Arista Networks (NYSE:ANET) Stock Price Down 0.2% – Here’s Why

Arista Networks, Inc. (NYSE:ANET)’s share price was down 0.2% during mid-day trading on Tuesday . The stock traded as low as $87.05 and last traded at $87.29. Approximately 2,364,499 shares traded hands during trading, a decline of 72% from the average daily volume of 8,570,789 shares. The stock had previously closed at $87.51.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ANET. Piper Sandler restated a “neutral” rating and issued a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Rosenblatt Securities reissued a “sell” rating and issued a $80.00 target price on shares of Arista Networks in a report on Tuesday, February 18th. Erste Group Bank downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $145.00 target price on shares of Arista Networks in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Trading Down 0.3 %

The company has a 50 day moving average price of $102.03 and a 200 day moving average price of $101.92. The firm has a market cap of $110.03 billion, a PE ratio of 39.30, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 138,351 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the sale, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. This represents a 59.89 % 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 8,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total value of $892,080.00. Following the transaction, the director now directly owns 163,784 shares in the company, valued at $18,263,553.84. The trade was a 4.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 491,001 shares of company stock worth $49,112,111 in the last three months. 3.54% of the stock is owned by insiders.

Institutional Trading of Arista Networks

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position 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 purchasing an additional 72,311,318 shares during the last quarter. FMR LLC increased its position in shares of Arista Networks by 330.9% during the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock worth $6,371,848,000 after acquiring an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC raised its stake in shares of Arista Networks by 277.5% in the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock valued at $3,016,207,000 after purchasing an additional 20,059,303 shares during the period. Geode Capital Management LLC boosted its position in Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock worth $2,665,829,000 after acquiring an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Arista Networks by 218.5% during 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 during 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.