The Goldman Sachs Group Raises Arista Networks (NYSE:ANET) Price Target to $430.00

Arista Networks (NYSE:ANET) had its price target raised by The Goldman Sachs Group from $390.00 to $430.00 in a research report released on Tuesday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other equities research analysts have also recently issued reports on ANET. Citigroup raised their target price on shares of Arista Networks from $330.00 to $385.00 and gave the stock a buy rating in a report on Thursday, June 27th. Needham & Company LLC restated a buy rating and issued a $375.00 price target on shares of Arista Networks in a research note on Wednesday, July 31st. Jefferies Financial Group upped their price objective on Arista Networks from $340.00 to $380.00 and gave the company a buy rating in a research report on Wednesday, July 31st. Wells Fargo & Company raised their target price on Arista Networks from $340.00 to $390.00 and gave the stock an overweight rating in a research report on Wednesday, July 24th. Finally, Evercore ISI reaffirmed an outperform rating and set a $400.00 price target on shares of Arista Networks in a research report on Friday, September 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $363.25.

Arista Networks Trading Down 1.6 %

Arista Networks stock opened at $380.05 on Tuesday. Arista Networks has a 12 month low of $168.25 and a 12 month high of $395.82. The stock has a fifty day simple moving average of $344.70 and a two-hundred day simple moving average of $319.38. The firm has a market cap of $119.09 billion, a price-to-earnings ratio of 52.93, a PEG ratio of 3.04 and a beta of 1.07.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping the consensus estimate of $1.72 by $0.38. The company had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. Arista Networks’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same period last year, the company earned $1.41 EPS. On average, equities research analysts forecast that Arista Networks will post 7.38 EPS for the current fiscal year.

Insider Activity

In related news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the sale, the chief executive officer now owns 1,595,800 shares in the company, valued at $569,700,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,595,800 shares of the company’s stock, valued at $569,700,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Marc Taxay sold 624 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $221,339.04. The disclosure for this sale can be found here. Insiders have sold 82,361 shares of company stock worth $29,349,123 over the last ninety days. Corporate insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Several hedge funds have recently modified their holdings of the company. Benjamin Edwards Inc. bought a new position in Arista Networks during the first quarter valued at $26,000. Beacon Capital Management LLC lifted its holdings in shares of Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after acquiring an additional 65 shares during the last quarter. LGT Financial Advisors LLC purchased a new position in Arista Networks in the second quarter worth about $27,000. Financial Synergies Wealth Advisors Inc. increased its stake in Arista Networks by 872.7% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after acquiring an additional 96 shares during the last quarter. Finally, Byrne Asset Management LLC purchased a new stake in Arista Networks during the second quarter valued at approximately $33,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

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.