Citigroup Increases Arista Networks (ANET) Price Target to $250.00

Arista Networks (NYSE:ANET) had its target price increased by Citigroup to $250.00 in a report published on Friday morning, The Fly reports. They currently have a buy rating on the technology company’s stock.

Other research analysts have also issued reports about the stock. Jefferies Group restated a hold rating and set a $145.00 price objective (up from $120.00) on shares of Arista Networks in a research note on Wednesday, August 9th. Needham & Company LLC restated a buy rating and set a $217.00 price objective (up from $175.00) on shares of Arista Networks in a research note on Friday, November 3rd. They noted that the move was a valuation call. William Blair upgraded shares of Arista Networks from a market perform rating to an outperform rating in a research note on Friday, August 4th. Stifel Nicolaus restated a hold rating and set a $165.00 price objective (up from $145.00) on shares of Arista Networks in a research note on Wednesday, August 9th. Finally, Nomura boosted their price objective on shares of Arista Networks from $173.00 to $185.00 and gave the stock a neutral rating in a research note on Friday, November 3rd. Sixteen equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Buy and an average price target of $192.55.

Shares of Arista Networks (NYSE ANET) opened at $209.48 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.66 and a quick ratio of 3.07. Arista Networks has a 52 week low of $87.33 and a 52 week high of $245.65. The stock has a market cap of $15,310.00, a price-to-earnings ratio of 54.96, a price-to-earnings-growth ratio of 2.08 and a beta of 1.38.

In related news, SVP Marc Taxay sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $190.47, for a total transaction of $380,940.00. Following the completion of the transaction, the senior vice president now directly owns 13,002 shares in the company, valued at approximately $2,476,490.94. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Kenneth Duda sold 8,687 shares of the company’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $174.94, for a total transaction of $1,519,703.78. Following the transaction, the senior vice president now owns 1,593 shares of the company’s stock, valued at $278,679.42. The disclosure for this sale can be found here. Insiders sold a total of 489,512 shares of company stock valued at $110,575,560 over the last 90 days. Corporate insiders own 28.09% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. Steward Partners Investment Advisory LLC acquired a new position in Arista Networks in the 3rd quarter valued at approximately $1,146,000. Public Employees Retirement System of Ohio increased its position in Arista Networks by 43.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 31,802 shares of the technology company’s stock valued at $6,030,000 after acquiring an additional 9,681 shares during the period. Fieldpoint Private Securities LLC acquired a new position in Arista Networks in the 3rd quarter valued at approximately $130,000. Neuberger Berman Group LLC acquired a new position in Arista Networks in the 3rd quarter valued at approximately $5,351,000. Finally, California Public Employees Retirement System increased its position in Arista Networks by 6.9% in the 3rd quarter. California Public Employees Retirement System now owns 98,175 shares of the technology company’s stock valued at $18,615,000 after acquiring an additional 6,375 shares during the period. Institutional investors and hedge funds own 58.20% of the company’s stock.

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About Arista Networks

Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.

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