Piper Sandler Cuts Arista Networks (NYSE:ANET) Price Target to $76.00

Arista Networks (NYSE:ANET) had its target price cut by Piper Sandler from $108.00 to $76.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the technology company’s stock.

ANET has been the subject of several other research reports. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. Barclays reiterated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Erste Group Bank downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 17th. Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, Evercore ISI boosted their price objective on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $108.50.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $72.53 on Tuesday. The stock has a market capitalization of $91.47 billion, a price-to-earnings ratio of 32.67, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30. The business has a 50-day moving average of $89.54 and a 200 day moving average of $100.29. Arista Networks has a 12 month low of $59.43 and a 12 month high of $133.58.

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

Insiders Place Their Bets

In related news, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the transaction, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,500,155.36. This represents a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jayshree Ullal sold 138,351 shares of the firm’s 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 completion of the sale, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. This trade represents a 59.89 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 411,031 shares of company stock worth $39,364,943. 3.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Arista Networks

A number of large investors have recently made changes to their positions in ANET. Anchor Investment Management LLC raised its position in shares of Arista Networks by 35.0% in the 3rd quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock valued at $52,000 after purchasing an additional 35 shares in the last quarter. LRI Investments LLC lifted its position in shares of Arista Networks by 3.1% in the 3rd quarter. LRI Investments LLC now owns 1,368 shares of the technology company’s stock worth $528,000 after buying an additional 41 shares during the last quarter. Rehmann Capital Advisory Group boosted its stake in Arista Networks by 3.8% in the third quarter. Rehmann Capital Advisory Group now owns 1,177 shares of the technology company’s stock valued at $453,000 after acquiring an additional 43 shares during the period. Old North State Trust LLC boosted its position in Arista Networks by 6.9% during the 3rd quarter. Old North State Trust LLC now owns 1,371 shares of the technology company’s stock valued at $526,000 after purchasing an additional 89 shares during the period. Finally, Caitlin John LLC boosted its holdings in shares of Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after acquiring an additional 152 shares during the period. Hedge funds and other institutional investors 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.