Citigroup Boosts Arista Networks (NYSE:ANET) Price Target to $170.00

Arista Networks (NYSE:ANETGet Rating) had its price target raised by Citigroup from $160.00 to $170.00 in a research report released on Tuesday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

A number of other brokerages have also recently weighed in on ANET. Barclays decreased their price target on shares of Arista Networks from $140.00 to $138.00 in a research report on Tuesday, May 3rd. Piper Sandler decreased their price objective on shares of Arista Networks from $133.00 to $108.00 and set a neutral rating for the company in a report on Wednesday, July 13th. StockNews.com raised shares of Arista Networks from a hold rating to a buy rating in a research note on Wednesday. Cowen upped their price target on shares of Arista Networks from $154.00 to $163.00 and gave the company an outperform rating in a research report on Tuesday. Finally, UBS Group dropped their price target on shares of Arista Networks from $140.00 to $134.00 and set a neutral rating on the stock in a research note on Tuesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $157.53.

Arista Networks Trading Up 1.1 %

Shares of ANET opened at $123.06 on Tuesday. Arista Networks has a twelve month low of $85.18 and a twelve month high of $148.57. The stock’s 50 day moving average is $101.50 and its two-hundred day moving average is $114.69. The firm has a market capitalization of $37.93 billion, a PE ratio of 37.95, a P/E/G ratio of 1.98 and a beta of 1.35.

Arista Networks (NYSE:ANETGet Rating) last posted its quarterly earnings results on Monday, August 1st. The technology company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.30. Arista Networks had a net margin of 29.55% and a return on equity of 24.03%. The company had revenue of $1.05 billion during the quarter, compared to the consensus estimate of $979.66 million. During the same period last year, the firm earned $0.56 EPS. The company’s revenue for the quarter was up 48.7% on a year-over-year basis. On average, sell-side analysts predict that Arista Networks will post 3.18 EPS for the current year.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 6,660 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $117.03, for a total transaction of $779,419.80. Following the completion of the sale, the director now owns 98,946 shares of the company’s stock, valued at approximately $11,579,650.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Charles H. Giancarlo sold 6,660 shares of Arista Networks stock in a transaction on Monday, August 1st. The shares were sold at an average price of $117.03, for a total value of $779,419.80. Following the completion of the sale, the director now owns 98,946 shares of the company’s stock, valued at approximately $11,579,650.38. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider John F. Mccool sold 1,008 shares of the firm’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $115.22, for a total value of $116,141.76. Following the transaction, the insider now owns 166 shares in the company, valued at $19,126.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 530,320 shares of company stock valued at $54,800,753. 19.59% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Arista Networks by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 25,268,588 shares of the technology company’s stock worth $3,511,828,000 after buying an additional 353,253 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Arista Networks by 316.3% during the fourth quarter. BlackRock Inc. now owns 17,330,539 shares of the technology company’s stock valued at $2,491,267,000 after acquiring an additional 13,167,098 shares in the last quarter. State Street Corp grew its stake in Arista Networks by 316.7% in the fourth quarter. State Street Corp now owns 8,893,510 shares of the technology company’s stock worth $1,278,442,000 after purchasing an additional 6,759,436 shares during the period. Capital World Investors grew its stake in Arista Networks by 289.1% in the fourth quarter. Capital World Investors now owns 8,686,014 shares of the technology company’s stock worth $1,248,615,000 after purchasing an additional 6,453,749 shares during the period. Finally, Alliancebernstein L.P. grew its stake in shares of Arista Networks by 303.5% in the fourth quarter. Alliancebernstein L.P. now owns 8,374,583 shares of the technology company’s stock worth $1,203,846,000 after acquiring an additional 6,299,163 shares during the last quarter. Hedge funds and other institutional investors own 67.10% of the company’s stock.

Arista Networks Company Profile

(Get Rating)

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.

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