Arista Networks (NYSE:ANET) Trading 1.4% Higher After Analyst Upgrade

Shares of Arista Networks, Inc. (NYSE:ANET) traded up 1.4% during mid-day trading on Tuesday after Rosenblatt Securities raised their price target on the stock from $140.00 to $165.00. Rosenblatt Securities currently has a neutral rating on the stock. Arista Networks traded as high as $145.04 and last traded at $143.71. 6,119,330 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 8,390,027 shares. The stock had previously closed at $141.74.

ANET has been the subject of a number of other reports. Piper Sandler raised Arista Networks from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $145.00 to $159.00 in a research note on Monday, January 5th. Morgan Stanley lowered their price target on Arista Networks from $171.00 to $159.00 and set an “overweight” rating for the company in a research note on Wednesday, December 17th. Erste Group Bank downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Barclays restated an “overweight” rating and set a $183.00 price objective (up previously from $179.00) on shares of Arista Networks in a report on Wednesday, November 5th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. Seventeen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $166.00.

Insider Buying and Selling

In other news, insider Kenneth Duda sold 30,000 shares of the company’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $123.16, for a total transaction of $3,694,800.00. Following the completion of the transaction, the insider directly owned 12,976 shares of the company’s stock, valued at $1,598,124.16. This represents a 69.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 24,042 shares of Arista Networks stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $124.55, for a total value of $2,994,431.10. Following the completion of the sale, the chief executive officer directly owned 9,917 shares in the company, valued at approximately $1,235,162.35. This represents a 70.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 216,464 shares of company stock valued at $27,553,548. Company insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Institutional investors have recently made changes to their positions in the business. Bare Financial Services Inc lifted its position in Arista Networks by 2,118.2% during the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after buying an additional 233 shares in the last quarter. Board of the Pension Protection Fund acquired a new stake in shares of Arista Networks in the fourth quarter valued at about $26,000. AdvisorNet Financial Inc raised its holdings in Arista Networks by 56.7% during the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock worth $29,000 after acquiring an additional 72 shares in the last quarter. Knuff & Co LLC acquired a new position in Arista Networks during the third quarter valued at approximately $29,000. Finally, Ameliora Wealth Management Ltd. bought a new position in Arista Networks in the fourth quarter valued at approximately $30,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Performance

The stock has a market cap of $180.97 billion, a price-to-earnings ratio of 54.64, a price-to-earnings-growth ratio of 2.32 and a beta of 1.42. The company has a 50-day simple moving average of $132.06 and a two-hundred day simple moving average of $136.47.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.