Citigroup Lowers Arista Networks (NYSE:ANET) Price Target to $92.00

Arista Networks (NYSE:ANET) had its price target lowered by equities researchers at Citigroup from $121.00 to $92.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s price target suggests a potential upside of 25.74% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. Piper Sandler cut their price objective on shares of Arista Networks from $108.00 to $76.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and boosted their price target for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. The Goldman Sachs Group reiterated a “buy” rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, Erste Group Bank cut Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $104.29.

Arista Networks Stock Down 0.6 %

Shares of ANET stock opened at $73.17 on Monday. The stock has a market cap of $92.27 billion, a P/E ratio of 32.96, a P/E/G ratio of 3.10 and a beta of 1.30. Arista Networks has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The business has a fifty day simple moving average of $87.06 and a 200-day simple moving average of $99.81.

Arista Networks (NYSE:ANET) last announced 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 29.91% and a net margin of 40.72%. The firm had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.90 billion. On average, sell-side analysts anticipate that Arista Networks will post 2.2 earnings per share for the current year.

Insiders Place Their Bets

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the sale, the director now owns 139,784 shares in the company, valued at $10,840,249.20. This trade represents a 5.41 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jayshree Ullal sold 138,351 shares of Arista Networks stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the sale, the chief executive officer now owns 92,641 shares in the company, valued at $8,697,137.08. This represents a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 411,031 shares of company stock worth $39,364,943 over the last quarter. 3.54% of the stock is owned by corporate insiders.

Institutional Trading of Arista Networks

A number of hedge funds have recently made changes to their positions in ANET. Vanguard Group Inc. increased its holdings in shares of Arista Networks by 304.2% in the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock valued at $10,620,270,000 after acquiring an additional 72,311,318 shares during the last quarter. FMR LLC lifted its position in shares of Arista Networks by 330.9% in the 4th 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 last quarter. Cresset Asset Management LLC boosted its holdings in shares of Arista Networks by 277.5% in 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 during the period. Geode Capital Management LLC grew its position 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 buying an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in Arista Networks by 218.5% during the fourth 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 during the period. Institutional investors and hedge funds 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.