Arista Networks (NYSE:ANET) Trading Down 2.3% – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET)’s share price fell 2.3% during mid-day trading on Monday . The stock traded as low as $105.55 and last traded at $105.79. 1,459,826 shares changed hands during trading, a decline of 84% from the average session volume of 8,859,326 shares. The stock had previously closed at $108.25.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ANET shares. Rosenblatt Securities boosted their target price on shares of Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a research note on Friday, November 8th. The Goldman Sachs Group upped their price objective on shares of Arista Networks from $97.50 to $107.50 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. UBS Group lifted their target price on shares of Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research note on Friday, November 8th. Evercore ISI increased their price target on Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. Finally, Citigroup lifted their price objective on Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. One investment 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 MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $98.88.

Arista Networks Stock Down 2.0 %

The stock has a market cap of $133.60 billion, a P/E ratio of 50.86, a PEG ratio of 3.24 and a beta of 1.10. The stock has a fifty day simple moving average of $100.07 and a 200-day simple moving average of $90.19.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.08. The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The firm’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.41 EPS. Sell-side analysts anticipate that Arista Networks, Inc. will post 1.96 earnings per share for the current year.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the sale, the director now directly owns 42,946 shares in the company, valued at $17,721,666.90. The trade was a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Marc Taxay sold 2,496 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $97.09, for a total value of $242,342.88. The disclosure for this sale can be found here. Insiders have sold a total of 274,676 shares of company stock valued at $28,280,199 over the last 90 days. 3.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arista Networks

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GW Henssler & Associates Ltd. increased its position in shares of Arista Networks by 3.6% in the third quarter. GW Henssler & Associates Ltd. now owns 63,244 shares of the technology company’s stock valued at $24,274,000 after acquiring an additional 2,219 shares during the last quarter. Deepwater Asset Management LLC bought a new position in Arista Networks in the second quarter valued at approximately $15,084,000. Sumitomo Life Insurance Co. increased its position in shares of Arista Networks by 69.8% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 9,028 shares of the technology company’s stock worth $3,465,000 after purchasing an additional 3,711 shares during the last quarter. Walkner Condon Financial Advisors LLC bought a new stake in shares of Arista Networks during the 3rd quarter worth approximately $2,318,000. Finally, Greenleaf Trust boosted its holdings in shares of Arista Networks by 20.1% in the 3rd quarter. Greenleaf Trust now owns 13,224 shares of the technology company’s stock valued at $5,076,000 after buying an additional 2,216 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.