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

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

Other research analysts have also recently issued research reports about the company. Barclays lifted their target price on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. Evercore ISI boosted their price objective on Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Jefferies Financial Group boosted their price objective on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. KeyCorp boosted their price objective on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Finally, UBS Group boosted their price objective on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a report on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $369.50.

Arista Networks Price Performance

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 has a market capitalization of $127.51 billion, a P/E ratio of 56.67, a P/E/G ratio of 3.04 and a beta of 1.07. The business has a 50 day simple moving average of $354.75 and a 200-day simple moving average of $325.53.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. Arista Networks’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period last year, the business posted $1.41 EPS. Research analysts anticipate that Arista Networks will post 7.38 EPS for the current year.

Insider Transactions at Arista Networks

In other news, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total transaction of $264,675.84. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $5,624,679.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $342.28, for a total value of $684,560.00. Following the completion of the sale, the director now directly owns 50,946 shares in the company, valued at $17,437,796.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $5,624,679.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 58,197 shares of company stock worth $21,326,894. Company insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Institutional investors have recently added to or reduced their stakes in the company. Beacon Capital Management LLC lifted its position in Arista Networks by 500.0% in the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after purchasing an additional 65 shares during the period. LGT Financial Advisors LLC acquired a new stake in shares of Arista Networks during the 2nd quarter valued at $27,000. Benjamin Edwards Inc. acquired a new stake in shares of Arista Networks during the 1st quarter valued at $26,000. Byrne Asset Management LLC acquired a new stake in shares of Arista Networks during the 2nd quarter valued at $33,000. Finally, Sugarloaf Wealth Management LLC acquired a new stake in shares of Arista Networks during the 2nd quarter valued at $35,000. 82.47% of the stock is currently 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.