Arista Networks (NYSE:ANET) Price Target Raised to $320.00 at Rosenblatt Securities

Arista Networks (NYSE:ANET) had its price objective increased by Rosenblatt Securities from $265.00 to $320.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a sell rating on the technology company’s stock.

Several other equities research analysts have also recently weighed in on the company. The Goldman Sachs Group increased their price objective on Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Citigroup lifted their target price on shares of Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Piper Sandler reissued a “neutral” rating and issued a $421.00 price target (up from $345.00) on shares of Arista Networks in a research note on Friday. Evercore ISI lifted their price objective on Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Finally, Morgan Stanley raised their target price on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $395.19.

Arista Networks Trading Down 0.8 %

NYSE ANET opened at $397.31 on Friday. The stock has a 50-day moving average of $382.60 and a 200-day moving average of $345.46. Arista Networks has a 1-year low of $206.83 and a 1-year high of $431.97. The firm has a market cap of $124.81 billion, a PE ratio of 47.75, a price-to-earnings-growth ratio of 3.52 and a beta of 1.08.

Arista Networks’s stock is scheduled to split before the market opens on Wednesday, December 4th. The 4-1 split was announced on Thursday, November 7th. The newly created shares will be payable to shareholders after the market closes on Tuesday, December 3rd.

Arista Networks (NYSE:ANET) last issued its earnings results on Thursday, November 7th. The technology company reported $2.40 EPS for the quarter, topping the consensus estimate of $2.08 by $0.32. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 31.90%. The firm’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.63 earnings per share. As a group, equities research analysts forecast that Arista Networks will post 7.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Kelly Bodnar Battles sold 372 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $356.74, for a total value of $132,707.28. Following the transaction, the director now directly owns 2,565 shares of the company’s stock, valued at approximately $915,038.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Arista Networks news, CEO Jayshree Ullal sold 17,752 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $354.29, for a total transaction of $6,289,356.08. Following the completion of the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $6,264,201.49. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kelly Bodnar Battles sold 372 shares of Arista Networks stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $356.74, for a total transaction of $132,707.28. Following the sale, the director now owns 2,565 shares in the company, valued at approximately $915,038.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 78,346 shares of company stock valued at $30,021,432 over the last 90 days. Company insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several institutional investors have recently bought and sold shares of the stock. GQG Partners LLC purchased a new position in shares of Arista Networks in the first quarter valued at $881,848,000. Swedbank AB purchased a new position in shares of Arista Networks in the 1st quarter worth $521,767,000. Ameriprise Financial Inc. increased its holdings in shares of Arista Networks by 97.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after buying an additional 884,703 shares during the last quarter. International Assets Investment Management LLC raised its position in shares of Arista Networks by 39,841.1% during the 3rd quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock valued at $3,358,850,000 after buying an additional 872,919 shares in the last quarter. Finally, 1832 Asset Management L.P. lifted its holdings in shares of Arista Networks by 4,160.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock valued at $180,743,000 after acquiring an additional 503,597 shares during the last quarter. 82.47% of the stock is owned by hedge funds and other 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.