Arista Networks (NYSE:ANET) Given New $121.00 Price Target at Citigroup

Arista Networks (NYSE:ANET) had its price target lifted by investment analysts at Citigroup from $115.00 to $121.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Citigroup’s price target would indicate a potential upside of 8.96% from the company’s previous close.

ANET has been the topic of several other reports. Wells Fargo & Company upped their price objective on Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Piper Sandler reissued a “neutral” rating and set a $105.25 price target (up from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. The Goldman Sachs Group increased their price target on Arista Networks from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, January 17th. StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Finally, Evercore ISI upped their price target on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $112.46.

Arista Networks Price Performance

Arista Networks stock opened at $111.05 on Wednesday. The firm has a market cap of $139.89 billion, a price-to-earnings ratio of 53.39, a P/E/G ratio of 2.87 and a beta of 1.09. The firm has a fifty day moving average price of $113.95 and a two-hundred day moving average price of $101.32. Arista Networks has a fifty-two week low of $60.08 and a fifty-two week high of $133.57.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. As a group, sell-side analysts expect that Arista Networks will post 1.97 earnings per share for the current year.

Insider Buying and Selling at Arista Networks

In related news, insider John F. Mccool sold 6,340 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $98.58, for a total value of $625,013.05. Following the sale, the insider now owns 288 shares in the company, valued at $28,391.76. This represents a 95.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jayshree Ullal sold 71,036 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $100.06, for a total value of $7,107,506.98. Following the completion of the transaction, the chief executive officer now directly owns 70,724 shares in the company, valued at approximately $7,076,289.82. This represents a 50.11 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 337,320 shares of company stock worth $37,946,706. 3.54% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arista Networks

Several institutional investors and hedge funds have recently bought and sold shares of ANET. Vanguard Group Inc. raised its holdings in Arista Networks by 304.2% in the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock worth $10,620,270,000 after buying an additional 72,311,318 shares during the last quarter. FMR LLC boosted its position in shares of Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock worth $6,371,848,000 after purchasing an additional 44,269,572 shares during the period. Cresset Asset Management LLC grew its position in shares of Arista Networks by 277.5% during the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock worth $3,016,207,000 after purchasing an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC grew its stake in Arista Networks by 311.6% during the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock valued at $2,665,829,000 after acquiring an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its position in Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock valued at $2,328,869,000 after purchasing an additional 14,454,822 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

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.