Arista Networks (NYSE:ANET) Stock Price Down 2%

Shares of Arista Networks, Inc. (NYSE:ANET) traded down 2% on Monday . The company traded as low as $351.47 and last traded at $352.55. 208,730 shares were traded during trading, a decline of 91% from the average session volume of 2,328,789 shares. The stock had previously closed at $359.76.

Analyst Ratings Changes

Several research analysts have recently issued reports on ANET shares. Rosenblatt Securities upped their target price on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. UBS Group upped their target price on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. Morgan Stanley lifted their price target on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. Piper Sandler increased their price objective on Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, July 15th. Finally, Barclays lifted their target price on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $358.63.

Arista Networks Stock Performance

The company has a 50-day simple moving average of $340.74 and a 200-day simple moving average of $315.02. The company has a market cap of $113.34 billion, a price-to-earnings ratio of 50.33, a PEG ratio of 2.70 and a beta of 1.07.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the prior year, the business posted $1.41 earnings per share. Arista Networks’s revenue was up 15.9% compared to the same quarter last year. As a group, equities research analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insider Activity

In related news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $347.00, for a total value of $8,675,000.00. Following the sale, the chief executive officer now directly owns 1,600,800 shares of the company’s stock, valued at approximately $555,477,600. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $347.00, for a total value of $8,675,000.00. Following the sale, the chief executive officer now directly owns 1,600,800 shares of the company’s stock, valued at approximately $555,477,600. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Marc Taxay sold 624 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $354.71, for a total transaction of $221,339.04. The disclosure for this sale can be found here. Insiders sold 107,361 shares of company stock worth $38,024,123 in the last 90 days. 3.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Arista Networks

Several hedge funds have recently modified their holdings of the stock. Beacon Capital Management LLC grew its stake in Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after buying an additional 65 shares during the period. LGT Financial Advisors LLC purchased a new stake in Arista Networks during the second quarter worth approximately $27,000. Benjamin Edwards Inc. purchased a new stake in Arista Networks during the first quarter worth approximately $26,000. Byrne Asset Management LLC purchased a new stake in Arista Networks during the second quarter worth approximately $33,000. Finally, Sugarloaf Wealth Management LLC purchased a new stake in Arista Networks during the second quarter worth approximately $35,000. 82.47% of the stock is owned by institutional investors and hedge funds.

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.