Arista Networks (NYSE:ANET) Stock Price Up 2.1%

Arista Networks, Inc. (NYSE:ANET) traded up 2.1% during trading on Tuesday . The stock traded as high as $368.14 and last traded at $366.64. 333,338 shares changed hands during trading, a decline of 86% from the average session volume of 2,320,935 shares. The stock had previously closed at $359.16.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Morgan Stanley increased their price target on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. JPMorgan Chase & Co. raised their target price on shares of Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Jefferies Financial Group lifted their target price on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a report on Wednesday, July 31st. Piper Sandler increased their price target on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, July 15th. Finally, Barclays boosted their price objective on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $358.63.

Arista Networks Stock Performance

The firm’s fifty day simple moving average is $340.70 and its 200 day simple moving average is $315.34. The stock has a market capitalization of $118.88 billion, a P/E ratio of 52.93, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the firm posted $1.41 earnings per share. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. Analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Kelly Bodnar Battles sold 216 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total value of $69,988.32. Following the sale, the director now directly owns 2,726 shares in the company, valued at approximately $883,278.52. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider John F. Mccool sold 580 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $205,731.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kelly Bodnar Battles sold 216 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total transaction of $69,988.32. Following the completion of the transaction, the director now owns 2,726 shares of the company’s stock, valued at approximately $883,278.52. The disclosure for this sale can be found here. Insiders sold a total of 107,361 shares of company stock worth $38,024,123 in the last ninety days. 3.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Arista Networks

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Benjamin Edwards Inc. acquired a new stake in Arista Networks in the first quarter valued at $26,000. Beacon Capital Management LLC increased its stake in shares of Arista Networks by 500.0% in the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after buying an additional 65 shares during the period. LGT Financial Advisors LLC bought a new position in shares of Arista Networks during the second quarter worth about $27,000. Financial Synergies Wealth Advisors Inc. lifted its stake in shares of Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after acquiring an additional 96 shares during the period. Finally, Byrne Asset Management LLC bought a new stake in Arista Networks in the second quarter valued at approximately $33,000. 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.