Arista Networks (NYSE:ANET) Trading Down 0.6% – Here’s Why

Arista Networks, Inc. (NYSE:ANET)’s stock price dropped 0.6% on Wednesday . The stock traded as low as $82.35 and last traded at $83.52. Approximately 2,753,469 shares traded hands during trading, a decline of 68% from the average daily volume of 8,629,769 shares. The stock had previously closed at $83.99.

Analysts Set New Price Targets

ANET has been the topic of a number of analyst reports. Erste Group Bank cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday. Barclays reiterated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. The Goldman Sachs Group reissued a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $108.00 price objective (up from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Stock Performance

The company’s 50-day moving average price is $104.44 and its 200 day moving average price is $101.89. The stock has a market capitalization of $105.77 billion, a P/E ratio of 37.78, a P/E/G 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, topping the consensus estimate of $0.57 by $0.02. The firm had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Transactions at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $118.47, for a total value of $9,477,600.00. Following the completion of the sale, the senior vice president now 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 SEC, which can be accessed through this link. Also, CEO Jayshree Ullal sold 138,351 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 92,641 shares in the company, valued at $8,697,137.08. This represents a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 491,001 shares of company stock valued at $49,112,111 in the last quarter. 3.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arista Networks

Several large investors have recently modified their holdings of the business. DSG Capital Advisors LLC acquired a new position in Arista Networks in the fourth quarter valued at about $5,984,000. Objective Capital Management LLC lifted its holdings in shares of Arista Networks by 244.0% in the 4th quarter. Objective Capital Management LLC now owns 3,516 shares of the technology company’s stock worth $389,000 after acquiring an additional 2,494 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Arista Networks by 535.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 520,832 shares of the technology company’s stock worth $57,568,000 after acquiring an additional 438,899 shares during the last quarter. NorthCrest Asset Manangement LLC lifted its holdings in shares of Arista Networks by 346.5% in the 4th quarter. NorthCrest Asset Manangement LLC now owns 9,538 shares of the technology company’s stock worth $1,054,000 after acquiring an additional 7,402 shares during the last quarter. Finally, Centaurus Financial Inc. lifted its holdings in shares of Arista Networks by 415.3% in the 4th quarter. Centaurus Financial Inc. now owns 11,775 shares of the technology company’s stock worth $1,301,000 after acquiring an additional 9,490 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

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.