can be found here. Insiders sold a total of 257,316 shares of company stock worth $27,392,296 in the last 90 days. Corporate insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Large investors have recently made changes to their positions in the company. Anchor Investment Management LLC acquired a new stake in shares of Arista Networks in the second quarter valued at about $35,000. MidAtlantic Capital Management Inc. purchased a new position in Arista Networks in the 3rd quarter worth approximately $44,000. HM Payson & Co. grew its position in shares of Arista Networks by 28.2% in the third quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after purchasing an additional 29 shares in the last quarter. True Wealth Design LLC lifted its position in Arista Networks by 2,133.3% during the third quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock worth $51,000 after buying an additional 128 shares in the last quarter. Finally, ORG Partners LLC boosted its stake in Arista Networks by 186.0% during the third quarter. ORG Partners LLC now owns 143 shares of the technology company’s stock worth $55,000 after buying an additional 93 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

About Arista Networks

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.