Arista Networks (ANET) Rating Reiterated by Citigroup

Arista Networks (NYSE:ANET)‘s stock had its “buy” rating reaffirmed by Citigroup in a research report issued to clients and investors on Monday. They currently have a $275.00 price target on the technology company’s stock. Citigroup’s price target points to a potential upside of 19.03% from the company’s current price. The analysts noted that the move was a valuation call.

A number of other research analysts have also issued reports on the company. Stifel Nicolaus reiterated a “buy” rating and set a $270.00 price target on shares of Arista Networks in a research report on Thursday. KeyCorp restated an “overweight” rating and issued a $240.00 price objective (up previously from $213.00) on shares of Arista Networks in a report on Thursday. Deutsche Bank restated a “buy” rating and issued a $250.00 price objective on shares of Arista Networks in a report on Friday, December 1st. Bank of America upped their price objective on Arista Networks from $210.00 to $250.00 and gave the company a “neutral” rating in a report on Wednesday, November 29th. Finally, Needham & Company LLC upped their price objective on Arista Networks from $217.00 to $230.00 and gave the company a “buy” rating in a report on Thursday, November 16th. Fourteen analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $198.42.

Shares of Arista Networks (NYSE ANET) traded up $4.31 during mid-day trading on Monday, reaching $231.03. The company’s stock had a trading volume of 1,064,100 shares, compared to its average volume of 832,278. The company has a quick ratio of 3.07, a current ratio of 3.66 and a debt-to-equity ratio of 0.03. Arista Networks has a one year low of $87.33 and a one year high of $245.65. The firm has a market cap of $16,888.52, a price-to-earnings ratio of 55.54, a PEG ratio of 2.10 and a beta of 1.38.

In other news, SVP Kenneth Duda sold 7,775 shares of the company’s stock in a transaction on Monday, October 9th. The stock was sold at an average price of $194.12, for a total transaction of $1,509,283.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Marc Taxay sold 2,000 shares of the company’s stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $190.47, for a total value of $380,940.00. Following the sale, the senior vice president now directly owns 13,002 shares of the company’s stock, valued at $2,476,490.94. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 486,325 shares of company stock valued at $110,320,931. 28.09% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its position in Arista Networks by 20.5% during 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. Fieldpoint Private Securities LLC acquired a new position in Arista Networks during the third quarter valued at $130,000. D.A. Davidson & CO. raised its position in Arista Networks by 3.2% during 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. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Arista Networks during the third quarter valued at $151,000. Finally, MML Investors Services LLC acquired a new position in Arista Networks during the second quarter valued at $223,000. 58.22% of the stock is owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Arista Networks (NYSE:ANET)

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