Short Interest in Arista Networks, Inc. (NYSE:ANET) Increases By 22.1%

Arista Networks, Inc. (NYSE:ANET) was the recipient of a significant growth in short interest in December. As of December 15th, there was short interest totalling 13,630,000 shares, a growth of 22.1% from the November 30th total of 11,160,000 shares. Based on an average daily trading volume, of 7,430,000 shares, the short-interest ratio is currently 1.8 days.

Arista Networks Stock Down 0.8 %

NYSE:ANET traded down $0.92 during trading hours on Tuesday, hitting $110.53. 3,380,970 shares of the company traded hands, compared to its average volume of 8,681,578. Arista Networks has a one year low of $56.65 and a one year high of $116.94. The company has a market cap of $139.24 billion, a PE ratio of 53.14, a PEG ratio of 3.21 and a beta of 1.10. The firm’s 50-day simple moving average is $103.67 and its 200-day simple moving average is $94.17.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $1.76 billion. During the same period in the previous year, the company earned $0.41 earnings per share. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. As a group, equities research analysts expect that Arista Networks will post 1.96 EPS for the current year.

Analysts Set New Price Targets

ANET has been the topic of a number of analyst reports. Morgan Stanley upped their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Citigroup increased their price target on Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. UBS Group boosted their price objective on Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research note on Friday, November 8th. Piper Sandler reaffirmed a “neutral” rating and set a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Finally, Evercore ISI increased their price target on Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and an average target price of $100.70.

Insider Buying and Selling at Arista Networks

In related news, CEO Jayshree Ullal sold 3,344 shares of Arista Networks stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $96.67, for a total transaction of $323,264.48. Following the sale, the chief executive officer now directly owns 70,724 shares in the company, valued at $6,836,889.08. This trade represents a 4.51 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $98.67, for a total transaction of $7,893,800.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,280,374.36. This trade represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 340,660 shares of company stock worth $35,609,360 over the last quarter. Corporate insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

A number of institutional investors and hedge funds have recently modified their holdings of the business. Ameriprise Financial Inc. raised its stake in shares of Arista Networks by 97.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after purchasing an additional 884,703 shares during the period. International Assets Investment Management LLC increased its holdings in Arista Networks by 39,841.1% during the third quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock worth $3,358,850,000 after buying an additional 872,919 shares during the last quarter. 1832 Asset Management L.P. raised its position in Arista Networks by 4,160.9% in the second quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock worth $180,743,000 after acquiring an additional 503,597 shares during the period. Wellington Management Group LLP boosted its stake in Arista Networks by 22.7% in the third quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock valued at $1,021,228,000 after acquiring an additional 492,615 shares during the last quarter. Finally, State Street Corp grew its position in shares of Arista Networks by 3.8% during the 3rd quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock valued at $4,313,229,000 after acquiring an additional 411,109 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

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.