Arista Networks (NYSE:ANET) Price Target Raised to $430.00

Arista Networks (NYSE:ANET) had its price target boosted by analysts at The Goldman Sachs Group from $390.00 to $430.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 12.99% from the stock’s current price.

Several other research firms also recently commented on ANET. UBS Group boosted their target price on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Bank of America upped their price objective on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Rosenblatt Securities lifted their target price on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. KeyCorp lifted their price target on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Finally, Citigroup boosted their price target on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $363.25.

Arista Networks Trading Down 1.3 %

Shares of ANET stock traded down $5.01 during trading on Tuesday, reaching $380.56. 450,140 shares of the company’s stock traded hands, compared to its average volume of 2,302,772. The firm’s 50-day moving average is $342.05 and its 200 day moving average is $317.63. The company has a market capitalization of $119.25 billion, a P/E ratio of 53.00, a PEG ratio of 2.70 and a beta of 1.07. Arista Networks has a 1 year low of $168.25 and a 1 year high of $390.00.

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

Insider Activity

In related news, Director Kelly Bodnar Battles sold 372 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $356.74, for a total transaction of $132,707.28. Following the completion of the transaction, the director now owns 2,565 shares in the company, valued at $915,038.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Arista Networks news, Director Kelly Bodnar Battles sold 372 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $356.74, for a total value of $132,707.28. Following the completion of the sale, the director now owns 2,565 shares in the company, valued at $915,038.10. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John F. Mccool sold 580 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $354.71, for a total transaction of $205,731.80. The disclosure for this sale can be found here. Insiders sold 107,361 shares of company stock worth $38,024,123 over the last quarter. 3.54% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arista Networks

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Arista Networks by 5.7% during the 4th 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 period. Capital World Investors increased its stake in Arista Networks by 0.5% during the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after purchasing an additional 55,312 shares in the last quarter. WCM Investment Management LLC increased its stake in Arista Networks by 0.8% during the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after purchasing an additional 25,196 shares in the last quarter. GQG Partners LLC purchased a new position in Arista Networks during the 1st quarter worth $881,848,000. Finally, Legal & General Group Plc boosted its holdings in shares of Arista Networks by 0.9% in the 2nd quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after buying an additional 20,278 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.