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

Arista Networks (NYSE:ANET) had its price target upped by analysts at Citigroup from $385.00 to $460.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s price objective would suggest a potential upside of 13.04% from the stock’s previous close.

A number of other analysts have also issued reports on ANET. Barclays lifted their price target on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Piper Sandler lifted their price target on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. Rosenblatt Securities lifted their price target on Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research note on Wednesday, July 31st. The Goldman Sachs Group lifted their price target on Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $375.00 price objective on shares of Arista Networks in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $369.50.

Arista Networks Trading Up 1.7 %

Shares of ANET opened at $406.92 on Tuesday. Arista Networks has a 12 month low of $168.25 and a 12 month high of $409.20. The stock’s 50 day moving average is $354.75 and its two-hundred day moving average is $325.53. The firm has a market cap of $127.51 billion, a P/E ratio of 56.67, a PEG ratio of 3.04 and a beta of 1.07.

Arista Networks (NYSE:ANET) last issued 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 return on equity of 30.50% and a net margin of 39.01%. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period last year, the company earned $1.41 earnings per share. Arista Networks’s quarterly revenue was up 15.9% compared to the same quarter last year. Equities research analysts forecast that Arista Networks will post 7.38 EPS for the current year.

Insider Activity

In related news, Director Kelly Bodnar Battles sold 216 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total transaction of $69,988.32. Following the completion of the transaction, the director now directly owns 2,726 shares of the company’s stock, valued at $883,278.52. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Kelly Bodnar Battles sold 216 shares of the business’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total transaction of $69,988.32. Following the completion of the transaction, the director now directly owns 2,726 shares of the company’s stock, valued at $883,278.52. The trade was 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 Kenneth Duda sold 20,000 shares of the business’s stock in a transaction on 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 transaction, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $1,280,374.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 58,197 shares of company stock valued at $21,326,894. 3.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ANET. Personal CFO Solutions LLC boosted its position in shares of Arista Networks by 16.3% during the 4th quarter. Personal CFO Solutions LLC now owns 1,393 shares of the technology company’s stock worth $328,000 after acquiring an additional 195 shares in the last quarter. Ossiam lifted its holdings in shares of Arista Networks by 70.0% in the 4th quarter. Ossiam now owns 6,088 shares of the technology company’s stock valued at $1,434,000 after purchasing an additional 2,507 shares during the last quarter. Connectus Wealth LLC purchased a new stake in shares of Arista Networks in the 4th quarter valued at about $210,000. State of Tennessee Treasury Department lifted its holdings in shares of Arista Networks by 98.2% in the 4th quarter. State of Tennessee Treasury Department now owns 127,531 shares of the technology company’s stock valued at $30,035,000 after purchasing an additional 63,183 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of Arista Networks in the 4th quarter valued at about $64,018,000. 82.47% of the stock is owned by institutional investors and hedge funds.

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.