Arista Networks (NYSE:ANET) Trading Down 0.4% – Should You Sell?

Arista Networks, Inc. (NYSE:ANET) was down 0.4% during mid-day trading on Tuesday . The stock traded as low as $109.04 and last traded at $111.04. Approximately 2,479,055 shares traded hands during trading, a decline of 73% from the average daily volume of 9,124,867 shares. The stock had previously closed at $111.50.

Analyst Ratings Changes

ANET has been the topic of several research reports. Barclays cut their target price on Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 4th. The Goldman Sachs Group raised their price objective on Arista Networks from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Piper Sandler reiterated a “neutral” rating and set a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. UBS Group raised their price target on shares of Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a report on Friday, November 8th. Finally, Wells Fargo & Company increased their price objective on shares of Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. One investment 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $105.83.

Arista Networks Price Performance

The firm has a market capitalization of $145.01 billion, a PE ratio of 55.34, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09. The stock has a 50-day moving average price of $112.58 and a 200-day moving average price of $99.48.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.08. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the previous year, the business earned $0.41 EPS. Arista Networks’s revenue for the quarter was up 20.0% compared to the same quarter last year. As a group, equities research analysts predict that Arista Networks, Inc. will post 1.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Jayshree Ullal sold 71,036 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $100.06, for a total value of $7,107,506.98. Following the completion of the sale, the chief executive officer now directly owns 70,724 shares in the company, valued at approximately $7,076,289.82. The trade was a 50.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of the firm’s 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 transaction, the director now owns 42,946 shares in the company, valued at $17,721,666.90. This trade represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 255,832 shares of company stock valued at $28,538,497 in the last ninety days. Corporate insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Czech National Bank grew its position in Arista Networks by 8.5% in the 3rd quarter. Czech National Bank now owns 52,476 shares of the technology company’s stock valued at $20,141,000 after buying an additional 4,108 shares in the last quarter. Chesley Taft & Associates LLC acquired a new stake in Arista Networks in the third quarter worth approximately $2,275,000. Axiom Advisory LLC raised its stake in shares of Arista Networks by 1.6% in the 3rd quarter. Axiom Advisory LLC now owns 2,304 shares of the technology company’s stock worth $884,000 after buying an additional 36 shares in the last quarter. Brookstone Capital Management lifted its holdings in Arista Networks by 21.5% in the 3rd quarter. Brookstone Capital Management now owns 18,113 shares of the technology company’s stock valued at $6,952,000 after acquiring an additional 3,204 shares during the last quarter. Finally, Gratus Wealth Advisors LLC raised its holdings in shares of Arista Networks by 54.1% in the 3rd quarter. Gratus Wealth Advisors LLC now owns 3,295 shares of the technology company’s stock worth $1,293,000 after purchasing an additional 1,157 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.