The Goldman Sachs Group Raises Arista Networks (NYSE:ANET) Price Target to $145.00

Arista Networks (NYSE:ANET) had its target price hoisted by The Goldman Sachs Group from $135.00 to $145.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

Several other research analysts also recently commented on ANET. Rosenblatt Securities reiterated a “sell” rating and issued a $80.00 price objective on shares of Arista Networks in a report on Tuesday. Wells Fargo & Company boosted their price objective on Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Citigroup raised their target price on shares of Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a report on Wednesday. Barclays lowered their price target on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a report on Wednesday, December 4th. Finally, Piper Sandler reissued a “neutral” rating and set a $105.25 price target (up previously from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $113.79.

Arista Networks Price Performance

NYSE:ANET opened at $98.31 on Wednesday. Arista Networks has a 1-year low of $60.08 and a 1-year high of $133.57. The business has a 50 day moving average of $113.94 and a 200 day moving average of $101.57. The company has a market capitalization of $123.84 billion, a price-to-earnings ratio of 44.28, a PEG ratio of 2.79 and a beta of 1.09.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data 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 net margin of 40.72% and a return on equity of 29.91%. The company had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. As a group, sell-side analysts anticipate that Arista Networks will post 2.18 EPS for the current year.

Insider Buying and Selling

In other news, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $412.65, for a total value of $825,300.00. Following the completion of the sale, the director now directly owns 42,946 shares in the company, valued at $17,721,666.90. The trade was a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on Friday, December 6th. The stock was sold at an average price of $108.29, for a total value of $8,663,200.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at $1,405,171.04. The trade was a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 260,056 shares of company stock worth $30,225,623 in the last three months. Insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock valued at $10,620,270,000 after purchasing an additional 72,311,318 shares in the last quarter. FMR LLC raised its stake 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 buying an additional 44,269,572 shares during the period. Cresset Asset Management LLC lifted its position in shares of Arista Networks by 277.5% during the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock valued at $3,016,207,000 after buying an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Arista Networks by 311.6% during the 4th 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 during the period. Finally, Alliancebernstein L.P. increased its holdings in Arista Networks by 218.5% in the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after acquiring an additional 14,454,822 shares in 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.