Arista Networks (NYSE:ANET) Trading Down 5.5% – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET)’s share price traded down 5.5% during mid-day trading on Wednesday . The stock traded as low as $110.37 and last traded at $110.37. 4,522,395 shares were traded during trading, a decline of 47% from the average session volume of 8,568,733 shares. The stock had previously closed at $116.84.

Analysts Set New Price Targets

ANET has been the subject of several research reports. The Goldman Sachs Group increased their price objective on shares of Arista Networks from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Rosenblatt Securities raised their price objective on Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a report on Friday, November 8th. Wells Fargo & Company upped their target price on Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. UBS Group lifted their price target on Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research note on Friday, November 8th. Finally, Evercore ISI upped their price objective on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus price target of $105.83.

Arista Networks Stock Performance

The company has a market capitalization of $138.59 billion, a P/E ratio of 52.88, a PEG ratio of 3.10 and a beta of 1.09. The stock has a 50 day moving average price of $113.83 and a 200 day moving average price of $100.59.

Insider Activity at Arista Networks

In related news, insider John F. Mccool sold 6,340 shares of the business’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 in the company, valued at approximately $28,391.76. The trade was a 95.65 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $108.29, for a total value of $8,663,200.00. Following the transaction, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at $1,405,171.04. The trade was a 86.04 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 335,832 shares of company stock worth $37,787,297. Insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock valued at $10,620,270,000 after buying an additional 72,311,318 shares in the last quarter. Norges Bank bought a new position in shares of Arista Networks during the fourth quarter valued at about $1,397,833,000. Arrowstreet Capital Limited Partnership lifted its holdings in Arista Networks by 2,734.2% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,415,621 shares of the technology company’s stock worth $598,589,000 after buying an additional 5,224,540 shares during the period. Swedbank AB lifted its stake in Arista Networks by 293.2% in the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock worth $746,165,000 after acquiring an additional 5,034,022 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Arista Networks by 320.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company’s stock valued at $713,721,000 after acquiring an additional 4,919,882 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

About Arista Networks

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.