Arista Networks (NYSE:ANET) Price Target Raised to $145.00

Arista Networks (NYSE:ANET) had its price objective raised by equities research analysts at The Goldman Sachs Group from $135.00 to $145.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 30.58% from the stock’s current price.

Several other equities research analysts have also weighed in on ANET. Wells Fargo & Company increased their target price on Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Needham & Company LLC reiterated a “buy” rating and issued a $145.00 price objective on shares of Arista Networks in a research report on Wednesday. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Piper Sandler restated a “neutral” rating and issued a $105.25 price target (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Finally, UBS Group boosted their price objective on Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $112.46.

Arista Networks Stock Performance

NYSE ANET opened at $111.05 on Wednesday. Arista Networks has a one year low of $60.08 and a one year high of $133.57. The company has a 50-day simple moving average of $113.95 and a 200-day simple moving average of $101.32. The firm has a market capitalization of $139.89 billion, a PE ratio of 53.39, a price-to-earnings-growth ratio of 2.87 and a beta of 1.09.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.59 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%. Equities analysts forecast that Arista Networks will post 1.97 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider John F. Mccool sold 6,340 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $98.58, for a total value of $625,013.05. Following the completion of the transaction, the insider now owns 288 shares in the company, valued at $28,391.76. This trade represents a 95.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the sale, the director now owns 42,946 shares in the company, valued at approximately $17,721,666.90. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 337,320 shares of company stock worth $37,946,706. 3.54% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arista Networks

Several hedge funds have recently made changes to their positions in ANET. Stock Yards Bank & Trust Co. acquired a new stake in shares of Arista Networks in the fourth quarter worth $242,000. Silver Oak Securities Incorporated lifted its stake in Arista Networks by 395.8% in the 4th quarter. Silver Oak Securities Incorporated now owns 18,593 shares of the technology company’s stock worth $2,072,000 after acquiring an additional 14,843 shares in the last quarter. Proactive Wealth Strategies LLC boosted its holdings in shares of Arista Networks by 387.6% during the fourth quarter. Proactive Wealth Strategies LLC now owns 6,120 shares of the technology company’s stock worth $676,000 after purchasing an additional 4,865 shares during the period. Chevy Chase Trust Holdings LLC grew its position in Arista Networks by 292.7% during the fourth quarter. Chevy Chase Trust Holdings LLC now owns 602,541 shares of the technology company’s stock valued at $66,599,000 after purchasing an additional 449,088 shares in the last quarter. Finally, 5T Wealth LLC acquired a new stake in shares of Arista Networks during the 4th quarter valued at $1,046,000. Hedge funds and other institutional investors 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.