Arista Networks (NYSE:ANET) Price Target Increased to $385.00 by Analysts at Citigroup

Arista Networks (NYSE:ANET) had its price target increased by Citigroup from $330.00 to $385.00 in a report published on Thursday morning, Marketbeat reports. The brokerage currently has a buy rating on the technology company’s stock.

A number of other analysts have also recently weighed in on the stock. Needham & Company LLC reaffirmed a buy rating and set a $320.00 price target on shares of Arista Networks in a research report on Wednesday, May 8th. Rosenblatt Securities reiterated a sell rating and issued a $210.00 target price on shares of Arista Networks in a research note on Friday, April 12th. UBS Group boosted their price target on Arista Networks from $275.00 to $285.00 and gave the stock a neutral rating in a research report on Wednesday, May 8th. Bank of America increased their price objective on shares of Arista Networks from $320.00 to $380.00 and gave the company a buy rating in a research report on Thursday, June 20th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Arista Networks from $297.00 to $315.00 and gave the stock an overweight rating in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, Arista Networks has an average rating of Moderate Buy and a consensus target price of $311.50.

Arista Networks Trading Up 4.0 %

Shares of Arista Networks stock opened at $347.93 on Thursday. The stock has a market capitalization of $109.03 billion, a P/E ratio of 48.46, a PEG ratio of 2.95 and a beta of 1.08. The business’s fifty day moving average price is $299.51 and its 200 day moving average price is $277.65. Arista Networks has a twelve month low of $149.10 and a twelve month high of $350.98.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.24. The business had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. As a group, sell-side analysts predict that Arista Networks will post 7.05 EPS for the current year.

Arista Networks declared that its board has initiated a share buyback program on Tuesday, May 7th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insider Activity

In other Arista Networks news, Director Daniel Scheinman sold 1,000 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $328.17, for a total value of $328,170.00. Following the transaction, the director now owns 37,732 shares of the company’s stock, valued at $12,382,510.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Jayshree Ullal sold 24,000 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $292.28, for a total value of $7,014,720.00. Following the sale, the chief executive officer now owns 1,642,800 shares of the company’s stock, valued at approximately $480,157,584. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Daniel Scheinman sold 1,000 shares of Arista Networks stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $328.17, for a total transaction of $328,170.00. Following the completion of the sale, the director now owns 37,732 shares in the company, valued at $12,382,510.44. The disclosure for this sale can be found here. In the last three months, insiders sold 212,950 shares of company stock valued at $64,987,920. Company insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Hedge funds have recently made changes to their positions in the business. GQG Partners LLC acquired a new position in shares of Arista Networks during the first quarter valued at $881,848,000. Norges Bank bought a new stake in shares of Arista Networks during the 4th quarter worth about $586,051,000. Swedbank AB acquired a new stake in shares of Arista Networks in the 1st quarter worth approximately $521,767,000. Vanguard Group Inc. boosted its holdings in shares of Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after acquiring an additional 1,596,040 shares in the last quarter. Finally, Schroder Investment Management Group increased its stake in shares of Arista Networks by 439.3% during the third quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock valued at $231,624,000 after acquiring an additional 1,025,815 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.