Arista Networks (NYSE:ANET) Price Target Raised to $460.00

Arista Networks (NYSE:ANET) had its target price increased by Citigroup from $385.00 to $460.00 in a research note published on Tuesday morning, Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

A number of other equities analysts also recently weighed in on the company. Erste Group Bank restated a buy rating on shares of Arista Networks in a research note on Friday, June 14th. Rosenblatt Securities upped their price objective on Arista Networks from $220.00 to $265.00 and gave the company a sell rating in a research note on Wednesday, July 31st. The Goldman Sachs Group lifted their target price on Arista Networks from $390.00 to $430.00 and gave the stock a buy rating in a research note on Tuesday, September 24th. JPMorgan Chase & Co. increased their price target 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, Barclays lifted their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the stock an overweight rating in a research report on Wednesday, July 31st. One 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. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $369.50.

Arista Networks Trading Up 0.7 %

Shares of Arista Networks stock opened at $409.85 on Tuesday. The company has a market capitalization of $128.43 billion, a P/E ratio of 57.08, a price-to-earnings-growth ratio of 3.04 and a beta of 1.07. The stock has a fifty day simple moving average of $355.96 and a 200 day simple moving average of $326.09. Arista Networks has a 12-month low of $168.25 and a 12-month high of $410.71.

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

Insider Activity at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $394.69, for a total value of $7,893,800.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares in the company, valued at $1,280,374.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $394.69, for a total value of $7,893,800.00. Following the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $1,280,374.36. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Marc Taxay sold 628 shares of the firm’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 have sold 58,197 shares of company stock worth $21,326,894. 3.54% of the stock is owned by company insiders.

Institutional Trading of Arista Networks

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