Arista Networks (NYSE:ANET) Now Covered by Analysts at TD Cowen

by · The Markets Daily

Stock analysts at TD Cowen began coverage on shares of Arista Networks (NYSE:ANET – Get Free Report) in a research note issued on Thursday. The brokerage set a “buy” rating and a $170.00 price target on the technology company’s stock. TD Cowen’s price target indicates a potential upside of 22.90% from the company’s previous close.

ANET has been the topic of several other reports. Needham & Company LLC lifted their price target on Arista Networks from $165.00 to $185.00 and gave the stock a “buy” rating in a research report on Friday, February 13th. Wells Fargo & Company boosted their target price on shares of Arista Networks from $175.00 to $185.00 and gave the stock an “overweight” rating in a research report on Friday, February 13th. Piper Sandler reiterated an “overweight” rating and set a $175.00 target price (up from $159.00) on shares of Arista Networks in a research note on Friday, February 13th. Morgan Stanley reissued an “overweight” rating and issued a $165.00 price target on shares of Arista Networks in a report on Friday, February 13th. Finally, Evercore restated an “outperform” rating and set a $200.00 price objective on shares of Arista Networks in a report on Friday, February 13th. Eighteen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $176.47.

Check Out Our Latest Research Report on ANET

Arista Networks Price Performance

Arista Networks stock opened at $138.33 on Thursday. The firm has a market cap of $173.81 billion, a price-to-earnings ratio of 50.12, a P/E/G ratio of 2.48 and a beta of 1.46. Arista Networks has a fifty-two week low of $59.43 and a fifty-two week high of $164.94. The firm has a fifty day moving average price of $134.80 and a two-hundred day moving average price of $137.32.

Arista Networks (NYSE:ANET – Get Free Report) last issued its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.07. The company had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.38 billion. Arista Networks had a return on equity of 30.37% and a net margin of 38.99%.The firm’s revenue was up 28.9% compared to the same quarter last year. During the same period last year, the business posted $0.66 earnings per share. As a group, sell-side analysts expect that Arista Networks will post 2.2 earnings per share for the current year.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 422 shares of the firm’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $128.06, for a total transaction of $54,041.32. Following the completion of the transaction, the director owned 9,529 shares in the company, valued at $1,220,283.74. This trade represents a 4.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Yvonne Wassenaar sold 1,815 shares of Arista Networks stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $132.44, for a total value of $240,378.60. Following the sale, the director directly owned 12,574 shares in the company, valued at $1,665,300.56. The trade was a 12.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 196,237 shares of company stock valued at $25,865,760 in the last 90 days. Insiders own 3.39% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

A number of hedge funds have recently modified their holdings of ANET. Bare Financial Services Inc raised its stake in Arista Networks by 2,118.2% during the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after acquiring 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 4th quarter valued at $26,000. Sankala Group LLC bought a new stake in shares of Arista Networks in the 4th quarter worth about $27,000. Prosperity Bancshares Inc acquired a new stake in shares of Arista Networks during the 4th quarter worth about $28,000. Finally, AdvisorNet Financial Inc increased its position in shares of Arista Networks by 56.7% during the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock worth $29,000 after purchasing an additional 72 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

About Arista Networks

(Get Free Report)

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.

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