Needham & Company LLC Raises Arista Networks (NYSE:ANET) Price Target to $140.00

Arista Networks (NYSE:ANETGet Rating) had its price target raised by Needham & Company LLC from $128.00 to $140.00 in a research note released on Tuesday morning, Benzinga reports. They currently have a buy rating on the technology company’s stock.

A number of other equities analysts also recently issued reports on the company. Piper Sandler cut their price target on Arista Networks from $133.00 to $108.00 and set a neutral rating for the company in a research note on Wednesday, July 13th. Citigroup boosted their target price on Arista Networks from $160.00 to $170.00 and gave the stock a buy rating in a research note on Tuesday. Cowen upped their price objective on Arista Networks from $154.00 to $163.00 and gave the company an outperform rating in a research note on Tuesday. Cowen boosted their target price on shares of Arista Networks from $154.00 to $163.00 and gave the company an outperform rating in a report on Tuesday. Finally, Morgan Stanley lowered their target price on shares of Arista Networks from $144.00 to $114.00 and set an equal weight rating on the stock in a report on Tuesday, June 14th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $157.53.

Arista Networks Stock Up 1.1 %

Shares of NYSE 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 business’s 50 day moving average price is $101.50 and its two-hundred day moving average price is $114.69. The company has a market cap of $37.93 billion, a PE ratio of 37.95, a price-to-earnings-growth ratio of 1.98 and a beta of 1.35.

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

Insider Transactions at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 560 shares of the business’s stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $98.50, for a total value of $55,160.00. Following the transaction, the director now directly owns 2,212 shares of the company’s stock, valued at approximately $217,882. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider John F. Mccool sold 996 shares of the company’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $93.14, for a total transaction of $92,767.44. Following the completion of the transaction, the insider now owns 166 shares of the company’s stock, valued at approximately $15,461.24. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kelly Bodnar Battles sold 560 shares of the stock in a transaction that occurred on Tuesday, May 24th. The stock was sold at an average price of $98.50, for a total transaction of $55,160.00. Following the sale, the director now directly owns 2,212 shares of the company’s stock, valued at approximately $217,882. The disclosure for this sale can be found here. In the last quarter, insiders sold 530,320 shares of company stock worth $54,800,753. 19.59% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arista Networks

Institutional investors and hedge funds have recently made changes to their positions in the business. Asset Dedication LLC acquired a new position in shares of Arista Networks during the first quarter valued at $25,000. Riverview Trust Co acquired a new position in shares of Arista Networks in the 1st quarter valued at $26,000. JJJ Advisors Inc. boosted its position in Arista Networks by 300.0% during the 4th quarter. JJJ Advisors Inc. now owns 196 shares of the technology company’s stock worth $28,000 after acquiring an additional 147 shares during the period. Benjamin F. Edwards & Company Inc. boosted its position in Arista Networks by 300.0% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 200 shares of the technology company’s stock worth $29,000 after acquiring an additional 150 shares during the period. Finally, Addison Advisors LLC acquired a new stake in shares of Arista Networks during the 1st quarter valued at about $28,000. 67.10% of the stock is currently owned by hedge funds and other institutional investors.

About Arista Networks

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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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