Arista Networks, Inc. (NYSE:ANET – Get Free Report)’s stock price shot up 1.5% on Wednesday after Evercore ISI raised their price target on the stock from $400.00 to $425.00. Evercore ISI currently has an outperform rating on the stock. Arista Networks traded as high as $389.07 and last traded at $387.59. 215,009 shares changed hands during trading, a decline of 91% from the average session volume of 2,271,072 shares. The stock had previously closed at $381.85.
A number of other equities analysts also recently weighed in on the stock. Barclays lifted their target price on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Rosenblatt Securities boosted their price objective on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. Piper Sandler upped their target price on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, July 15th. Bank of America lifted their target price on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Finally, KeyCorp increased their price target on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and an average price target of $364.81.
View Our Latest Research Report on ANET
Insider Transactions at Arista Networks
Hedge Funds Weigh In On Arista Networks
Several hedge funds have recently modified their holdings of ANET. GQG Partners LLC purchased a new position in Arista Networks in the first quarter worth $881,848,000. Swedbank AB bought a new stake in shares of Arista Networks during the 1st quarter worth $521,767,000. Vanguard Group Inc. boosted its holdings in shares of 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 buying an additional 1,596,040 shares during the last quarter. Ameriprise Financial Inc. grew its position in Arista Networks by 97.2% during the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after buying an additional 884,703 shares during the period. Finally, 1832 Asset Management L.P. increased its holdings in Arista Networks by 4,160.9% during the second quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock worth $180,743,000 after buying an additional 503,597 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.
Arista Networks Stock Up 1.5 %
The firm has a market cap of $121.46 billion, a P/E ratio of 53.98, a price-to-earnings-growth ratio of 3.04 and a beta of 1.07. The firm’s 50-day simple moving average is $347.22 and its 200 day simple moving average is $322.12.
Arista Networks (NYSE:ANET – Get Free Report) last issued its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business’s revenue was up 15.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.41 earnings per share. As a group, analysts forecast that Arista Networks, Inc. will post 7.38 earnings per share for the current year.
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.
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