Credit Suisse Group Reiterates Buy Rating for Arista Networks (NYSE:ANET)

Arista Networks (NYSE:ANET)‘s stock had its “buy” rating reaffirmed by equities research analysts at Credit Suisse Group in a research report issued to clients and investors on Thursday, TipRanks reports. They presently have a $359.00 price target on the technology company’s stock. Credit Suisse Group’s price target points to a potential upside of 16.74% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. Piper Sandler lifted their price target on Arista Networks from $300.00 to $330.00 and gave the company a “neutral” rating in a research report on Friday, February 19th. The Goldman Sachs Group boosted their target price on Arista Networks from $288.00 to $411.00 and gave the stock a “buy” rating in a research report on Thursday, February 25th. MKM Partners boosted their target price on Arista Networks from $273.00 to $324.00 in a research report on Thursday, January 28th. UBS Group boosted their target price on Arista Networks from $308.00 to $370.00 and gave the stock a “buy” rating in a research report on Friday, February 19th. Finally, Morgan Stanley boosted their target price on Arista Networks from $320.00 to $345.00 and gave the company an “overweight” rating in a research note on Thursday, February 25th. Eight investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Arista Networks has an average rating of “Buy” and a consensus price target of $318.29.

Arista Networks stock traded down $0.29 during mid-day trading on Thursday, reaching $307.53. The stock had a trading volume of 1,649 shares, compared to its average volume of 608,302. The firm has a market capitalization of $23.47 billion, a PE ratio of 34.44, a price-to-earnings-growth ratio of 3.91 and a beta of 1.21. Arista Networks has a fifty-two week low of $192.96 and a fifty-two week high of $326.60. The stock’s 50-day simple moving average is $291.58 and its 200-day simple moving average is $273.67.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Wednesday, February 17th. The technology company reported $2.49 EPS for the quarter, topping the Zacks’ consensus estimate of $2.39 by $0.10. Arista Networks had a return on equity of 20.37% and a net margin of 32.06%. As a group, equities research analysts expect that Arista Networks will post 7.66 earnings per share for the current year.

In other news, CEO Jayshree Ullal sold 1,375 shares of the firm’s stock in a transaction dated Monday, March 8th. The stock was sold at an average price of $272.42, for a total transaction of $374,577.50. Following the completion of the transaction, the chief executive officer now owns 17,335 shares in the company, valued at $4,722,400.70. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Kenneth Duda sold 10,000 shares of the firm’s stock in a transaction dated Monday, January 11th. The shares were sold at an average price of $302.75, for a total value of $3,027,500.00. Following the transaction, the senior vice president now owns 18,695 shares of the company’s stock, valued at approximately $5,659,911.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 90,049 shares of company stock worth $27,262,080. Company insiders own 23.77% of the company’s stock.

Several institutional investors have recently modified their holdings of ANET. Baillie Gifford & Co. purchased a new position in Arista Networks in the fourth quarter worth about $28,000. Credit Agricole S A purchased a new position in shares of Arista Networks during the fourth quarter valued at approximately $29,000. Catalyst Private Wealth LLC purchased a new position in shares of Arista Networks during the third quarter valued at approximately $31,000. Veritas Investment Partners UK Ltd. purchased a new position in shares of Arista Networks during the fourth quarter valued at approximately $31,000. Finally, Carroll Financial Associates Inc. purchased a new position in shares of Arista Networks during the first quarter valued at approximately $33,000. Hedge funds and other institutional investors own 61.75% of the company’s stock.

Arista Networks Company Profile

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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Analyst Recommendations for Arista Networks (NYSE:ANET)

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