Arista Networks (NYSE:ANET) Price Target Raised to $369.00

Arista Networks (NYSE:ANET) had its price target raised by UBS Group from $285.00 to $369.00 in a research note published on Wednesday, Benzinga reports. UBS Group currently has a neutral rating on the technology company’s stock.

Several other research analysts have also commented on ANET. Jefferies Financial Group boosted their price objective on Arista Networks from $340.00 to $380.00 and gave the stock a buy rating in a report on Wednesday, July 31st. Wells Fargo & Company boosted their price objective on Arista Networks from $340.00 to $390.00 and gave the stock an overweight rating in a report on Wednesday, July 24th. Piper Sandler boosted their price objective on Arista Networks from $302.00 to $345.00 and gave the stock a neutral rating in a report on Monday, July 15th. Needham & Company LLC restated a buy rating and issued a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. Finally, Rosenblatt Securities boosted their target price on Arista Networks from $220.00 to $265.00 and gave the stock a sell rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $358.63.

Arista Networks Stock Performance

Shares of ANET opened at $314.37 on Wednesday. The business has a 50-day moving average of $343.09 and a 200 day moving average of $310.67. Arista Networks has a fifty-two week low of $168.25 and a fifty-two week high of $376.50. The firm has a market cap of $98.51 billion, a P/E ratio of 43.78, a price-to-earnings-growth ratio of 2.78 and a beta of 1.11.

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

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 216 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total value of $69,988.32. Following the completion of the sale, the director now owns 2,726 shares in the company, valued at $883,278.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Kelly Bodnar Battles sold 216 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total value of $69,988.32. Following the completion of the sale, the director now owns 2,726 shares of the company’s stock, valued at $883,278.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $347.00, for a total value of $8,675,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,600,800 shares of the company’s stock, valued at approximately $555,477,600. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 126,300 shares of company stock worth $44,194,544. 3.54% of the stock is currently owned by insiders.

Institutional Trading of Arista Networks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ANET. International Assets Investment Management LLC lifted its stake in Arista Networks by 7.4% in the fourth quarter. International Assets Investment Management LLC now owns 2,606 shares of the technology company’s stock worth $614,000 after acquiring an additional 179 shares during the period. Fisher Asset Management LLC raised its holdings in Arista Networks by 15.2% in the fourth quarter. Fisher Asset Management LLC now owns 8,134 shares of the technology company’s stock worth $1,916,000 after purchasing an additional 1,075 shares in the last quarter. 9258 Wealth Management LLC bought a new position in Arista Networks in the fourth quarter worth $240,000. Merit Financial Group LLC raised its holdings in Arista Networks by 8.1% in the fourth quarter. Merit Financial Group LLC now owns 2,244 shares of the technology company’s stock worth $528,000 after purchasing an additional 168 shares in the last quarter. Finally, Summit Trail Advisors LLC raised its holdings in Arista Networks by 6.6% in the fourth quarter. Summit Trail Advisors LLC now owns 1,606 shares of the technology company’s stock worth $378,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

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.