Arista Networks (ANET) Trading Up 6% After Analyst Upgrade

Arista Networks Inc (NYSE:ANET)’s share price was up 6% during mid-day trading on Tuesday after Needham & Company LLC raised their price target on the stock from $230.00 to $300.00. Needham & Company LLC currently has a buy rating on the stock. Arista Networks traded as high as $251.95 and last traded at $251.06. Approximately 1,394,700 shares traded hands during trading, an increase of 67% from the average daily volume of 833,640 shares. The stock had previously closed at $236.77.

Other equities analysts also recently issued reports about the stock. Citigroup reiterated a “buy” rating and set a $215.00 price objective on shares of Arista Networks in a research note on Wednesday, September 27th. Berenberg Bank started coverage on shares of Arista Networks in a research note on Tuesday, September 26th. They issued a “buy” rating and a $225.00 target price for the company. BidaskClub upgraded shares of Arista Networks from a “hold” rating to a “buy” rating in a research note on Saturday, September 23rd. KeyCorp restated a “buy” rating and issued a $176.00 target price on shares of Arista Networks in a research note on Tuesday, September 19th. Finally, Deutsche Bank restated a “buy” rating and issued a $210.00 target price (up from $185.00) on shares of Arista Networks in a research note on Monday, October 9th. Fourteen research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $205.66.

In related news, SVP Marc Taxay sold 2,000 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $235.58, for a total transaction of $471,160.00. Following the completion of the transaction, the senior vice president now owns 13,460 shares of the company’s stock, valued at $3,170,906.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Kenneth Duda sold 127,576 shares of the firm’s stock in a transaction on Tuesday, December 19th. The stock was sold at an average price of $235.15, for a total transaction of $29,999,496.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 606,126 shares of company stock valued at $138,901,364. Corporate insiders own 28.09% of the company’s stock.

Several institutional investors have recently modified their holdings of ANET. PNC Financial Services Group Inc. raised its holdings in shares of Arista Networks by 20.5% during the second quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock worth $111,000 after purchasing an additional 126 shares during the last quarter. Fieldpoint Private Securities LLC purchased a new position in shares of Arista Networks during the third quarter worth $130,000. D.A. Davidson & CO. raised its holdings in shares of Arista Networks by 3.2% during the second quarter. D.A. Davidson & CO. now owns 982 shares of the technology company’s stock worth $147,000 after purchasing an additional 30 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Arista Networks during the third quarter worth $151,000. Finally, MML Investors Services LLC purchased a new position in shares of Arista Networks during the second quarter worth $223,000. 57.96% of the stock is owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 0.03, a current ratio of 3.66 and a quick ratio of 3.07. The company has a market cap of $18,440.00, a price-to-earnings ratio of 52.34, a PEG ratio of 1.81 and a beta of 1.38.

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About Arista Networks

Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.

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