Arista Networks (NYSE:ANET) Stock Price Up 0.4% – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET) rose 0.4% on Thursday . The company traded as high as $116.27 and last traded at $115.76. Approximately 5,371,953 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 6,396,429 shares. The stock had previously closed at $115.29.

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of recent analyst reports. Citigroup upped their price target on Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. The Goldman Sachs Group upped their price target on Arista Networks from $97.50 to $107.50 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Rosenblatt Securities upped their price target on Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a research report on Friday, November 8th. Piper Sandler reaffirmed a “neutral” rating and set a $105.25 price target (up previously from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. Finally, Barclays lowered their price target on Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $102.42.

Arista Networks Trading Down 0.9 %

The company has a market cap of $144.19 billion, a PE ratio of 55.03, a P/E/G ratio of 3.21 and a beta of 1.08. The firm has a 50 day moving average of $106.48 and a two-hundred day moving average of $95.91.

Arista Networks (NYSE:ANET) last posted 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 return on equity of 30.52% and a net margin of 40.29%. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the prior year, the business posted $0.41 EPS. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. On average, research analysts forecast that Arista Networks, Inc. will post 1.96 EPS for the current year.

Insider Buying and Selling at Arista Networks

In other news, insider John F. Mccool sold 2,336 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 $226,200.72. Following the transaction, the insider now directly owns 288 shares of the company’s stock, valued at $27,887.76. This represents a 89.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $99.12, for a total value of $147,887.04. Following the transaction, the director now directly owns 8,768 shares in the company, valued at $869,084.16. The trade was a 14.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 345,316 shares of company stock worth $37,761,976. Insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

A number of institutional investors have recently bought and sold shares of ANET. Anchor Investment Management LLC bought a new stake in Arista Networks during the second quarter valued at about $35,000. MidAtlantic Capital Management Inc. bought a new stake in Arista Networks during the third quarter valued at about $44,000. HM Payson & Co. raised its holdings in Arista Networks by 28.2% during the third 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 period. True Wealth Design LLC raised its holdings in Arista Networks by 2,133.3% during the third 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 during the period. Finally, ORG Partners LLC raised its holdings in Arista Networks by 186.0% during the third quarter. ORG Partners LLC now owns 143 shares of the technology company’s stock valued at $55,000 after acquiring an additional 93 shares during the period. 82.47% of the stock is owned by 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.