Arista Networks, Inc. (ANET) Earns Buy Rating from Citigroup Inc.

Citigroup Inc. reiterated their buy rating on shares of Arista Networks, Inc. (NYSE:ANET) in a report published on Friday morning. They currently have a $220.00 target price on the technology company’s stock, up from their prior target price of $215.00.

A number of other equities analysts have also commented on ANET. Argus restated a buy rating on shares of Arista Networks in a research report on Monday, August 7th. Jefferies Group LLC restated a hold rating and issued a $145.00 price target (up from $120.00) on shares of Arista Networks in a research report on Wednesday, August 9th. BMO Capital Markets boosted their price target on shares of Arista Networks from $190.00 to $205.00 and gave the company a market perform rating in a research report on Friday. They noted that the move was a valuation call. Stifel Nicolaus restated a hold rating and issued a $165.00 price target (up from $145.00) on shares of Arista Networks in a research report on Wednesday, August 9th. Finally, Royal Bank Of Canada boosted their price target on shares of Arista Networks from $190.00 to $200.00 and gave the company a sector perform rating in a research report on Friday. Fifteen analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average price target of $180.21.

Arista Networks (ANET) opened at $201.49 on Friday. The company has a market cap of $14,729.05, a PE ratio of 48.44, a price-to-earnings-growth ratio of 2.56 and a beta of 1.31. Arista Networks has a 12-month low of $79.05 and a 12-month high of $202.15. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.19 and a quick ratio of 2.60.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 EPS for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.15. The firm had revenue of $405.21 million for the quarter, compared to analyst estimates of $361.02 million. Arista Networks had a net margin of 25.10% and a return on equity of 26.23%. The company’s revenue for the quarter was up 50.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.74 earnings per share. equities research analysts predict that Arista Networks will post 4.08 EPS for the current year.

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In other news, SVP Kenneth Duda sold 8,827 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $168.06, for a total value of $1,483,465.62. Following the completion of the transaction, the senior vice president now owns 1,202 shares in the company, valued at $202,008.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ita M. Brennan sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $175.00, for a total transaction of $875,000.00. Following the completion of the transaction, the insider now owns 21,079 shares of the company’s stock, valued at approximately $3,688,825. The disclosure for this sale can be found here. Insiders sold 49,789 shares of company stock valued at $9,016,392 in the last ninety days. Insiders own 28.09% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. D.A. Davidson & CO. boosted its holdings in shares of Arista Networks by 3.2% in the second quarter. D.A. Davidson & CO. now owns 982 shares of the technology company’s stock valued at $147,000 after buying an additional 30 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Arista Networks by 20.5% in the second quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock valued at $111,000 after buying an additional 126 shares during the period. M&T Bank Corp boosted its holdings in shares of Arista Networks by 6.4% in the second quarter. M&T Bank Corp now owns 2,315 shares of the technology company’s stock valued at $347,000 after buying an additional 140 shares during the period. First United Bank Trust boosted its holdings in shares of Arista Networks by 2.5% in the second quarter. First United Bank Trust now owns 6,510 shares of the technology company’s stock valued at $975,000 after buying an additional 160 shares during the period. Finally, Affinity Wealth Management boosted its holdings in shares of Arista Networks by 11.6% in the second quarter. Affinity Wealth Management now owns 2,158 shares of the technology company’s stock valued at $323,000 after buying an additional 224 shares during the period. Institutional investors own 59.43% of the company’s stock.

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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