Arista Networks (NYSE:ANET) Sets New 52-Week High – Time to Buy?

Arista Networks, Inc. (NYSE:ANET) shares reached a new 52-week high during mid-day trading on Friday . The company traded as high as $396.00 and last traded at $393.77, with a volume of 31836 shares traded. The stock had previously closed at $390.11.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ANET. Citigroup lifted their price objective on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Barclays lifted their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Bank of America increased their target price on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Needham & Company LLC reissued a “buy” rating and issued a $375.00 price target on shares of Arista Networks in a research report on Wednesday, July 31st. Finally, Piper Sandler raised their price objective on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $364.81.

Arista Networks Stock Down 0.4 %

The stock has a 50-day moving average of $350.01 and a 200 day moving average of $323.05. The stock has a market cap of $121.82 billion, a PE ratio of 54.31, a price-to-earnings-growth ratio of 3.04 and a beta of 1.07.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 39.01% and a return on equity of 30.50%. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.41 earnings per share. On average, equities analysts anticipate that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insider Activity

In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the sale, the chief executive officer now owns 17,681 shares in the company, valued at approximately $5,624,679.72. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $342.28, for a total value of $684,560.00. Following the completion of the transaction, the director now owns 50,946 shares in the company, valued at approximately $17,437,796.88. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Jayshree Ullal sold 832 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the transaction, the chief executive officer now owns 17,681 shares in the company, valued at approximately $5,624,679.72. The disclosure for this sale can be found here. Insiders sold a total of 57,361 shares of company stock valued at $20,523,830 in the last quarter. 3.54% of the stock is currently owned by company insiders.

Institutional Trading of Arista Networks

Institutional investors and hedge funds have recently made changes to their positions in the business. Benjamin Edwards Inc. acquired a new stake in Arista Networks in the 1st quarter valued at $26,000. Beacon Capital Management LLC lifted its holdings in Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after purchasing an additional 65 shares in the last quarter. LGT Financial Advisors LLC acquired a new stake in shares of Arista Networks in the second quarter valued at about $27,000. Financial Synergies Wealth Advisors Inc. increased its stake in shares of Arista Networks by 872.7% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after purchasing an additional 96 shares in the last quarter. Finally, Byrne Asset Management LLC acquired a new position in shares of Arista Networks during the 2nd quarter worth about $33,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

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.