Arista Networks, Inc. (NYSE:ANET) Sees Large Growth in Short Interest

Arista Networks, Inc. (NYSE:ANET) was the target of a large growth in short interest during the month of November. As of November 15th, there was short interest totalling 3,000,000 shares, a growth of 10.3% from the October 31st total of 2,720,000 shares. Based on an average trading volume of 1,840,000 shares, the days-to-cover ratio is presently 1.6 days.

Insider Buying and Selling

In other news, CEO Jayshree Ullal sold 836 shares of Arista Networks stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $386.68, for a total transaction of $323,264.48. Following the transaction, the chief executive officer now owns 17,681 shares in the company, valued at $6,836,889.08. The trade was a 4.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Kenneth Duda sold 1,689 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $321.28, for a total value of $542,641.92. Following the sale, the senior vice president now directly owns 182,600 shares of the company’s stock, valued at approximately $58,665,728. The trade was a 0.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 69,858 shares of company stock valued at $27,997,541 in the last 90 days. 3.54% of the stock is owned by insiders.

Institutional Investors Weigh In On Arista Networks

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Beacon Capital Management LLC lifted 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 valued at $27,000 after acquiring an additional 65 shares during the period. LGT Financial Advisors LLC bought a new position in Arista Networks in the 2nd quarter valued at about $27,000. Byrne Asset Management LLC acquired a new position in shares of Arista Networks in the 2nd quarter valued at approximately $33,000. Sugarloaf Wealth Management LLC bought a new stake in shares of Arista Networks during the 2nd quarter worth approximately $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Arista Networks during the 2nd quarter worth approximately $35,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Price Performance

NYSE ANET traded up $4.36 during trading on Tuesday, reaching $414.46. 1,794,101 shares of the company’s stock were exchanged, compared to its average volume of 2,473,612. The business has a 50 day moving average price of $397.74 and a 200-day moving average price of $358.46. Arista Networks has a fifty-two week low of $210.69 and a fifty-two week high of $431.97. The stock has a market capitalization of $130.53 billion, a P/E ratio of 49.81, a PEG ratio of 3.09 and a beta of 1.10.

Arista Networks’s stock is going to split on Wednesday, December 4th. The 4-1 split was announced on Thursday, November 7th. The newly issued shares will be issued to shareholders after the market closes on Tuesday, December 3rd.

Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, November 7th. The technology company reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.08 by $0.32. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The company had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the previous year, the business posted $1.63 earnings per share. Arista Networks’s quarterly revenue was up 20.0% on a year-over-year basis. On average, analysts forecast that Arista Networks will post 7.79 earnings per share for the current year.

Wall Street Analyst Weigh In

ANET has been the subject of several research reports. Piper Sandler reissued a “neutral” rating and set a $421.00 price objective (up previously from $345.00) on shares of Arista Networks in a research report on Friday, November 8th. The Goldman Sachs Group lifted their price target on Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. UBS Group upped their price objective on Arista Networks from $369.00 to $425.00 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Citigroup lifted their target price on Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, Barclays upped their price target on Arista Networks from $341.00 to $495.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $395.19.

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.