Needham & Company LLC Boosts Arista Networks (ANET) Price Target to $300.00

Arista Networks (NYSE:ANET) had its target price lifted by Needham & Company LLC from $230.00 to $300.00 in a research report report published on Wednesday, January 10th, Marketbeat Ratings reports. Needham & Company LLC currently has a buy rating on the technology company’s stock.

Several other research analysts have also recently issued reports on the stock. Oppenheimer raised their target price on shares of Arista Networks from $200.00 to $270.00 and gave the stock an outperform rating in a report on Monday, January 8th. Morgan Stanley raised their target price on shares of Arista Networks from $210.00 to $260.00 and gave the stock an overweight rating in a report on Thursday, December 21st. Citigroup reiterated a buy rating and issued a $275.00 price target on shares of Arista Networks in a report on Monday, December 18th. They noted that the move was a valuation call. Stifel Nicolaus reiterated a buy rating and issued a $270.00 price target on shares of Arista Networks in a report on Thursday, December 14th. Finally, KeyCorp reiterated an overweight rating and issued a $240.00 price target (up previously from $213.00) on shares of Arista Networks in a report on Thursday, December 14th. Fourteen investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Arista Networks presently has an average rating of Buy and an average price target of $205.66.

Shares of Arista Networks (ANET) traded up $5.65 during trading on Wednesday, hitting $270.84. 681,707 shares of the stock were exchanged, compared to its average volume of 745,453. Arista Networks has a 52-week low of $87.54 and a 52-week high of $271.87. The stock has a market capitalization of $19,800.00, a P/E ratio of 56.19, a price-to-earnings-growth ratio of 2.03 and a beta of 1.38. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.07 and a current ratio of 3.66.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, November 2nd. The technology company reported $1.37 EPS for the quarter, topping the consensus estimate of $1.04 by $0.33. Arista Networks had a net margin of 25.10% and a return on equity of 24.76%. equities research analysts expect that Arista Networks will post 4.63 EPS for the current year.

In related news, SVP Kenneth Duda sold 127,576 shares of the business’s stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $235.15, for a total transaction of $29,999,496.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Marc Taxay sold 7,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $211.39, for a total value of $1,479,730.00. Following the transaction, the senior vice president now owns 16,002 shares of the company’s stock, valued at $3,382,662.78. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 618,126 shares of company stock valued at $142,771,964. Corporate insiders own 28.09% of the company’s stock.

A number of hedge funds have recently bought and sold shares of ANET. Schwab Charles Investment Management Inc. boosted its stake in Arista Networks by 6.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 119,676 shares of the technology company’s stock worth $17,927,000 after purchasing an additional 7,361 shares during the period. Comerica Bank boosted its stake in Arista Networks by 22.0% in the 2nd quarter. Comerica Bank now owns 2,282 shares of the technology company’s stock worth $354,000 after purchasing an additional 411 shares during the period. Prudential Financial Inc. boosted its stake in Arista Networks by 60.2% in the 2nd quarter. Prudential Financial Inc. now owns 4,918 shares of the technology company’s stock worth $737,000 after purchasing an additional 1,848 shares during the period. Cambridge Investment Research Advisors Inc. bought a new position in Arista Networks in the 2nd quarter worth approximately $472,000. Finally, Principal Financial Group Inc. boosted its stake in Arista Networks by 13.6% in the 2nd quarter. Principal Financial Group Inc. now owns 9,029 shares of the technology company’s stock worth $1,352,000 after purchasing an additional 1,084 shares during the period. Institutional investors and hedge funds own 57.96% of the company’s stock.

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Arista Networks Company Profile

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.

Analyst Recommendations for Arista Networks (NYSE:ANET)

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