Arista Networks (NYSE:ANET) Price Target Raised to $135.00 at The Goldman Sachs Group

Arista Networks (NYSE:ANET - Free Report) had its target price raised by The Goldman Sachs Group from $120.00 to $135.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the technology company's stock.

Several other analysts have also recently weighed in on ANET. Rosenblatt Securities raised their target price on shares of Arista Networks from $66.25 to $80.00 and gave the company a "sell" rating in a report on Friday, November 8th. Piper Sandler reaffirmed a "neutral" rating and set a $105.25 price objective (up from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. UBS Group increased their target price on Arista Networks from $92.25 to $106.25 and gave the company a "neutral" rating in a report on Friday, November 8th. StockNews.com downgraded Arista Networks from a "buy" rating to a "hold" rating in a report on Thursday, December 12th. Finally, Citigroup upped their price objective on Arista Networks from $96.25 to $115.00 and gave the stock a "buy" rating in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $105.83.

Arista Networks Stock Up 1.4 %

ANET stock traded up $1.65 during midday trading on Friday, hitting $119.78. The company's stock had a trading volume of 5,776,024 shares, compared to its average volume of 6,213,376. Arista Networks has a 52-week low of $60.08 and a 52-week high of $120.98. The firm has a 50-day simple moving average of $107.45 and a 200-day simple moving average of $96.74. The firm has a market capitalization of $150.90 billion, a P/E ratio of 57.59, a PEG ratio of 3.09 and a beta of 1.08.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.08. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. Arista Networks's revenue was up 20.0% compared to the same quarter last year. During the same period last year, the business posted $0.41 earnings per share. On average, sell-side analysts expect that Arista Networks will post 1.97 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Kenneth Duda sold 80,000 shares of the firm's 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 approximately $1,537,266.72. This trade represents a 86.04 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $99.12, for a total transaction of $147,887.04. Following the completion of the sale, the director now directly owns 8,768 shares in the company, valued at approximately $869,084.16. The trade was a 14.54 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 345,316 shares of company stock valued at $37,761,976. Insiders own 3.54% of the company's stock.

Institutional Investors Weigh In On Arista Networks

A number of hedge funds have recently added to or reduced their stakes in ANET. Cranbrook Wealth Management LLC lifted its holdings in shares of Arista Networks by 300.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock valued at $29,000 after buying an additional 198 shares during the period. Trust Co. of Vermont raised its position in Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock worth $29,000 after acquiring an additional 198 shares in the last quarter. Westside Investment Management Inc. lifted its holdings in Arista Networks by 1,012.0% in the fourth quarter. Westside Investment Management Inc. now owns 278 shares of the technology company's stock valued at $31,000 after acquiring an additional 253 shares during the period. Anchor Investment Management LLC purchased a new stake in shares of Arista Networks during the 2nd quarter worth $35,000. Finally, Armstrong Advisory Group Inc. increased its holdings in shares of Arista Networks by 300.0% in the 4th quarter. Armstrong Advisory Group Inc. now owns 372 shares of the technology company's stock valued at $41,000 after purchasing an additional 279 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

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.