Arista Networks (NYSE:ANET) Given New $385.00 Price Target at Citigroup

Arista Networks (NYSE:ANET) had its price objective lifted by analysts at Citigroup from $330.00 to $385.00 in a research report issued on Thursday, MarketBeat.com reports. The brokerage presently has a “buy” rating on the technology company’s stock. Citigroup’s price target suggests a potential upside of 9.86% from the company’s previous close.

Several other equities analysts have also issued reports on the company. Rosenblatt Securities reaffirmed a “sell” rating and set a $210.00 price target on shares of Arista Networks in a research note on Friday, April 12th. Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Piper Sandler boosted their price target on shares of Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Jefferies Financial Group raised shares of Arista Networks from a “hold” rating to a “buy” rating and raised their price objective for the company from $240.00 to $320.00 in a research note on Friday, May 3rd. Finally, Wells Fargo & Company upped their target price on shares of Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $311.50.

Arista Networks Stock Up 0.7 %

Shares of NYSE:ANET opened at $350.44 on Thursday. The firm has a market cap of $109.81 billion, a P/E ratio of 48.81, a P/E/G ratio of 2.96 and a beta of 1.08. Arista Networks has a 12 month low of $149.10 and a 12 month high of $355.22. The company’s 50-day moving average price is $303.42 and its two-hundred day moving average price is $279.00.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, beating the consensus estimate of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The business had revenue of $1.57 billion for the quarter, compared to analysts’ expectations of $1.55 billion. As a group, equities analysts predict that Arista Networks will post 7.05 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a stock buyback program on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the technology company to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Arista Networks

In other news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $317.00, for a total value of $7,925,000.00. Following the sale, the chief executive officer now directly owns 1,615,800 shares in the company, valued at $512,208,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $317.00, for a total transaction of $7,925,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,615,800 shares of the company’s stock, valued at $512,208,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Marc Taxay sold 1,044 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total value of $265,739.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 212,950 shares of company stock valued at $64,987,920. 3.54% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. GQG Partners LLC acquired a new stake in Arista Networks during the first quarter worth approximately $881,848,000. Norges Bank acquired a new stake in Arista Networks during the 4th quarter worth approximately $586,051,000. Swedbank AB bought a new stake in Arista Networks in the 1st quarter valued at $521,767,000. Vanguard Group Inc. increased 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. Finally, Schroder Investment Management Group lifted its holdings in shares of Arista Networks by 439.3% during the third quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock worth $231,624,000 after buying an additional 1,025,815 shares in 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.