Arista Networks (NYSE:ANET) Lowered to “Hold” Rating by Erste Group Bank

Erste Group Bank lowered shares of Arista Networks (NYSE:ANET) from a strong-buy rating to a hold rating in a report released on Monday,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. Morgan Stanley lifted their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. StockNews.com downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Citigroup upped their price target on shares of Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Needham & Company LLC restated a “buy” rating and set a $145.00 price target on shares of Arista Networks in a research note on Wednesday, February 19th. Finally, Piper Sandler restated a “neutral” rating and set a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Price Performance

Shares of ANET opened at $84.38 on Monday. Arista Networks has a 1-year low of $60.08 and a 1-year high of $133.58. The company has a 50-day moving average of $103.81 and a 200 day moving average of $101.77. The firm has a market capitalization of $106.42 billion, a price-to-earnings ratio of 38.01, a PEG ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. On average, equities analysts anticipate that Arista Networks will post 2.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total value of $892,080.00. Following the completion of the sale, the director now directly owns 163,784 shares in the company, valued at $18,263,553.84. This represents a 4.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $118.47, for a total transaction of $9,477,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,537,266.72. This trade represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 491,001 shares of company stock valued at $49,112,111 over the last ninety days. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

A number of hedge funds have recently modified their holdings of ANET. DSG Capital Advisors LLC acquired a new stake in Arista Networks during the fourth quarter worth about $5,984,000. Objective Capital Management LLC increased its position in Arista Networks by 244.0% during the fourth quarter. Objective Capital Management LLC now owns 3,516 shares of the technology company’s stock worth $389,000 after purchasing an additional 2,494 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Arista Networks by 535.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 520,832 shares of the technology company’s stock worth $57,568,000 after purchasing an additional 438,899 shares during the last quarter. NorthCrest Asset Manangement LLC increased its position in Arista Networks by 346.5% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 9,538 shares of the technology company’s stock worth $1,054,000 after purchasing an additional 7,402 shares during the last quarter. Finally, Centaurus Financial Inc. increased its position in shares of Arista Networks by 415.3% during the fourth quarter. Centaurus Financial Inc. now owns 11,775 shares of the technology company’s stock valued at $1,301,000 after acquiring an additional 9,490 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.