Citigroup Issues Positive Forecast for Arista Networks (NYSE:ANET) Stock Price

Arista Networks (NYSE:ANET) had its target price increased by Citigroup from $115.00 to $121.00 in a research report report published on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

Several other research analysts have also recently weighed in on the stock. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. UBS Group upped their price target on shares of Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a report on Friday, November 8th. Morgan Stanley upped their price target on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Evercore ISI upped their price target on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Finally, Wells Fargo & Company upped their price target on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $113.79.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $98.31 on Wednesday. Arista Networks has a 52 week low of $60.08 and a 52 week high of $133.57. The company has a market capitalization of $123.84 billion, a PE ratio of 44.28, a PEG ratio of 2.79 and a beta of 1.09. The company has a 50 day moving average price of $113.94 and a two-hundred day moving average price of $101.57.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. The company had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. On average, sell-side analysts forecast that Arista Networks will post 2.18 earnings per share for the current year.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $118.47, for a total value of $9,477,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares in the company, valued at $1,537,266.72. This trade represents a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $412.65, for a total transaction of $825,300.00. Following the completion of the transaction, the director now directly owns 42,946 shares in the company, valued at $17,721,666.90. The trade was a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 260,056 shares of company stock worth $30,225,623 over the last quarter. 3.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arista Networks

Several large investors have recently modified their holdings of the stock. Zions Bancorporation N.A. raised its position in shares of Arista Networks by 6.9% in the third quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company’s stock valued at $160,000 after purchasing an additional 27 shares during the period. Intellectus Partners LLC increased its position in Arista Networks by 1.4% during the third quarter. Intellectus Partners LLC now owns 1,927 shares of the technology company’s stock worth $740,000 after acquiring an additional 27 shares during the period. Altman Advisors Inc. increased its position in Arista Networks by 0.5% during the third quarter. Altman Advisors Inc. now owns 5,862 shares of the technology company’s stock worth $2,250,000 after acquiring an additional 28 shares during the period. HM Payson & Co. increased its position in Arista Networks by 28.2% during the third quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock worth $51,000 after acquiring an additional 29 shares during the period. Finally, Beacon Financial Advisory LLC increased its position in Arista Networks by 4.9% during the third quarter. Beacon Financial Advisory LLC now owns 640 shares of the technology company’s stock worth $246,000 after acquiring an additional 30 shares during the period. 82.47% of the stock is owned by institutional investors.

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.