The Goldman Sachs Group Boosts Arista Networks (NYSE:ANET) Price Target to $430.00

Arista Networks (NYSE:ANET) had its target price hoisted by equities researchers at The Goldman Sachs Group from $390.00 to $430.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 12.99% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Evercore ISI reiterated an “outperform” rating and set a $400.00 price target on shares of Arista Networks in a report on Friday, September 13th. Citigroup raised their price target on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Barclays raised their price target on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Piper Sandler lifted their price objective on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Finally, Morgan Stanley boosted their price target on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $363.25.

Arista Networks Price Performance

NYSE:ANET traded down $5.01 during trading hours on Tuesday, reaching $380.56. The company had a trading volume of 450,140 shares, compared to its average volume of 2,302,772. Arista Networks has a 1-year low of $168.25 and a 1-year high of $390.00. The firm has a market cap of $119.25 billion, a PE ratio of 53.00, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. The business’s 50 day moving average price is $342.05 and its 200-day moving average price is $317.63.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. Arista Networks’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.41 earnings per share. On average, analysts expect that Arista Networks will post 7.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the completion of the sale, the chief executive officer now owns 1,600,800 shares in the company, valued at approximately $555,477,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the transaction, the chief executive officer now directly owns 1,600,800 shares of the company’s stock, valued at $555,477,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kelly Bodnar Battles sold 372 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $356.74, for a total value of $132,707.28. Following the completion of the sale, the director now directly owns 2,565 shares in the company, valued at $915,038.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 107,361 shares of company stock valued at $38,024,123. 3.54% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. FCG Investment Co increased its position in shares of Arista Networks by 2.3% in the 2nd quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock valued at $445,000 after buying an additional 29 shares in the last quarter. Old Port Advisors increased its holdings in shares of Arista Networks by 3.5% during the first quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after purchasing an additional 32 shares during the period. Fortitude Family Office LLC increased its stake in Arista Networks by 33.3% in the second quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock valued at $46,000 after acquiring an additional 33 shares during the last quarter. Resonant Capital Advisors LLC increased its stake in Arista Networks by 4.1% in the second quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock valued at $305,000 after acquiring an additional 34 shares during the last quarter. Finally, Modera Wealth Management LLC boosted its position in Arista Networks by 2.1% in the second quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock valued at $625,000 after buying an additional 37 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

About Arista Networks

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.