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

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

ANET has been the subject of a number of other reports. Wells Fargo & Company boosted their price objective on Arista Networks from $310.00 to $340.00 and gave the company an overweight rating in a research note on Wednesday, May 8th. Piper Sandler increased their price objective on shares of Arista Networks from $268.00 to $302.00 and gave the stock a neutral rating in a research note on Wednesday, May 8th. The Goldman Sachs Group lifted their target price on shares of Arista Networks from $313.00 to $356.00 and gave the company a buy rating in a research note on Friday, March 22nd. Needham & Company LLC reiterated a buy rating and issued a $320.00 price target on shares of Arista Networks in a research note on Wednesday, May 8th. Finally, Morgan Stanley raised their price target on Arista Networks from $300.00 to $325.00 and gave the company an overweight rating in a report on Wednesday, June 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $311.50.

Arista Networks Trading Up 0.7 %

ANET opened at $350.48 on Thursday. The firm’s 50 day simple moving average is $303.42 and its two-hundred day simple moving average is $279.35. The company has a market capitalization of $109.83 billion, a PE ratio of 48.81, a PEG ratio of 3.07 and a beta of 1.08. Arista Networks has a 1-year low of $149.10 and a 1-year high of $355.22.

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

Arista Networks declared that its board has authorized a share repurchase plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $296.26, for a total transaction of $592,520.00. Following the completion of the transaction, the director now owns 58,946 shares in the company, valued at $17,463,341.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 24,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $292.28, for a total transaction of $7,014,720.00. Following the transaction, the chief executive officer now owns 1,642,800 shares in the company, valued at $480,157,584. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $296.26, for a total transaction of $592,520.00. Following the completion of the sale, the director now owns 58,946 shares of the company’s stock, valued at approximately $17,463,341.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 212,950 shares of company stock worth $64,987,920. Insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ANET. Benjamin Edwards Inc. bought a new stake in shares of Arista Networks during the 1st quarter worth approximately $26,000. Financial Synergies Wealth Advisors Inc. lifted its position in shares of Arista Networks by 872.7% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after purchasing an additional 96 shares during the last quarter. Alaska Permanent Fund Corp bought a new stake in shares of Arista Networks during the first quarter worth $37,000. Riverview Trust Co bought a new position in shares of Arista Networks in the first quarter worth about $40,000. Finally, Koesten Hirschmann & Crabtree INC. purchased a new position in Arista Networks in the 1st quarter worth about $42,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

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.