Arista Networks (NYSE:ANET) Trading 0.3% Higher – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET)’s share price was up 0.3% during trading on Thursday . The company traded as high as $117.22 and last traded at $115.80. Approximately 1,324,626 shares changed hands during trading, a decline of 85% from the average daily volume of 8,847,848 shares. The stock had previously closed at $115.49.

Analysts Set New Price Targets

ANET has been the subject of a number of analyst reports. Barclays reduced 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. The Goldman Sachs Group increased their price target on Arista Networks from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Piper Sandler reissued a “neutral” rating and set a $105.25 price target (up from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. UBS Group raised 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. Finally, StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus target price of $105.83.

Arista Networks Trading Up 0.1 %

The stock has a 50-day simple moving average of $112.58 and a 200 day simple moving average of $99.48. The company has a market cap of $145.62 billion, a price-to-earnings ratio of 55.57, a PEG ratio of 3.10 and a beta of 1.09.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.76 billion. The firm’s revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 EPS. As a group, research analysts forecast that Arista Networks, Inc. will post 1.97 EPS for the current fiscal year.

Insider Activity

In related news, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the completion of the sale, the director now owns 42,946 shares of the company’s stock, valued at approximately $17,721,666.90. This trade represents a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jayshree Ullal sold 71,036 shares of the stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $100.06, for a total value of $7,107,506.98. Following the completion of the sale, the chief executive officer now directly owns 70,724 shares of the company’s stock, valued at approximately $7,076,289.82. This represents a 50.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 255,832 shares of company stock worth $28,538,497 over the last 90 days. 3.54% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arista Networks

Hedge funds and other institutional investors have recently made changes to their positions in the stock. SWS Partners increased its stake in Arista Networks by 302.1% during the fourth quarter. SWS Partners now owns 20,405 shares of the technology company’s stock worth $2,255,000 after acquiring an additional 15,331 shares during the last quarter. Westover Capital Advisors LLC increased its stake in Arista Networks by 300.0% during the fourth quarter. Westover Capital Advisors LLC now owns 4,000 shares of the technology company’s stock worth $442,000 after acquiring an additional 3,000 shares during the last quarter. Exencial Wealth Advisors LLC increased its stake in Arista Networks by 161.6% during the fourth quarter. Exencial Wealth Advisors LLC now owns 81,052 shares of the technology company’s stock worth $8,959,000 after acquiring an additional 50,072 shares during the last quarter. Commerzbank Aktiengesellschaft FI increased its stake in Arista Networks by 15.3% during the fourth quarter. Commerzbank Aktiengesellschaft FI now owns 5,987 shares of the technology company’s stock worth $668,000 after acquiring an additional 796 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Arista Networks by 320.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,457,263 shares of the technology company’s stock worth $713,721,000 after acquiring an additional 4,919,882 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

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.