Arista Networks (NYSE:ANET) Trading Up 0.8% on Analyst Upgrade

Shares of Arista Networks, Inc. (NYSE:ANET) were up 0.8% during trading on Wednesday after Citigroup raised their price target on the stock from $385.00 to $460.00. Citigroup currently has a buy rating on the stock. Arista Networks traded as high as $403.67 and last traded at $403.40. Approximately 330,401 shares were traded during trading, a decline of 85% from the average daily volume of 2,244,593 shares. The stock had previously closed at $400.22.

Several other research analysts have also commented on the company. Barclays raised their price target on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. 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. Wells Fargo & Company raised their price objective on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. upped their target price on shares of Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Finally, KeyCorp boosted their price target on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $369.50.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 836 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $386.68, for a total value of $323,264.48. Following the completion of the sale, the chief executive officer now owns 17,681 shares in the company, valued at approximately $6,836,889.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Arista Networks news, SVP Marc Taxay sold 624 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $388.37, for a total transaction of $242,342.88. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 836 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $386.68, for a total transaction of $323,264.48. Following the completion of the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $6,836,889.08. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,197 shares of company stock worth $13,433,094 in the last quarter. 3.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its position in Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after buying an additional 1,596,040 shares during the last quarter. GQG Partners LLC acquired a new stake in Arista Networks in the first quarter valued at about $881,848,000. Legal & General Group Plc boosted its holdings in Arista Networks by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock valued at $769,560,000 after purchasing an additional 20,278 shares in the last quarter. Swedbank AB purchased a new position in shares of Arista Networks during the 1st quarter worth approximately $521,767,000. Finally, Ameriprise Financial Inc. lifted its holdings 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 valued at $628,966,000 after acquiring an additional 884,703 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Stock Performance

The firm’s 50-day simple moving average is $354.75 and its 200 day simple moving average is $325.53. The company has a market capitalization of $126.41 billion, a PE ratio of 56.18, a price-to-earnings-growth ratio of 3.04 and a beta of 1.07.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping 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 company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period in the prior year, the business posted $1.41 earnings per share. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. As a group, equities analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

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.