Barclays Raises Arista Networks (NYSE:ANET) Price Target to $200.00

Posted by on Aug 1st, 2023

Arista Networks (NYSE:ANET – Get Free Report) had its target price upped by Barclays from $179.00 to $200.00 in a report released on Tuesday, FlyOnTheWall reports. Barclays‘s price objective would suggest a potential upside of 29.02% from the company’s current price.

A number of other analysts have also weighed in on ANET. Rosenblatt Securities restated a “buy” rating and set a $175.00 target price on shares of Arista Networks in a research note on Wednesday, July 26th. BNP Paribas assumed coverage on shares of Arista Networks in a research note on Thursday, July 20th. They set an “outperform” rating and a $210.00 target price on the stock. The Goldman Sachs Group increased their price target on shares of Arista Networks from $170.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, April 5th. JMP Securities increased their price target on shares of Arista Networks from $165.00 to $200.00 and gave the company a “market outperform” rating in a research note on Wednesday, July 26th. Finally, JPMorgan Chase & Co. increased their price target on shares of Arista Networks from $175.00 to $195.00 and gave the company an “overweight” rating in a research note on Wednesday, April 19th. Six analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and a consensus price target of $183.71.

Arista Networks Price Performance

NYSE ANET opened at $155.02 on Tuesday. The firm’s 50-day moving average is $161.70 and its two-hundred day moving average is $150.62. Arista Networks has a 12 month low of $98.20 and a 12 month high of $178.36. The stock has a market capitalization of $47.79 billion, a P/E ratio of 32.30, a PEG ratio of 1.64 and a beta of 1.23.

Arista Networks (NYSE:ANET – Get Free Report) last issued its quarterly earnings results on Monday, July 31st. The technology company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.29 by $0.29. The business had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.38 billion. Arista Networks had a net margin of 31.24% and a return on equity of 31.33%. The business’s quarterly revenue was up 38.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.98 earnings per share. As a group, analysts anticipate that Arista Networks will post 5.23 EPS for the current year.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, COO Anshul Sadana sold 13,504 shares of the firm’s stock in a transaction on Monday, July 17th. The stock was sold at an average price of $170.05, for a total value of $2,296,355.20. Following the completion of the sale, the chief operating officer now owns 30,082 shares of the company’s stock, valued at $5,115,444.10. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, COO Anshul Sadana sold 13,504 shares of the firm’s stock in a transaction on Monday, July 17th. The stock was sold at an average price of $170.05, for a total value of $2,296,355.20. Following the completion of the transaction, the chief operating officer now owns 30,082 shares in the company, valued at $5,115,444.10. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jayshree Ullal sold 13,500 shares of the firm’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $171.11, for a total value of $2,309,985.00. Following the completion of the transaction, the chief executive officer now owns 1,751,200 shares of the company’s stock, valued at approximately $299,647,832. The disclosure for this sale can be found here. Over the last quarter, insiders sold 138,288 shares of company stock valued at $22,296,502. 18.99% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ANET. Hollencrest Capital Management purchased a new position in shares of Arista Networks in the first quarter valued at $30,000. TFC Financial Management Inc. increased its position in Arista Networks by 131.0% during the 1st quarter. TFC Financial Management Inc. now owns 194 shares of the technology company’s stock worth $33,000 after purchasing an additional 110 shares in the last quarter. TCI Wealth Advisors Inc. increased its position in Arista Networks by 126.7% during the 4th quarter. TCI Wealth Advisors Inc. now owns 297 shares of the technology company’s stock worth $36,000 after purchasing an additional 166 shares in the last quarter. Close Asset Management Ltd purchased a new stake in Arista Networks during the 1st quarter worth about $43,000. Finally, McIlrath & Eck LLC increased its position in Arista Networks by 139.6% during the 1st quarter. McIlrath & Eck LLC now owns 254 shares of the technology company’s stock worth $43,000 after purchasing an additional 148 shares in the last quarter. Hedge funds and other institutional investors own 67.80% of the company’s stock.

Arista Networks Company Profile

(Get Free Report)

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.

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