Arista Networks (ANET) Receives New Coverage from Analysts at Goldman Sachs Group

Analysts at Goldman Sachs Group initiated coverage on shares of Arista Networks (NYSE:ANET) in a report issued on Wednesday. The firm set a “buy” rating and a $320.00 price target on the technology company’s stock. Goldman Sachs Group’s price objective would indicate a potential upside of 15.15% from the company’s current price.

Several other research analysts have also recently weighed in on ANET. JMP Securities boosted their price target on Arista Networks from $185.00 to $230.00 and gave the stock a “market perform” rating in a research note on Thursday, October 26th. BidaskClub upgraded Arista Networks from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 31st. DA Davidson upgraded Arista Networks from a “neutral” rating to a “buy” rating and set a $224.00 price target for the company in a research note on Friday, November 3rd. Needham & Company LLC restated a “buy” rating and issued a $217.00 price target (up previously from $175.00) on shares of Arista Networks in a research note on Friday, November 3rd. They noted that the move was a valuation call. Finally, Royal Bank of Canada boosted their price target on Arista Networks from $190.00 to $200.00 and gave the stock a “sector perform” rating in a research note on Friday, November 3rd. Fifteen research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Arista Networks currently has an average rating of “Buy” and an average price target of $223.31.

Arista Networks (NYSE ANET) traded up $5.52 during mid-day trading on Wednesday, hitting $277.90. The stock had a trading volume of 120,048 shares, compared to its average volume of 802,052. Arista Networks has a 52-week low of $95.19 and a 52-week high of $284.76. The company has a quick ratio of 3.07, a current ratio of 3.66 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $20,270.00, a PE ratio of 57.21, a P/E/G ratio of 2.04 and a beta of 1.47.

In other Arista Networks news, insider Jayshree Ullal sold 73,620 shares of the business’s stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $220.31, for a total transaction of $16,219,222.20. Following the completion of the sale, the insider now owns 3,564 shares of the company’s stock, valued at $785,184.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Marc Taxay sold 2,000 shares of the business’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $230.09, for a total value of $460,180.00. Following the sale, the senior vice president now directly owns 12,335 shares of the company’s stock, valued at approximately $2,838,160.15. The disclosure for this sale can be found here. Insiders have sold 531,746 shares of company stock valued at $124,599,246 in the last three months. 28.09% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in ANET. ProShare Advisors LLC bought a new stake in Arista Networks during the second quarter valued at about $233,000. PNC Financial Services Group Inc. boosted its stake in shares of Arista Networks by 20.5% in the second quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock worth $111,000 after acquiring an additional 126 shares during the period. Northern Trust Corp boosted its stake in shares of Arista Networks by 27.3% in the second quarter. Northern Trust Corp now owns 272,453 shares of the technology company’s stock worth $40,810,000 after acquiring an additional 58,422 shares during the period. M&T Bank Corp boosted its stake in shares of Arista Networks by 6.4% in the second quarter. M&T Bank Corp now owns 2,315 shares of the technology company’s stock worth $347,000 after acquiring an additional 140 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Arista Networks by 0.4% in the second quarter. Dimensional Fund Advisors LP now owns 211,624 shares of the technology company’s stock worth $31,700,000 after acquiring an additional 858 shares during the period. 58.11% of the stock is owned by institutional investors and hedge funds.

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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.