Arista Networks (NYSE:ANET) Price Target Raised to $369.00

Arista Networks (NYSE:ANET) had its price objective raised by UBS Group from $285.00 to $369.00 in a research note published on Wednesday, Benzinga reports. UBS Group currently has a neutral rating on the technology company’s stock.

A number of other research analysts have also issued reports on the stock. Barclays raised their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the company an overweight rating in a report on Wednesday, July 31st. Piper Sandler increased their target price on shares of Arista Networks from $302.00 to $345.00 and gave the company a neutral rating in a research report on Monday, July 15th. Needham & Company LLC reissued a buy rating and set a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. JPMorgan Chase & Co. increased their target price on shares of Arista Networks from $335.00 to $340.00 and gave the company an overweight rating in a research report on Wednesday, July 31st. Finally, KeyCorp increased their target price on shares of Arista Networks from $349.00 to $432.00 and gave the company an overweight rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks currently has a consensus rating of Moderate Buy and an average target price of $358.63.

Arista Networks Price Performance

Shares of NYSE ANET opened at $314.37 on Wednesday. The company has a 50 day simple moving average of $343.09 and a 200 day simple moving average of $310.67. The firm has a market cap of $98.51 billion, a PE ratio of 43.78, a price-to-earnings-growth ratio of 2.78 and a beta of 1.11. Arista Networks has a 1 year low of $168.25 and a 1 year high of $376.50.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data 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 business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter last year, the business earned $1.41 EPS. As a group, research analysts anticipate that Arista Networks will post 7.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 832 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $5,624,679.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Jayshree Ullal sold 832 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $5,624,679.72. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Marc Taxay sold 624 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $354.71, for a total value of $221,339.04. The disclosure for this sale can be found here. Insiders have sold a total of 126,300 shares of company stock worth $44,194,544 in the last ninety days. Corporate insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake 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 valued at $6,946,338,000 after acquiring an additional 1,596,040 shares in the last quarter. Capital World Investors lifted its stake in Arista Networks by 0.5% during the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after acquiring an additional 55,312 shares in the last quarter. WCM Investment Management LLC lifted its stake in Arista Networks by 0.8% during the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after acquiring an additional 25,196 shares in the last quarter. GQG Partners LLC bought a new position in Arista Networks during the 1st quarter valued at $881,848,000. Finally, Norges Bank bought a new stake in shares of Arista Networks during the 4th quarter worth $586,051,000. 82.47% of the stock is currently owned by institutional investors.

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.