Arista Networks (NYSE:ANET) Stock Price Up 1.3% – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET) shares shot up 1.3% on Monday . The company traded as high as $121.01 and last traded at $119.98. 1,690,587 shares were traded during trading, a decline of 81% from the average session volume of 8,725,222 shares. The stock had previously closed at $118.47.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Barclays dropped their price target on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, December 4th. Piper Sandler reaffirmed a “neutral” rating and set a $105.25 target price (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. The Goldman Sachs Group increased their price target on Arista Networks from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Evercore ISI lifted their price objective on Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Finally, Morgan Stanley increased their target price on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. One analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $105.83.

Arista Networks Stock Performance

The firm has a market cap of $138.08 billion, a price-to-earnings ratio of 52.70, a P/E/G ratio of 3.10 and a beta of 1.09. The business has a 50 day simple moving average of $113.83 and a 200-day simple moving average of $100.59.

Insider Buying and Selling

In other news, CEO Jayshree Ullal sold 71,036 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $100.06, for a total transaction of $7,107,506.98. Following the completion of the sale, the chief executive officer now directly owns 70,724 shares of the company’s stock, valued at $7,076,289.82. This trade represents a 50.11 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the sale, the director now owns 42,946 shares in the company, valued at $17,721,666.90. The trade was a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 335,832 shares of company stock worth $37,787,297. 3.54% of the stock is owned by corporate insiders.

Institutional Trading of Arista Networks

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Arista Networks by 304.2% in the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock worth $10,620,270,000 after acquiring an additional 72,311,318 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Arista Networks by 311.6% in the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock worth $2,665,829,000 after purchasing an additional 18,293,874 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Arista Networks by 218.5% in the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after purchasing an additional 14,454,822 shares in the last quarter. Norges Bank bought a new stake in shares of Arista Networks in the fourth quarter valued at approximately $1,397,833,000. Finally, Wellington Management Group LLP lifted its stake in shares of Arista Networks by 313.9% during the 4th quarter. Wellington Management Group LLP now owns 11,013,511 shares of the technology company’s stock valued at $1,217,323,000 after buying an additional 8,352,816 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

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.