Citigroup Cuts Arista Networks (NYSE:ANET) Price Target to $92.00

Arista Networks (NYSE:ANET) had its price target lowered by Citigroup from $121.00 to $92.00 in a research note issued to investors on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the technology company’s stock.

Other equities analysts have also recently issued reports about the stock. Piper Sandler decreased their target price on shares of Arista Networks from $108.00 to $76.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Rosenblatt Securities reiterated a “sell” rating and issued a $80.00 price objective on shares of Arista Networks in a report on Tuesday, February 18th. UBS Group raised Arista Networks from a “neutral” rating to a “buy” rating and upped their target price for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. Morgan Stanley dropped their price target on Arista Networks from $118.00 to $73.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Finally, Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $104.29.

Arista Networks Stock Down 1.7 %

Shares of ANET stock opened at $71.94 on Monday. The company has a market capitalization of $90.73 billion, a price-to-earnings ratio of 32.41, a P/E/G ratio of 3.10 and a beta of 1.30. Arista Networks has a 12-month low of $59.43 and a 12-month high of $133.58. The firm has a fifty day moving average of $86.13 and a 200-day moving average of $99.61.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. On average, equities analysts expect that Arista Networks will post 2.2 EPS for the current year.

Insider Activity

In other news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the completion of the sale, the director now owns 155,784 shares in the company, valued at $17,450,923.68. This represents a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $115.61, for a total value of $9,248,800.00. Following the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,500,155.36. This represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 411,031 shares of company stock worth $39,364,943 in the last three months. Company insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

A number of large investors have recently modified their holdings of ANET. Caitlin John LLC increased its position in shares of Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after acquiring an additional 152 shares during the period. Capital Advisors Ltd. LLC lifted its stake in shares of Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock valued at $27,000 after purchasing an additional 191 shares during the period. New Millennium Group LLC raised its holdings in Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after purchasing an additional 195 shares in the last quarter. Quarry LP lifted its position in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company’s stock valued at $29,000 after buying an additional 206 shares during the period. Finally, Dunhill Financial LLC lifted its position in Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock valued at $29,000 after acquiring an additional 212 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Company Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.