Arista Networks (NYSE:ANET) PT Raised to $460.00 at Citigroup

Arista Networks (NYSE:ANET) had its price objective boosted by equities researchers at Citigroup from $385.00 to $460.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s target price would indicate a potential upside of 15.06% from the company’s previous close.

A number of other equities analysts have also weighed in on the stock. Morgan Stanley boosted their price target on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. The Goldman Sachs Group lifted their target price on Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. lifted their target price on Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Piper Sandler boosted their target price on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. Finally, KeyCorp raised their target price on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $369.50.

Arista Networks Stock Performance

Arista Networks stock traded up $7.25 during trading hours on Tuesday, hitting $399.79. The company had a trading volume of 1,099,105 shares, compared to its average volume of 2,252,074. The firm has a market cap of $125.28 billion, a P/E ratio of 55.69, a P/E/G ratio of 3.04 and a beta of 1.07. Arista Networks has a 1 year low of $168.25 and a 1 year high of $402.00. The company has a 50-day moving average price of $352.98 and a two-hundred day moving average price of $324.87.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating the consensus estimate of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the previous year, the business posted $1.41 EPS. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Arista Networks will post 7.38 EPS for the current year.

Insider Transactions at Arista Networks

In other news, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total transaction of $264,675.84. Following the completion of the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $5,624,679.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $318.12, for a total transaction of $264,675.84. Following the completion of the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $5,624,679.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Marc Taxay sold 628 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total transaction of $220,114.00. The disclosure for this sale can be found here. In the last three months, insiders sold 38,197 shares of company stock worth $13,433,094. 3.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arista Networks

Several institutional investors have recently bought and sold shares of ANET. UniSuper Management Pty Ltd boosted its stake in Arista Networks by 20.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock worth $10,535,000 after purchasing an additional 6,133 shares during the period. Central Pacific Bank Trust Division bought a new stake in Arista Networks during the 1st quarter valued at $1,405,000. M&G Plc purchased a new stake in Arista Networks in the 1st quarter worth approximately $3,238,000. Nordea Investment Management AB increased its position in Arista Networks by 32.5% during the 1st quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after purchasing an additional 6,578 shares during the period. Finally, Cim LLC purchased a new stake in Arista Networks in the fourth quarter worth about $2,589,000. Hedge funds and other 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.