Arista Networks (NYSE:ANET) had its price target lifted by analysts at Citigroup from $275.00 to $315.00 in a note issued to investors on Wednesday. The brokerage presently has a “buy” rating on the technology company’s stock. Citigroup’s target price would suggest a potential upside of 11.11% from the company’s previous close.
Other analysts also recently issued reports about the stock. Needham & Company LLC reiterated a “buy” rating and issued a $217.00 price objective (up from $175.00) on shares of Arista Networks in a research report on Friday, November 3rd. They noted that the move was a valuation call. DA Davidson raised shares of Arista Networks from a “neutral” rating to a “buy” rating and set a $224.00 price objective on the stock in a research note on Friday, November 3rd. Deutsche Bank reaffirmed a “buy” rating and issued a $210.00 price objective (up previously from $185.00) on shares of Arista Networks in a research note on Monday, October 9th. KeyCorp reaffirmed a “buy” rating and issued a $200.00 price objective on shares of Arista Networks in a research note on Friday, September 29th. Finally, Berenberg Bank began coverage on shares of Arista Networks in a research note on Tuesday, September 26th. They issued a “buy” rating and a $225.00 price objective on the stock. Fifteen investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $215.39.
Shares of Arista Networks (NYSE ANET) traded up $6.74 during trading hours on Wednesday, reaching $283.50. 496,276 shares of the company traded hands, compared to its average volume of 720,236. The company has a market cap of $20,720.00, a P/E ratio of 58.82, a PEG ratio of 2.11 and a beta of 1.38. Arista Networks has a 12-month low of $92.35 and a 12-month high of $283.50. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.07 and a current ratio of 3.66.
In related news, SVP Marc Taxay sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $230.09, for a total transaction of $460,180.00. Following the transaction, the senior vice president now directly owns 12,335 shares of the company’s stock, valued at $2,838,160.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anshul Sadana sold 24,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $256.25, for a total transaction of $6,150,000.00. Following the transaction, the insider now directly owns 80,972 shares in the company, valued at $20,749,075. The disclosure for this sale can be found here. Over the last three months, insiders sold 618,126 shares of company stock worth $142,771,964. 28.09% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Comerica Bank increased its stake in Arista Networks by 22.0% during the 2nd quarter. Comerica Bank now owns 2,282 shares of the technology company’s stock worth $354,000 after purchasing an additional 411 shares in the last quarter. Prudential Financial Inc. grew its holdings in shares of Arista Networks by 60.2% during the second quarter. Prudential Financial Inc. now owns 4,918 shares of the technology company’s stock worth $737,000 after purchasing an additional 1,848 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Arista Networks by 13.6% during the second quarter. Principal Financial Group Inc. now owns 9,029 shares of the technology company’s stock worth $1,352,000 after purchasing an additional 1,084 shares during the last quarter. Teachers Advisors LLC grew its holdings in shares of Arista Networks by 12.1% during the second quarter. Teachers Advisors LLC now owns 54,854 shares of the technology company’s stock worth $8,217,000 after purchasing an additional 5,936 shares during the last quarter. Finally, BlackRock Inc. grew 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 worth $356,048,000 after purchasing an additional 692,651 shares during the last quarter. 58.02% of the stock is currently owned by hedge funds and other institutional investors.
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Arista Networks Company Profile
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.
