Arista Networks, Inc. (NYSE:ANET)‘s stock had its “buy” rating reiterated by investment analysts at Citigroup Inc. in a report released on Friday. They currently have a $220.00 price objective on the technology company’s stock, up from their previous price objective of $215.00. Citigroup Inc.’s price objective indicates a potential upside of 9.19% from the company’s previous close.

Other equities research analysts also recently issued reports about the company. Cowen and Company reiterated a “buy” rating and issued a $168.00 price target (up from $145.00) on shares of Arista Networks in a report on Friday, August 4th. Deutsche Bank AG restated a “buy” rating and set a $165.00 price objective (up from $156.00) on shares of Arista Networks in a research note on Monday, July 17th. Argus restated a “buy” rating on shares of Arista Networks in a research note on Monday, August 7th. Needham & Company LLC restated a “buy” rating and set a $175.00 price objective on shares of Arista Networks in a research note on Tuesday, September 12th. Finally, KeyCorp restated a “buy” rating and set a $176.00 price objective on shares of Arista Networks in a research note on Tuesday, September 19th. Fifteen investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. Arista Networks has an average rating of “Buy” and a consensus target price of $180.21.

Shares of Arista Networks (NYSE ANET) traded up $4.23 during midday trading on Friday, hitting $201.49. The stock had a trading volume of 3,205,081 shares, compared to its average volume of 638,355. Arista Networks has a 1-year low of $79.05 and a 1-year high of $202.15. The company has a quick ratio of 2.60, a current ratio of 3.19 and a debt-to-equity ratio of 0.03. The company has a market cap of $14,614.07, a P/E ratio of 48.44, a price-to-earnings-growth ratio of 2.56 and a beta of 1.31.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.15. Arista Networks had a return on equity of 26.23% and a net margin of 25.10%. The business had revenue of $405.21 million during the quarter, compared to the consensus estimate of $361.02 million. During the same period in the previous year, the business earned $0.74 EPS. The business’s quarterly revenue was up 50.8% on a year-over-year basis. research analysts forecast that Arista Networks will post 4.08 EPS for the current year.

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In other news, insider Jayshree Ullal sold 148,989 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $173.74, for a total transaction of $25,885,348.86. Following the completion of the sale, the insider now directly owns 2,576 shares of the company’s stock, valued at $447,554.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Kenneth Duda sold 8,827 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $168.06, for a total value of $1,483,465.62. Following the sale, the senior vice president now directly owns 1,202 shares of the company’s stock, valued at $202,008.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 198,778 shares of company stock valued at $34,901,741. 28.09% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Capital Research Global Investors lifted its holdings in shares of Arista Networks by 2.8% during the second quarter. Capital Research Global Investors now owns 7,579,814 shares of the technology company’s stock valued at $1,135,380,000 after purchasing an additional 209,783 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Arista Networks by 7.1% during the second quarter. Vanguard Group Inc. now owns 3,763,999 shares of the technology company’s stock valued at $563,810,000 after purchasing an additional 249,753 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Arista Networks by 41.1% during the second quarter. BlackRock Inc. now owns 2,376,973 shares of the technology company’s stock valued at $356,048,000 after purchasing an additional 692,651 shares during the last quarter. Harbour Capital Advisors LLC lifted its holdings in shares of Arista Networks by 13,502.2% during the second quarter. Harbour Capital Advisors LLC now owns 1,228,278 shares of the technology company’s stock valued at $8,200,000 after purchasing an additional 1,219,248 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Arista Networks by 44.7% during the second quarter. State Street Corp now owns 1,063,294 shares of the technology company’s stock valued at $159,278,000 after purchasing an additional 328,534 shares during the last quarter. 59.38% of the stock is owned by institutional investors and hedge funds.

About Arista Networks

Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.

Analyst Recommendations for Arista Networks (NYSE:ANET)

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