Arista Networks, Inc. (NYSE:ANET) Short Interest Update

Arista Networks, Inc. (NYSE:ANET) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totalling 2,470,000 shares, a drop of 5.7% from the August 15th total of 2,620,000 shares. Based on an average daily trading volume, of 2,080,000 shares, the days-to-cover ratio is currently 1.2 days.

Insider Activity

In related news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction on Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the transaction, the chief executive officer now owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $357.00, for a total value of $8,925,000.00. Following the sale, the chief executive officer now owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Kelly Bodnar Battles sold 216 shares of Arista Networks stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total transaction of $69,988.32. Following the sale, the director now directly owns 2,726 shares in the company, valued at approximately $883,278.52. The disclosure for this sale can be found here. In the last quarter, insiders have sold 106,989 shares of company stock worth $37,891,416. 3.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Arista Networks

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sanctuary Advisors LLC bought a new stake in shares of Arista Networks in the 2nd quarter worth about $9,858,000. NCP Inc. bought a new position in Arista Networks in the 2nd quarter worth about $105,000. Kestra Investment Management LLC bought a new position in Arista Networks in the 2nd quarter worth about $707,000. Clearbridge Investments LLC lifted its stake in shares of Arista Networks by 2.0% in the 2nd quarter. Clearbridge Investments LLC now owns 344,222 shares of the technology company’s stock worth $120,643,000 after acquiring an additional 6,638 shares during the period. Finally, Dana Investment Advisors Inc. lifted its stake in shares of Arista Networks by 3.4% in the 2nd quarter. Dana Investment Advisors Inc. now owns 3,195 shares of the technology company’s stock worth $1,120,000 after acquiring an additional 105 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ANET has been the subject of a number of research analyst reports. Barclays lifted their price target on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Piper Sandler lifted their target price on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Erste Group Bank reiterated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. KeyCorp increased their target price on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Needham & Company LLC reissued a “buy” rating and set a $375.00 price target on shares of Arista Networks in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $358.63.

Arista Networks Trading Up 0.5 %

Shares of NYSE ANET opened at $360.97 on Wednesday. The stock has a market cap of $113.11 billion, a P/E ratio of 50.27, a PEG ratio of 2.70 and a beta of 1.07. Arista Networks has a 12-month low of $168.25 and a 12-month high of $376.50. The business’s fifty day simple moving average is $340.74 and its 200-day simple moving average is $315.02.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping the consensus estimate 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 business’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.41 earnings per share. On average, equities analysts forecast that Arista Networks will post 7.38 EPS for the current fiscal year.

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.