Arista Networks (NYSE:ANET) Stock Price Up 2.9% – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET) was up 2.9% on Wednesday . The stock traded as high as $403.70 and last traded at $403.55. Approximately 434,553 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 2,240,465 shares. The stock had previously closed at $392.31.

Wall Street Analyst Weigh In

A number of brokerages have commented on ANET. KeyCorp boosted their price objective on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Citigroup increased their price target on Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. JPMorgan Chase & Co. raised their price objective on Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Jefferies Financial Group upped their target price on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Finally, Barclays increased their target price on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and a consensus price target of $369.50.

Arista Networks Stock Performance

The firm has a market capitalization of $125.97 billion, a P/E ratio of 56.11, a PEG ratio of 3.21 and a beta of 1.07. The stock has a 50 day moving average of $365.93 and a 200-day moving average of $330.60.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the previous year, the firm posted $1.41 earnings per share. The company’s quarterly revenue was up 15.9% compared to the same quarter last year. As a group, sell-side analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insider Buying and Selling

In other news, Director Kelly Bodnar Battles sold 216 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total value of $69,988.32. Following the completion of the transaction, the director now directly owns 2,726 shares in the company, valued at approximately $883,278.52. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Kelly Bodnar Battles sold 216 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total value of $69,988.32. Following the sale, the director now owns 2,726 shares in the company, valued at approximately $883,278.52. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $394.69, for a total value of $7,893,800.00. Following the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,280,374.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 58,197 shares of company stock valued at $21,326,894. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Several hedge funds have recently bought and sold shares of the stock. First Affirmative Financial Network increased its position in shares of Arista Networks by 4.3% during the 3rd quarter. First Affirmative Financial Network now owns 682 shares of the technology company’s stock valued at $262,000 after purchasing an additional 28 shares during the last quarter. FCG Investment Co boosted its stake in Arista Networks by 2.3% in the second quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock worth $445,000 after buying an additional 29 shares in the last quarter. Everpar Advisors LLC grew its position in Arista Networks by 1.5% during the third quarter. Everpar Advisors LLC now owns 1,907 shares of the technology company’s stock valued at $732,000 after acquiring an additional 29 shares during the last quarter. Old Port Advisors raised its stake in shares of Arista Networks by 3.5% during the first quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after acquiring an additional 32 shares in the last quarter. Finally, IAM Advisory LLC lifted its holdings in shares of Arista Networks by 1.8% in the 3rd quarter. IAM Advisory LLC now owns 1,858 shares of the technology company’s stock worth $713,000 after acquiring an additional 32 shares during the last quarter. 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.