Arista Networks (NYSE:ANET) Trading Down 0.1% – Here’s Why

Arista Networks, Inc. (NYSE:ANET) was down 0.1% during mid-day trading on Tuesday . The company traded as low as $110.74 and last traded at $111.30. Approximately 585,245 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 8,675,958 shares. The stock had previously closed at $111.45.

Analysts Set New Price Targets

ANET has been the subject of several recent research reports. Evercore ISI upped their target price on Arista Networks from $100.00 to $106.25 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Piper Sandler reaffirmed a “neutral” rating and issued a $105.25 target price (up from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. The Goldman Sachs Group upped 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. Citigroup lifted their price objective on shares of Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, UBS Group raised their price target 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. One analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $100.70.

Arista Networks Price Performance

The company has a market cap of $139.24 billion, a PE ratio of 53.14, a price-to-earnings-growth ratio of 3.21 and a beta of 1.10. The stock has a fifty day moving average price of $104.14 and a 200-day moving average price of $94.48.

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

Insider Buying and Selling at Arista Networks

In other Arista Networks news, insider John F. Mccool sold 288 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $108.70, for a total value of $31,305.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the business’s 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 completion of the sale, the senior vice president now owns 12,976 shares in the company, valued at $1,405,171.04. This represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 337,316 shares of company stock valued at $35,286,096 in the last 90 days. 3.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ANET. GW Henssler & Associates Ltd. boosted its stake in Arista Networks by 3.6% in the third quarter. GW Henssler & Associates Ltd. now owns 63,244 shares of the technology company’s stock worth $24,274,000 after purchasing an additional 2,219 shares in the last quarter. Deepwater Asset Management LLC acquired a new stake in shares of Arista Networks during the 2nd quarter worth approximately $15,084,000. Sumitomo Life Insurance Co. raised its stake in shares of Arista Networks by 69.8% during the third quarter. Sumitomo Life Insurance Co. now owns 9,028 shares of the technology company’s stock worth $3,465,000 after buying an additional 3,711 shares during the last quarter. Walkner Condon Financial Advisors LLC acquired a new position in Arista Networks in the third quarter valued at approximately $2,318,000. Finally, Greenleaf Trust boosted its stake in Arista Networks by 20.1% in the third quarter. Greenleaf Trust now owns 13,224 shares of the technology company’s stock valued at $5,076,000 after acquiring an additional 2,216 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

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.