Arista Networks (NYSE:ANET) Hits New 52-Week High – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $414.64 and last traded at $414.12, with a volume of 139093 shares trading hands. The stock had previously closed at $409.76.

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of recent analyst reports. KeyCorp boosted their target price on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Barclays boosted their target price on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Jefferies Financial Group boosted their target price on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Bank of America boosted their target price on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Finally, Piper Sandler upped their price objective on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $369.50.

Arista Networks Price Performance

The firm has a market capitalization of $130.65 billion, a P/E ratio of 58.07, a P/E/G ratio of 3.21 and a beta of 1.07. The stock’s fifty day simple moving average is $359.35 and its 200 day simple moving average is $327.66.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the previous year, the company posted $1.41 earnings per share. The firm’s revenue was up 15.9% on a year-over-year basis. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insider Activity

In other news, SVP Marc Taxay sold 628 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $350.50, for a total transaction of $220,114.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, SVP Marc Taxay sold 628 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $350.50, for a total transaction of $220,114.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $342.28, for a total transaction of $684,560.00. Following the transaction, the director now owns 50,946 shares in the company, valued at approximately $17,437,796.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 58,197 shares of company stock worth $21,326,894 over the last 90 days. 3.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently bought and sold shares of the business. GQG Partners LLC purchased a new stake in Arista Networks in the 1st quarter worth approximately $881,848,000. Swedbank AB purchased a new stake in Arista Networks in the 1st quarter worth approximately $521,767,000. Vanguard Group Inc. boosted its position in Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares in the last quarter. Ameriprise Financial Inc. boosted its position in Arista Networks by 97.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after purchasing an additional 884,703 shares in the last quarter. Finally, 1832 Asset Management L.P. boosted its position in Arista Networks by 4,160.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock worth $180,743,000 after purchasing an additional 503,597 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

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.