Arista Networks (NYSE:ANET) Stock Price Down 0.8% – What’s Next?

Arista Networks, Inc. (NYSE:ANET) was down 0.8% during trading on Wednesday . The stock traded as low as $109.88 and last traded at $110.53. Approximately 3,420,185 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 8,687,398 shares. The stock had previously closed at $111.45.

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of recent research reports. Piper Sandler reiterated a “neutral” rating and set a $105.25 price objective (up from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Barclays reduced their price objective on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, December 4th. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Thursday, December 12th. Rosenblatt Securities increased their price target on Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research note on Friday, November 8th. Finally, Citigroup upped their price objective on Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average price target of $100.70.

Arista Networks Stock Up 1.1 %

The business’s fifty day moving average is $104.39 and its two-hundred day moving average is $94.60. The stock has a market capitalization of $140.83 billion, a PE ratio of 53.75, a price-to-earnings-growth ratio of 3.21 and a beta of 1.10.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. The business had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The business’s revenue was up 20.0% on a year-over-year basis. During the same period last year, the company posted $0.41 EPS. Sell-side analysts expect that Arista Networks, Inc. will post 1.96 EPS for the current fiscal year.

Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $98.30, for a total value of $786,360.00. Following the sale, the director now directly owns 179,784 shares of the company’s stock, valued at $17,671,868.28. This represents a 4.26 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $98.67, for a total value of $7,893,800.00. Following the transaction, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,280,374.36. This trade represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 337,316 shares of company stock valued at $35,286,096 in the last ninety days. Insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

A number of large investors have recently bought and sold shares of ANET. Ameriprise Financial Inc. lifted its position in shares of Arista Networks by 97.2% during the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock worth $628,966,000 after purchasing an additional 884,703 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in Arista Networks by 39,841.1% during the 3rd quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock valued at $3,358,850,000 after buying an additional 872,919 shares in the last quarter. 1832 Asset Management L.P. boosted its position in Arista Networks by 4,160.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock valued at $180,743,000 after buying an additional 503,597 shares during the period. Wellington Management Group LLP grew its stake in Arista Networks by 22.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock worth $1,021,228,000 after acquiring an additional 492,615 shares in the last quarter. Finally, State Street Corp increased its position in shares of Arista Networks by 3.8% during the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock worth $4,313,229,000 after acquiring an additional 411,109 shares during the period. Hedge funds and other 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.