Arista Networks (NYSE:ANET) Trading Down 1.7% – Here’s Why

Arista Networks, Inc. (NYSE:ANET) was down 1.7% during trading on Tuesday . The company traded as low as $89.35 and last traded at $91.13. Approximately 6,425,860 shares traded hands during trading, a decline of 38% from the average daily volume of 10,287,232 shares. The stock had previously closed at $92.69.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Morgan Stanley boosted their target price on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Wells Fargo & Company boosted their price objective on Arista Networks from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Rosenblatt Securities reaffirmed a “sell” rating and set a $80.00 target price on shares of Arista Networks in a report on Tuesday, February 18th. Piper Sandler reiterated a “neutral” rating and issued a $108.00 price target (up from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Finally, Barclays raised their price objective on Arista Networks from $125.00 to $126.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $113.79.

Arista Networks Stock Performance

The stock has a market cap of $116.63 billion, a price-to-earnings ratio of 41.59, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09. The business’s 50 day moving average is $113.18 and its 200 day moving average is $102.07.

Arista Networks (NYSE:ANET) last released its earnings results 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 return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. Research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,488 shares of Arista Networks stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $107.13, for a total value of $159,409.44. Following the transaction, the director now directly owns 8,128 shares of the company’s stock, valued at $870,752.64. The trade was a 15.47 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $412.65, for a total value of $825,300.00. Following the completion of the sale, the director now directly owns 42,946 shares of the company’s stock, valued at $17,721,666.90. This represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 260,056 shares of company stock valued at $30,225,623 in the last 90 days. 3.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arista Networks

Large investors have recently bought and sold shares of the stock. Stock Yards Bank & Trust Co. acquired a new position in shares of Arista Networks during the fourth quarter valued at about $242,000. GHE LLC increased its stake in Arista Networks by 319.0% during the fourth quarter. GHE LLC now owns 28,368 shares of the technology company’s stock valued at $3,136,000 after acquiring an additional 21,597 shares during the period. Colonial River Investments LLC lifted its position in shares of Arista Networks by 327.6% in the 4th quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company’s stock worth $1,077,000 after acquiring an additional 7,466 shares during the period. Silver Oak Securities Incorporated lifted its position in shares of Arista Networks by 395.8% in the 4th quarter. Silver Oak Securities Incorporated now owns 18,593 shares of the technology company’s stock worth $2,072,000 after acquiring an additional 14,843 shares during the period. Finally, Proactive Wealth Strategies LLC grew its holdings in shares of Arista Networks by 387.6% during the 4th quarter. Proactive Wealth Strategies LLC now owns 6,120 shares of the technology company’s stock worth $676,000 after purchasing an additional 4,865 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.