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

Arista Networks (NYSE:ANET) had its price target upped by analysts at The Goldman Sachs Group from $135.00 to $145.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. The Goldman Sachs Group’s price target indicates a potential upside of 40.14% from the stock’s previous close.

Several other brokerages also recently issued reports on ANET. Evercore ISI upped their price target on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Needham & Company LLC reiterated a “buy” rating and set a $145.00 price target on shares of Arista Networks in a research report on Wednesday. Piper Sandler reiterated 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. Morgan Stanley upped their price target on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Finally, UBS Group upped their price target on shares of Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $113.79.

Arista Networks Stock Performance

ANET opened at $103.47 on Wednesday. The firm’s 50-day simple moving average is $114.01 and its 200-day simple moving average is $101.55. Arista Networks has a twelve month low of $60.08 and a twelve month high of $133.57. The firm has a market cap of $130.35 billion, a price-to-earnings ratio of 46.61, a PEG ratio of 2.98 and a beta of 1.09.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. The business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 31.22%. As a group, sell-side analysts anticipate that Arista Networks will post 2.18 EPS for the current fiscal year.

Insider Activity at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $108.29, for a total value of $8,663,200.00. Following the sale, the senior vice president now directly owns 12,976 shares in the company, valued at $1,405,171.04. This trade represents a 86.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction that occurred 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 sale, the director now owns 42,946 shares in the company, valued at $17,721,666.90. This represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 259,944 shares of company stock worth $30,214,186 in the last ninety days. Company insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Large investors have recently bought and sold shares of the business. Stock Yards Bank & Trust Co. bought a new stake in Arista Networks during the 4th quarter worth approximately $242,000. Silver Oak Securities Incorporated grew its stake in shares of Arista Networks by 395.8% during the 4th quarter. Silver Oak Securities Incorporated now owns 18,593 shares of the technology company’s stock worth $2,072,000 after acquiring an additional 14,843 shares in the last quarter. Proactive Wealth Strategies LLC grew its stake in shares of Arista Networks by 387.6% during the 4th quarter. Proactive Wealth Strategies LLC now owns 6,120 shares of the technology company’s stock worth $676,000 after acquiring an additional 4,865 shares in the last quarter. Chevy Chase Trust Holdings LLC grew its stake in shares of Arista Networks by 292.7% during the 4th quarter. Chevy Chase Trust Holdings LLC now owns 602,541 shares of the technology company’s stock worth $66,599,000 after acquiring an additional 449,088 shares in the last quarter. Finally, 5T Wealth LLC bought a new position in shares of Arista Networks during the 4th quarter worth approximately $1,046,000. 82.47% of the stock is owned by institutional investors.

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.