Arista Networks (NYSE:ANET) Price Target Raised to $121.00

Arista Networks (NYSE:ANET - Free Report) had its price target lifted by Citigroup from $115.00 to $121.00 in a research report report published on Wednesday,Benzinga reports. The firm currently has a buy rating on the technology company's stock.

Several other equities analysts have also weighed in on the stock. Barclays cut their price objective on shares of Arista Networks from $495.00 to $125.00 and set an "overweight" rating on the stock in a report on Wednesday, December 4th. Morgan Stanley increased their price objective 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. Piper Sandler restated a "neutral" rating and issued a $105.25 price objective (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. StockNews.com lowered shares of Arista Networks from a "buy" rating to a "hold" rating in a report on Thursday, December 12th. Finally, The Goldman Sachs Group increased their price objective on shares of Arista Networks from $120.00 to $135.00 and gave the company a "buy" rating in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, Arista Networks has an average rating of "Moderate Buy" and a consensus target price of $113.79.

Arista Networks Price Performance

Shares of ANET stock traded down $5.10 during trading hours on Wednesday, reaching $98.31. 13,984,341 shares of the company were exchanged, compared to its average volume of 10,062,921. Arista Networks has a fifty-two week low of $60.08 and a fifty-two week high of $133.57. The stock's fifty day moving average is $113.94 and its two-hundred day moving average is $101.57. The company has a market cap of $123.84 billion, a price-to-earnings ratio of 44.28, a P/E/G ratio of 2.79 and a beta of 1.09.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. On average, research analysts anticipate that Arista Networks will post 2.18 earnings per share for the current year.

Insider Activity

In other news, Director Charles H. Giancarlo sold 2,000 shares of the firm's 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 sale, the director now owns 42,946 shares in the company, valued at approximately $17,721,666.90. This trade represents a 4.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of the firm's stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $107.13, for a total transaction of $159,409.44. Following the sale, the director now owns 8,128 shares of the company's stock, valued at approximately $870,752.64. This represents a 15.47 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 260,056 shares of company stock valued at $30,225,623 in the last quarter. Company insiders own 3.54% of the company's stock.

Hedge Funds Weigh In On Arista Networks

Hedge funds have recently bought and sold shares of the company. MidAtlantic Capital Management Inc. bought a new position in Arista Networks in the 3rd quarter valued at about $44,000. HM Payson & Co. increased its holdings in Arista Networks by 28.2% in the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company's stock valued at $51,000 after buying an additional 29 shares during the period. True Wealth Design LLC increased its holdings in Arista Networks by 2,133.3% in the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company's stock valued at $51,000 after buying an additional 128 shares during the period. Anchor Investment Management LLC increased its holdings in Arista Networks by 35.0% in the 3rd quarter. Anchor Investment Management LLC now owns 135 shares of the technology company's stock valued at $52,000 after buying an additional 35 shares during the period. Finally, Transcendent Capital Group LLC increased its holdings in Arista Networks by 75.0% in the 3rd quarter. Transcendent Capital Group LLC now owns 175 shares of the technology company's stock valued at $67,000 after buying an additional 75 shares during the period. 82.47% of the stock is owned by institutional investors.

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.