Arista Networks (NYSE:ANET) Trading Down 0.6% – Here’s Why

Arista Networks, Inc. (NYSE:ANET) fell 0.6% on Wednesday . The company traded as low as $82.35 and last traded at $83.52. 2,753,469 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 8,629,769 shares. The stock had previously closed at $83.99.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ANET. UBS Group raised Arista Networks from a “neutral” rating to a “buy” rating and increased their price target for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. Piper Sandler reaffirmed a “neutral” rating and set a $108.00 target price (up from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. Rosenblatt Securities reissued a “sell” rating and issued a $80.00 price target on shares of Arista Networks in a report on Tuesday, February 18th. Evercore ISI increased their price target on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Finally, StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $114.00.

Arista Networks Price Performance

The stock has a market cap of $102.64 billion, a P/E ratio of 36.81, a PEG ratio of 3.10 and a beta of 1.08. The firm’s fifty day moving average price is $103.15 and its two-hundred day moving average price is $101.64.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. The business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. On average, research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the company’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 completion of the sale, the director now owns 163,784 shares of the company’s stock, valued at $18,263,553.84. This represents a 4.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,101,013.60. The trade was a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 491,001 shares of company stock worth $49,112,111. Corporate insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Anchor Investment Management LLC increased its stake in Arista Networks by 35.0% in the 3rd quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock worth $52,000 after purchasing an additional 35 shares during the period. Freedom Investment Management Inc. increased its stake in shares of Arista Networks by 2.3% in the third quarter. Freedom Investment Management Inc. now owns 1,621 shares of the technology company’s stock worth $622,000 after buying an additional 36 shares during the period. LRI Investments LLC raised its holdings in Arista Networks by 3.1% during the 3rd quarter. LRI Investments LLC now owns 1,368 shares of the technology company’s stock valued at $528,000 after buying an additional 41 shares during the last quarter. Rehmann Capital Advisory Group boosted its position in Arista Networks by 3.8% during the 3rd quarter. Rehmann Capital Advisory Group now owns 1,177 shares of the technology company’s stock valued at $453,000 after buying an additional 43 shares during the period. Finally, Brooklyn Investment Group grew its holdings in Arista Networks by 3.3% in the 3rd quarter. Brooklyn Investment Group now owns 1,862 shares of the technology company’s stock worth $715,000 after acquiring an additional 59 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

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.