Short Interest in Arista Networks, Inc. (NYSE:ANET) Expands By 10.3%

Arista Networks, Inc. (NYSE:ANET) saw a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 3,000,000 shares, an increase of 10.3% from the October 31st total of 2,720,000 shares. Based on an average daily volume of 1,840,000 shares, the short-interest ratio is presently 1.6 days.

Analysts Set New Price Targets

A number of research firms have weighed in on ANET. Rosenblatt Securities raised their price objective on shares of Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a report on Friday, November 8th. Wells Fargo & Company upped their target price on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Barclays increased their target price on shares of Arista Networks from $85.25 to $123.75 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Citigroup upped their price target on Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Finally, Piper Sandler reiterated a “neutral” rating and set a $105.25 target price (up from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $98.80.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 3,344 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $96.67, for a total transaction of $323,264.48. Following the completion of the sale, the chief executive officer now owns 70,724 shares of the company’s stock, valued at $6,836,889.08. This represents a 4.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John F. Mccool sold 6,340 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $98.58, for a total transaction of $625,013.05. Following the sale, the insider now directly owns 288 shares of the company’s stock, valued at $28,391.76. The trade was a 95.65 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 279,432 shares of company stock valued at $27,997,541. Insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Several institutional investors and hedge funds have recently bought and sold shares of the business. Oddo BHF Asset Management Sas bought a new stake in Arista Networks during the 3rd quarter worth $13,283,000. American Trust increased its holdings in Arista Networks by 71.7% during the 3rd quarter. American Trust now owns 4,382 shares of the technology company’s stock worth $1,682,000 after purchasing an additional 1,830 shares in the last quarter. Old North State Trust LLC grew its holdings in shares of Arista Networks by 6.9% in the third quarter. Old North State Trust LLC now owns 1,371 shares of the technology company’s stock valued at $526,000 after acquiring an additional 89 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of Arista Networks by 16.3% in the third quarter. Franklin Resources Inc. now owns 979,592 shares of the technology company’s stock valued at $405,032,000 after acquiring an additional 137,564 shares in the last quarter. Finally, Synovus Financial Corp grew its holdings in Arista Networks by 6.2% during the third quarter. Synovus Financial Corp now owns 5,613 shares of the technology company’s stock valued at $2,154,000 after purchasing an additional 327 shares during the period. Institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Performance

Arista Networks stock traded up $2.08 on Wednesday, reaching $105.70. The company’s stock had a trading volume of 2,016,239 shares, compared to its average volume of 8,879,247. The company has a market cap of $33.29 billion, a price-to-earnings ratio of 12.55, a PEG ratio of 3.09 and a beta of 1.10. The business’s fifty day moving average price is $397.74 and its 200 day moving average price is $358.46. Arista Networks has a twelve month low of $53.12 and a twelve month high of $108.97.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The firm’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.41 earnings per share. As a group, equities analysts forecast that Arista Networks will post 7.79 earnings per share for the current year.

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.