Arista Networks (NYSE:ANET) PT Raised to $209.00

Arista Networks (NYSE:ANET) had its price target raised by research analysts at Piper Sandler from $190.00 to $209.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. Piper Sandler’s target price indicates a potential upside of 1.04% from the stock’s current price.

Several other brokerages also recently commented on ANET. Citigroup upgraded Arista Networks from a “neutral” rating to a “buy” rating and increased their price target for the company from $177.00 to $220.00 in a report on Thursday, August 31st. Needham & Company LLC increased their price objective on Arista Networks from $215.00 to $235.00 and gave the company a “buy” rating in a research report on Friday. Bank of America increased their price objective on Arista Networks from $190.00 to $225.00 and gave the company a “buy” rating in a research report on Wednesday, September 13th. Wells Fargo & Company increased their price objective on Arista Networks from $200.00 to $225.00 and gave the company an “overweight” rating in a research report on Tuesday, August 1st. Finally, StockNews.com started coverage on Arista Networks in a research report on Thursday, October 5th. They issued a “hold” rating for the company. Three investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $214.72.

Arista Networks Stock Performance

NYSE:ANET opened at $206.84 on Friday. The stock’s 50 day moving average price is $191.84 and its 200 day moving average price is $173.20. Arista Networks has a 52 week low of $107.57 and a 52 week high of $216.29. The company has a market capitalization of $64.35 billion, a P/E ratio of 34.47, a P/E/G ratio of 1.80 and a beta of 1.12.

Insider Activity

In related news, CEO Jayshree Ullal sold 16,000 shares of Arista Networks stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $187.11, for a total value of $2,993,760.00. Following the completion of the sale, the chief executive officer now directly owns 1,744,200 shares in the company, valued at $326,357,262. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 16,000 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $187.11, for a total transaction of $2,993,760.00. Following the transaction, the chief executive officer now owns 1,744,200 shares in the company, valued at $326,357,262. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, October 10th. The stock was sold at an average price of $196.46, for a total value of $3,929,200.00. Following the transaction, the senior vice president now owns 3,244 shares in the company, valued at approximately $637,316.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 137,264 shares of company stock worth $27,083,292. 18.99% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arista Networks

Several institutional investors have recently modified their holdings of ANET. Raleigh Capital Management Inc. lifted its stake in Arista Networks by 55.7% in the 1st quarter. Raleigh Capital Management Inc. now owns 302 shares of the technology company’s stock valued at $51,000 after acquiring an additional 108 shares in the last quarter. Shelton Capital Management acquired a new position in shares of Arista Networks during the 1st quarter worth approximately $246,000. Impax Asset Management Group plc increased its position in shares of Arista Networks by 36.7% during the 2nd quarter. Impax Asset Management Group plc now owns 6,680 shares of the technology company’s stock worth $1,083,000 after purchasing an additional 1,795 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. increased its position in shares of Arista Networks by 18.2% during the 2nd quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,926 shares of the technology company’s stock worth $960,000 after purchasing an additional 912 shares during the last quarter. Finally, Texas Permanent School Fund Corp increased its position in shares of Arista Networks by 1.5% during the 2nd quarter. Texas Permanent School Fund Corp now owns 52,380 shares of the technology company’s stock worth $8,489,000 after purchasing an additional 778 shares during the last quarter. Institutional investors own 67.13% of the company’s stock.

Arista Networks Company Profile

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.