Arista Networks (NYSE:ANET) Trading 1.4% Higher – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET)’s stock price traded up 1.4% during mid-day trading on Wednesday . The stock traded as high as $114.77 and last traded at $114.65. 2,044,594 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 8,774,251 shares. The stock had previously closed at $113.09.

Wall Street Analyst Weigh In

A number of research firms have commented on ANET. UBS Group lifted their price objective on shares of Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Piper Sandler reaffirmed a “neutral” rating and issued a $105.25 price objective (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Wells Fargo & Company lifted their target price on Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. The Goldman Sachs Group raised their price target on shares of Arista Networks from $97.50 to $107.50 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Finally, Barclays decreased their target price on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $100.70.

Arista Networks Price Performance

The business’s fifty day moving average is $102.70 and its 200-day moving average is $93.16. The firm has a market cap of $144.43 billion, a PE ratio of 55.12, a P/E/G ratio of 3.21 and a beta of 1.10.

Arista Networks (NYSE:ANET) last issued its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. The firm 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 company’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the business earned $0.41 earnings per share. Analysts forecast that Arista Networks, Inc. will post 1.96 EPS for the current year.

Insider Activity

In related news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the transaction, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,405,171.04. This trade represents a 86.04 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John F. Mccool sold 288 shares of the firm’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $108.70, for a total value of $31,305.60. The disclosure for this sale can be found here. Insiders sold 353,476 shares of company stock worth $36,841,998 in the last three months. Corporate insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ANET. Kintegral Advisory LLC raised its position in Arista Networks by 54.8% during the 2nd quarter. Kintegral Advisory LLC now owns 3,303 shares of the technology company’s stock valued at $1,158,000 after purchasing an additional 1,169 shares during the last quarter. HB Wealth Management LLC lifted its holdings in Arista Networks by 28.9% in the second quarter. HB Wealth Management LLC now owns 4,835 shares of the technology company’s stock worth $1,695,000 after buying an additional 1,083 shares during the period. Financial Advocates Investment Management bought a new stake in Arista Networks during the 2nd quarter valued at approximately $265,000. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Arista Networks by 4.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 3,480 shares of the technology company’s stock valued at $1,220,000 after purchasing an additional 158 shares during the period. Finally, Ameritas Advisory Services LLC grew its stake in Arista Networks by 8.4% in the second quarter. Ameritas Advisory Services LLC now owns 5,590 shares of the technology company’s stock worth $1,959,000 after purchasing an additional 431 shares during the period. Institutional investors 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.