Arista Networks (NYSE:ANET) Trading 1.6% Higher – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET)’s share price rose 1.6% during trading on Wednesday . The company traded as high as $79.87 and last traded at $79.75. Approximately 1,546,927 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 8,850,457 shares. The stock had previously closed at $78.49.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ANET. Citigroup raised their price objective on shares of Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. The Goldman Sachs Group restated a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. Morgan Stanley upped their price objective on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Piper Sandler reissued a “neutral” rating and issued a $108.00 target price (up previously from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. Finally, Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Price Performance

The firm has a market cap of $102.06 billion, a PE ratio of 36.45, a PEG ratio of 3.10 and a beta of 1.30. The business has a 50-day moving average price of $97.45 and a two-hundred day moving average price of $101.75.

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

Insider Transactions at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 138,351 shares of Arista Networks stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the sale, the chief executive officer now directly owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. The trade was a 59.89 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $84.85, for a total value of $6,788,000.00. Following the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,101,013.60. This represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 491,001 shares of company stock valued at $49,112,111 over the last three months. 3.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Arista Networks

Hedge funds and other institutional investors have recently made changes to their positions in the business. Anchor Investment Management LLC increased its stake in shares of Arista Networks by 35.0% during the 3rd quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock valued at $52,000 after acquiring an additional 35 shares during the last quarter. LRI Investments LLC grew its holdings in Arista Networks by 3.1% in the third quarter. LRI Investments LLC now owns 1,368 shares of the technology company’s stock valued at $528,000 after purchasing an additional 41 shares during the period. Rehmann Capital Advisory Group increased its position in Arista Networks by 3.8% during the third quarter. Rehmann Capital Advisory Group now owns 1,177 shares of the technology company’s stock worth $453,000 after purchasing an additional 43 shares during the last quarter. Old North State Trust LLC raised its stake in Arista Networks by 6.9% during the third quarter. Old North State Trust LLC now owns 1,371 shares of the technology company’s stock worth $526,000 after purchasing an additional 89 shares during the period. Finally, Orion Portfolio Solutions LLC boosted its holdings in shares of Arista Networks by 0.8% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 12,723 shares of the technology company’s stock valued at $4,883,000 after purchasing an additional 97 shares during the last quarter. Hedge funds and other 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.