Arista Networks (NYSE:ANET) Price Target Cut to $73.00 by Analysts at Morgan Stanley

Arista Networks (NYSE:ANET) had its price target dropped by stock analysts at Morgan Stanley from $118.00 to $73.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Morgan Stanley’s target price indicates a potential downside of 3.77% from the company’s previous close.

A number of other equities analysts have also recently weighed in on ANET. Erste Group Bank cut Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Arista Networks in a report on Monday, March 3rd. Barclays reiterated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Piper Sandler lowered their price objective on Arista Networks from $108.00 to $76.00 and set a “neutral” rating for the company in a research note on Tuesday. Finally, Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $108.50.

Arista Networks Stock Performance

ANET opened at $75.86 on Tuesday. The company has a market cap of $95.67 billion, a PE ratio of 34.17, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30. Arista Networks has a 1 year low of $59.43 and a 1 year high of $133.58. The firm has a 50 day moving average price of $90.32 and a 200 day moving average price of $100.45.

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

Insider Transactions at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $112.02, for a total transaction of $896,160.00. Following the sale, the director now owns 155,784 shares of the company’s stock, valued at $17,450,923.68. The trade was a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. The trade was a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 411,031 shares of company stock worth $39,364,943. Company insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Institutional investors have recently modified their holdings of the company. Morse Asset Management Inc bought a new stake in shares of Arista Networks in the 3rd quarter worth approximately $123,000. MML Investors Services LLC increased its holdings in shares of Arista Networks by 1.7% in the third quarter. MML Investors Services LLC now owns 64,178 shares of the technology company’s stock valued at $24,633,000 after buying an additional 1,101 shares in the last quarter. LRI Investments LLC lifted its position in shares of Arista Networks by 3.1% during the 3rd quarter. LRI Investments LLC now owns 1,368 shares of the technology company’s stock valued at $528,000 after acquiring an additional 41 shares during the last quarter. Continuum Advisory LLC boosted its stake in shares of Arista Networks by 783.8% during the 3rd quarter. Continuum Advisory LLC now owns 327 shares of the technology company’s stock worth $126,000 after acquiring an additional 290 shares in the last quarter. Finally, Executive Wealth Management LLC acquired a new position in shares of Arista Networks in the 3rd quarter worth $561,000. 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.