Arista Networks (NYSE:ANET) Trading Down 2% – What’s Next?

Arista Networks, Inc. (NYSE:ANET)’s share price was down 2% on Monday . The stock traded as low as $109.09 and last traded at $112.07. 1,816,834 shares traded hands during trading, a decline of 67% from the average session volume of 5,572,404 shares. The stock had previously closed at $114.34.

Analyst Ratings Changes

Several research firms have recently issued reports on ANET. Evercore ISI increased their price target on Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Wells Fargo & Company boosted their price target 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. Citigroup increased their price objective on shares of Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Piper Sandler reissued 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. Finally, Rosenblatt Securities increased their price target on Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $102.42.

Arista Networks Stock Performance

The stock has a market cap of $141.96 billion, a PE ratio of 54.18, a PEG ratio of 3.21 and a beta of 1.08. The stock has a 50 day moving average of $106.48 and a two-hundred day moving average of $96.08.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the previous year, the business earned $0.41 earnings per share. The firm’s revenue was up 20.0% compared to the same quarter last year. Analysts expect that Arista Networks, Inc. will post 1.96 EPS for the current fiscal year.

Insider Activity

In related news, SVP Marc Taxay sold 2,496 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $96.83, for a total transaction of $241,693.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kenneth Duda sold 80,000 shares of the business’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 transaction, the senior vice president now owns 12,976 shares in the company, valued at $1,537,266.72. This trade represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 345,316 shares of company stock worth $37,761,976 over the last quarter. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Institutional investors have recently made changes to their positions in the company. Anchor Investment Management LLC bought a new stake in Arista Networks in the second quarter worth $35,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Arista Networks during the 3rd quarter worth about $44,000. HM Payson & Co. increased its holdings in shares of Arista Networks by 28.2% during the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after acquiring an additional 29 shares during the last quarter. True Wealth Design LLC raised its stake in shares of Arista Networks by 2,133.3% in the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock valued at $51,000 after acquiring an additional 128 shares in the last quarter. Finally, ORG Partners LLC lifted its holdings in Arista Networks by 186.0% in the 3rd quarter. ORG Partners LLC now owns 143 shares of the technology company’s stock worth $55,000 after purchasing an additional 93 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.