Citigroup Boosts Arista Networks (NYSE:ANET) Price Target to $385.00

Arista Networks (NYSE:ANET) had its price objective lifted by Citigroup from $330.00 to $385.00 in a research report sent to investors on Thursday morning, Marketbeat reports. Citigroup currently has a buy rating on the technology company’s stock.

A number of other research firms have also issued reports on ANET. Morgan Stanley upped their target price on shares of Arista Networks from $300.00 to $325.00 and gave the stock an overweight rating in a report on Wednesday, June 12th. JPMorgan Chase & Co. upped their price objective on shares of Arista Networks from $297.00 to $315.00 and gave the company an overweight rating in a research note on Thursday, April 11th. The Goldman Sachs Group raised their target price on shares of Arista Networks from $313.00 to $356.00 and gave the stock a buy rating in a research note on Friday, March 22nd. Evercore ISI upped their price target on Arista Networks from $320.00 to $340.00 and gave the company an outperform rating in a research report on Monday, May 20th. Finally, KeyCorp lifted their price objective on Arista Networks from $306.00 to $349.00 and gave the stock an overweight rating in a research report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $311.50.

Arista Networks Stock Up 0.7 %

ANET opened at $350.48 on Thursday. The company has a market cap of $109.83 billion, a PE ratio of 48.81, a price-to-earnings-growth ratio of 3.07 and a beta of 1.08. Arista Networks has a twelve month low of $149.10 and a twelve month high of $355.22. The company has a 50-day moving average price of $303.42 and a 200 day moving average price of $279.35.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. The business had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. As a group, sell-side analysts expect that Arista Networks will post 7.05 earnings per share for the current year.

Arista Networks announced that its Board of Directors has authorized a share repurchase plan on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, Director Yvonne Wassenaar sold 223 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total transaction of $70,543.82. Following the completion of the transaction, the director now owns 2,976 shares of the company’s stock, valued at approximately $941,427.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Yvonne Wassenaar sold 223 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total transaction of $70,543.82. Following the completion of the transaction, the director now directly owns 2,976 shares in the company, valued at approximately $941,427.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Marc Taxay sold 1,040 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $292.28, for a total transaction of $303,971.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 212,950 shares of company stock valued at $64,987,920. Company insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

A number of hedge funds have recently added to or reduced their stakes in the business. GQG Partners LLC purchased a new stake in shares of Arista Networks during the first quarter worth $881,848,000. Norges Bank acquired a new stake in Arista Networks in the 4th quarter valued at about $586,051,000. Swedbank AB purchased a new position in shares of Arista Networks in the 1st quarter valued at about $521,767,000. Vanguard Group Inc. grew its position in shares of Arista Networks by 5.7% during the fourth 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 in the last quarter. Finally, Schroder Investment Management Group increased its stake in shares of Arista Networks by 439.3% during the third quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock worth $231,624,000 after buying an additional 1,025,815 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.