The Goldman Sachs Group Boosts Arista Networks (NYSE:ANET) Price Target to $430.00

Arista Networks (NYSE:ANET) had its price objective increased by The Goldman Sachs Group from $390.00 to $430.00 in a research note published on Tuesday, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the technology company’s stock.

A number of other analysts have also recently issued reports on ANET. Erste Group Bank restated a buy rating on shares of Arista Networks in a research report on Friday, June 14th. Evercore ISI restated an outperform rating and issued a $400.00 price objective on shares of Arista Networks in a research note on Friday, September 13th. JPMorgan Chase & Co. lifted their target price on shares of Arista Networks from $335.00 to $340.00 and gave the company an overweight rating in a research report on Wednesday, July 31st. Wells Fargo & Company increased their price target on shares of Arista Networks from $340.00 to $390.00 and gave the stock an overweight rating in a research report on Wednesday, July 24th. Finally, Barclays lifted their price objective on Arista Networks from $320.00 to $341.00 and gave the company an overweight rating in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $363.25.

Arista Networks Price Performance

NYSE:ANET opened at $386.37 on Tuesday. The stock has a market cap of $121.07 billion, a P/E ratio of 53.81, a PEG ratio of 3.04 and a beta of 1.07. The company has a fifty day moving average price of $343.63 and a 200 day moving average price of $318.91. Arista Networks has a one year low of $168.25 and a one year high of $395.82.

Arista Networks (NYSE:ANET) last released its earnings results 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. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter last year, the company earned $1.41 earnings per share. The firm’s revenue was up 15.9% on a year-over-year basis. As a group, equities research analysts anticipate that Arista Networks will post 7.38 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 832 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total transaction of $264,675.84. Following the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $5,624,679.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $318.12, for a total transaction of $264,675.84. Following the transaction, the chief executive officer now owns 17,681 shares in the company, valued at $5,624,679.72. The disclosure for this sale can be found here. Over the last three months, insiders sold 82,361 shares of company stock valued at $29,349,123. Insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several large investors have recently bought and sold shares of ANET. GQG Partners LLC acquired a new position in shares of Arista Networks in the 1st quarter valued at $881,848,000. Swedbank AB acquired a new position in Arista Networks in the first quarter valued at about $521,767,000. Vanguard Group Inc. boosted its holdings in 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 during the last quarter. Ameriprise Financial Inc. grew its position in shares of Arista Networks by 97.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after buying an additional 884,703 shares during the period. Finally, 1832 Asset Management L.P. increased its stake in shares of Arista Networks by 4,160.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock valued at $180,743,000 after acquiring an additional 503,597 shares during the last quarter. 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.