Arista Networks (NYSE:ANET) Shares Down 1.5% – What’s Next?

Arista Networks, Inc. (NYSE:ANET)’s stock price was down 1.5% during mid-day trading on Tuesday . The company traded as low as $83.23 and last traded at $83.85. Approximately 2,552,537 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 8,655,187 shares. The stock had previously closed at $85.09.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on ANET shares. Evercore ISI boosted their price objective on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Morgan Stanley boosted their price objective on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Rosenblatt Securities reaffirmed a “sell” rating and set a $80.00 price target on shares of Arista Networks in a research note on Tuesday, February 18th. Finally, Citigroup upped their price target on Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Trading Up 0.5 %

The business has a fifty day simple moving average of $103.81 and a 200 day simple moving average of $101.77. The stock has a market capitalization of $106.42 billion, a P/E ratio of 38.01, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08.

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 the consensus estimate of $0.57 by $0.02. The company had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. As a group, research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Activity

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $118.47, for a total transaction of $9,477,600.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,537,266.72. This represents a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the transaction, the director now directly owns 155,784 shares of the company’s stock, valued at approximately $17,450,923.68. This trade represents a 4.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 491,001 shares of company stock valued at $49,112,111 over the last three months. Corporate insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several institutional investors and hedge funds have recently bought and sold shares of ANET. Quest Partners LLC grew its holdings in Arista Networks by 149.2% during the third quarter. Quest Partners LLC now owns 2,896 shares of the technology company’s stock valued at $1,112,000 after purchasing an additional 1,734 shares during the period. Pathstone Holdings LLC lifted its position in shares of Arista Networks by 6.4% during the third quarter. Pathstone Holdings LLC now owns 25,697 shares of the technology company’s stock worth $9,863,000 after acquiring an additional 1,554 shares in the last quarter. Caprock Group LLC lifted its position in shares of Arista Networks by 24.8% during the third quarter. Caprock Group LLC now owns 7,429 shares of the technology company’s stock worth $2,851,000 after acquiring an additional 1,475 shares in the last quarter. Meeder Asset Management Inc. lifted its position in shares of Arista Networks by 52.5% during the third quarter. Meeder Asset Management Inc. now owns 183 shares of the technology company’s stock worth $70,000 after acquiring an additional 63 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its position in shares of Arista Networks by 4.4% during the third quarter. Fifth Third Wealth Advisors LLC now owns 5,348 shares of the technology company’s stock worth $2,053,000 after acquiring an additional 226 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

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.