Arista Networks (NYSE:ANET) Sets New 12-Month High – Time to Buy?

Shares of Arista Networks, Inc. (NYSE:ANET) hit a new 52-week high on Wednesday . The company traded as high as $424.01 and last traded at $416.92, with a volume of 384713 shares changing hands. The stock had previously closed at $405.12.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ANET. Morgan Stanley upped their price objective on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Wells Fargo & Company raised their price target on shares of Arista Networks from $390.00 to $460.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Jefferies Financial Group upped their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Barclays raised their target price on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. upped their price target on shares of Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and an average target price of $373.88.

Arista Networks Stock Up 4.4 %

The stock’s 50-day simple moving average is $379.96 and its 200 day simple moving average is $342.48. The firm has a market cap of $132.84 billion, a P/E ratio of 54.84, a PEG ratio of 3.47 and a beta of 1.08.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction on Monday, November 4th. The shares were sold at an average price of $397.39, for a total value of $330,628.48. Following the completion of the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $7,026,252.59. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $397.39, for a total transaction of $330,628.48. Following the transaction, the chief executive officer now owns 17,681 shares in the company, valued at approximately $7,026,252.59. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 1,689 shares of Arista Networks stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $321.28, for a total transaction of $542,641.92. Following the transaction, the senior vice president now owns 182,600 shares of the company’s stock, valued at $58,665,728. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 58,346 shares of company stock valued at $21,614,232 over the last 90 days. Company insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Several institutional investors have recently bought and sold shares of ANET. GQG Partners LLC bought a new position in shares of Arista Networks during the 1st quarter worth approximately $881,848,000. Swedbank AB bought a new stake in Arista Networks during the first quarter worth $521,767,000. Ameriprise Financial Inc. boosted its position in Arista Networks by 97.2% in the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after purchasing an additional 884,703 shares during the last quarter. International Assets Investment Management LLC grew its stake in Arista Networks by 39,841.1% in the 3rd quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock valued at $3,358,850,000 after purchasing an additional 872,919 shares during the period. Finally, 1832 Asset Management L.P. raised its stake in shares of Arista Networks by 4,160.9% during the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock worth $180,743,000 after purchasing an additional 503,597 shares during the period. Institutional investors own 82.47% of the company’s stock.

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.