Arista Networks (NYSE:ANET) Shares Down 2.2% on Insider Selling

Arista Networks, Inc. (NYSE:ANET)’s stock price dropped 2.2% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $114.62 and last traded at $116.42. Approximately 2,124,512 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 5,349,315 shares. The stock had previously closed at $118.98.

Specifically, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total value of $892,080.00. Following the transaction, the director now directly owns 163,784 shares of the company’s stock, valued at approximately $18,263,553.84. The trade was a 4.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analyst Ratings Changes

Several analysts have recently weighed in on ANET shares. 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 note on Tuesday, October 8th. Wells Fargo & Company lifted their price target on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Evercore ISI increased their price objective on shares of Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Finally, The Goldman Sachs Group increased their price target on Arista Networks from $97.50 to $107.50 and gave the stock a “buy” rating in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and an average target price of $100.70.

Arista Networks Trading Down 3.0 %

The stock has a market capitalization of $145.39 billion, a PE ratio of 55.49, a P/E/G ratio of 3.21 and a beta of 1.08. The stock’s fifty day simple moving average is $105.45 and its 200-day simple moving average is $95.40.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.08. The business had revenue of $1.81 billion for 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 firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.41 earnings per share. As a group, analysts anticipate that Arista Networks, Inc. will post 1.96 earnings per share for the current fiscal year.

Institutional Trading of Arista Networks

A number of institutional investors and hedge funds have recently modified their holdings of ANET. Ameriprise Financial Inc. boosted its position in Arista Networks by 97.2% in 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 boosted its holdings in shares of Arista Networks by 39,841.1% in the 3rd quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock worth $3,358,850,000 after buying an additional 872,919 shares during the last quarter. 1832 Asset Management L.P. grew its position in Arista Networks by 4,160.9% during the second 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 increased its holdings in Arista Networks by 22.7% during the third quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock worth $1,021,228,000 after buying an additional 492,615 shares during the last quarter. Finally, State Street Corp raised its position in Arista Networks by 3.8% in 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. 82.47% of the stock is owned by hedge funds and other institutional investors.

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.