Short Interest in Arista Networks, Inc. (NYSE:ANET) Decreases By 6.7%

Arista Networks, Inc. (NYSE:ANET) was the recipient of a significant decline in short interest in September. As of September 30th, there was short interest totalling 2,520,000 shares, a decline of 6.7% from the September 15th total of 2,700,000 shares. Based on an average trading volume of 1,800,000 shares, the days-to-cover ratio is currently 1.4 days.

Arista Networks Stock Performance

Arista Networks stock traded up $5.92 during midday trading on Thursday, hitting $412.00. 666,002 shares of the company were exchanged, compared to its average volume of 2,239,001. The firm has a market capitalization of $129.11 billion, a PE ratio of 57.36, a price-to-earnings-growth ratio of 3.21 and a beta of 1.07. Arista Networks has a fifty-two week low of $168.25 and a fifty-two week high of $422.73. The business has a fifty day simple moving average of $364.47 and a two-hundred day simple moving average of $330.06.

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

Insider Activity

In other news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at $1,280,374.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction on Monday, October 7th. The stock was sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,280,374.36. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Marc Taxay sold 628 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was 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 sold a total of 58,197 shares of company stock worth $21,326,894 over the last quarter. 3.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Wellington Management Group LLP increased its stake in Arista Networks by 1.2% during the fourth quarter. Wellington Management Group LLP now owns 525,976 shares of the technology company’s stock worth $123,873,000 after purchasing an additional 6,402 shares during the period. SageView Advisory Group LLC purchased a new stake in Arista Networks during the fourth quarter worth about $235,000. B. Riley Wealth Advisors Inc. increased its stake in Arista Networks by 7.8% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 10,270 shares of the technology company’s stock worth $2,419,000 after purchasing an additional 746 shares during the period. Nomura Holdings Inc. purchased a new stake in Arista Networks during the fourth quarter worth about $1,193,000. Finally, NBC Securities Inc. increased its stake in Arista Networks by 21.5% during the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock worth $62,000 after purchasing an additional 38 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on ANET shares. Needham & Company LLC reiterated a “buy” rating and set a $375.00 price target on shares of Arista Networks in a report on Wednesday, July 31st. Piper Sandler lifted their target price on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. Bank of America increased their price target on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Evercore ISI increased their price target on shares of Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Finally, Citigroup increased their price target on shares of Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $369.50.

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.