Why Did Needham Upgrade Arista Networks’ Stock?

In a report released today, Alex Henderson from Needham upgraded Arista Networks (ANETResearch Report) to Buy, with a price target of $128.00. The company’s shares closed last Monday at $100.58.

According to TipRanks.com, Henderson is a 5-star analyst with an average return of 18.3% and a 54.1% success rate. Henderson covers the Technology sector, focusing on stocks such as CrowdStrike Holdings, CyberArk Software, and Juniper Networks.

Arista Networks has an analyst consensus of Strong Buy, with a price target consensus of $141.00, representing a 38.2% upside. In a report issued on July 12, Rosenblatt Securities also initiated coverage with a Buy rating on the stock with a $140.00 price target.

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Arista Networks’ market cap is currently $31.01B and has a P/E ratio of 34.45.

Based on the recent corporate insider activity of 191 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ANET in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Incorporated in 2004, Arista Networks, Inc. is a computer networking company based in California. The company is engaged in the development, marketing, and sale of cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific.

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