Arista Networks (NYSE:ANET) Trading Down 6% – What’s Next?

Arista Networks, Inc. (NYSE:ANET) traded down 6% during trading on Tuesday . The company traded as low as $382.31 and last traded at $388.50. 1,373,683 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 2,236,208 shares. The stock had previously closed at $413.47.

Wall Street Analysts Forecast Growth

Several research firms have commented on ANET. JPMorgan Chase & Co. raised their price objective on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. UBS Group lifted their price objective on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a report on Wednesday, September 4th. Wells Fargo & Company increased their target price on shares of Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Needham & Company LLC restated a “buy” rating and issued a $375.00 price target on shares of Arista Networks in a report on Wednesday, July 31st. Finally, Jefferies Financial Group increased their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $369.50.

Arista Networks Price Performance

The stock’s fifty day moving average is $361.31 and its 200-day moving average is $328.80. The stock has a market capitalization of $122.82 billion, a PE ratio of 53.76, a P/E/G ratio of 3.21 and a beta of 1.07.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the previous year, the business earned $1.41 earnings per share. The business’s revenue was up 15.9% compared to the same quarter last year. On average, analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $342.28, for a total transaction of $684,560.00. Following the completion of the sale, the director now owns 50,946 shares of the company’s stock, valued at $17,437,796.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $342.28, for a total value of $684,560.00. Following the completion of the sale, the director now directly owns 50,946 shares in the company, valued at $17,437,796.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Marc Taxay sold 628 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $350.50, for a total value of $220,114.00. The disclosure for this sale can be found here. Insiders have sold 58,197 shares of company stock valued at $21,326,894 over the last ninety days. Insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ANET. Benjamin Edwards Inc. purchased a new stake in Arista Networks in the first quarter valued at approximately $26,000. Beacon Capital Management LLC raised its position in shares of Arista Networks by 500.0% during the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after acquiring an additional 65 shares in the last quarter. LGT Financial Advisors LLC acquired a new stake in Arista Networks during the second quarter worth approximately $27,000. Financial Synergies Wealth Advisors Inc. raised its stake in Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after acquiring an additional 96 shares in the last quarter. Finally, Byrne Asset Management LLC purchased a new stake in shares of Arista Networks in the 2nd quarter valued at about $33,000. 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.