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

Arista Networks (NYSE:ANET) had its price objective boosted by equities research analysts at The Goldman Sachs Group from $120.00 to $135.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 12.05% from the stock’s current price.

Several other research firms have also commented on ANET. Rosenblatt Securities raised their price target on Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research report on Friday, November 8th. Evercore ISI lifted their target price on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday. Citigroup boosted 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. Wells Fargo & Company upped their price objective on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, Piper Sandler reissued a “neutral” rating and issued a $105.25 target price (up from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $105.83.

Arista Networks Price Performance

NYSE ANET traded up $2.36 during trading hours on Friday, hitting $120.49. 2,396,366 shares of the company’s stock traded hands, compared to its average volume of 5,898,291. The company has a market capitalization of $151.78 billion, a PE ratio of 57.93, a PEG ratio of 3.09 and a beta of 1.08. Arista Networks has a 52-week low of $60.08 and a 52-week high of $120.98. The firm’s 50-day moving average is $107.24 and its 200-day moving average is $96.59.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.52 by $0.08. The business had revenue of $1.81 billion for 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%. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.41 EPS. Equities research analysts predict that Arista Networks will post 1.97 earnings per share for the current fiscal year.

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $412.65, for a total transaction of $825,300.00. Following the completion of the transaction, the director now directly owns 42,946 shares of the company’s stock, valued at $17,721,666.90. This trade represents a 4.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John F. Mccool sold 288 shares of Arista Networks stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $108.70, for a total value of $31,305.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 345,316 shares of company stock worth $37,761,976. 3.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Arista Networks

Several hedge funds have recently bought and sold shares of ANET. Cranbrook Wealth Management LLC increased its stake in shares of Arista Networks by 300.0% in the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after purchasing an additional 198 shares during the period. Trust Co. of Vermont increased its position in Arista Networks by 300.0% in the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after acquiring an additional 198 shares during the period. Anchor Investment Management LLC bought a new stake in Arista Networks during the 2nd quarter valued at $35,000. Armstrong Advisory Group Inc. boosted its position in Arista Networks by 300.0% during the 4th quarter. Armstrong Advisory Group Inc. now owns 372 shares of the technology company’s stock worth $41,000 after acquiring an additional 279 shares during the period. Finally, MidAtlantic Capital Management Inc. bought a new position in shares of Arista Networks in the third quarter worth $44,000. 82.47% of the stock is currently owned by 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.