Short Interest in Arista Networks, Inc. (NYSE:ANET) Decreases By 6.7%

Arista Networks, Inc. (NYSE:ANET) was the recipient of a large decrease in short interest in September. As of September 30th, there was short interest totalling 2,520,000 shares, a decrease of 6.7% from the September 15th total of 2,700,000 shares. Based on an average daily volume of 1,800,000 shares, the short-interest ratio is presently 1.4 days.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $5,624,679.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $318.12, for a total transaction of $264,675.84. Following the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at $5,624,679.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Marc Taxay sold 628 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $350.50, for a total transaction of $220,114.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 58,197 shares of company stock valued at $21,326,894. 3.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arista Networks

Hedge funds have recently bought and sold shares of the company. Benjamin Edwards Inc. bought a new position in shares of Arista Networks in the 1st quarter worth about $26,000. Beacon Capital Management LLC grew its stake in Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after purchasing an additional 65 shares during the period. LGT Financial Advisors LLC bought a new position in shares of Arista Networks during the 2nd quarter worth approximately $27,000. Financial Synergies Wealth Advisors Inc. grew its position in shares of Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after buying an additional 96 shares during the period. Finally, Byrne Asset Management LLC acquired a new position in shares of Arista Networks during the 2nd quarter valued at $33,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Performance

Shares of ANET stock traded up $7.65 on Thursday, hitting $413.73. The company had a trading volume of 70,703 shares, compared to its average volume of 2,236,039. Arista Networks has a twelve month low of $168.25 and a twelve month high of $422.73. The firm has a market cap of $129.65 billion, a P/E ratio of 56.59, a P/E/G ratio of 3.21 and a beta of 1.07. The stock’s 50-day moving average is $364.47 and its two-hundred day moving average is $330.06.

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

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ANET. Evercore ISI raised their target price on Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Jefferies Financial Group lifted their target price on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Citigroup increased their target price on shares of Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. KeyCorp lifted their price target on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Finally, Rosenblatt Securities increased their price objective on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $369.50.

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.