Arista Networks (NYSE:ANET) Shares Up 4.7%

Arista Networks, Inc. (NYSE:ANET)’s share price was up 4.7% on Thursday . The company traded as high as $379.47 and last traded at $378.69. Approximately 494,338 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 2,308,045 shares. The stock had previously closed at $361.71.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ANET shares. Wells Fargo & Company raised their price objective on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. UBS Group raised their price objective on shares of Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a research note on Wednesday, September 4th. JPMorgan Chase & Co. raised their price objective on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Citigroup raised their price objective on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Finally, Morgan Stanley raised their price objective on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $358.63.

Arista Networks Price Performance

The business’s fifty day moving average is $340.70 and its 200-day moving average is $315.34. The firm has a market cap of $118.99 billion, a PE ratio of 52.93, a P/E/G ratio of 2.70 and a beta of 1.07.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The company’s revenue was up 15.9% on a year-over-year basis. During the same quarter last year, the company earned $1.41 earnings per share. Analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insider Activity

In other Arista Networks news, SVP Marc Taxay sold 624 shares of Arista Networks stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $354.71, for a total transaction of $221,339.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Arista Networks news, SVP Marc Taxay sold 624 shares of Arista Networks stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $354.71, for a total transaction of $221,339.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kelly Bodnar Battles sold 372 shares of Arista Networks stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $356.74, for a total transaction of $132,707.28. Following the transaction, the director now directly owns 2,565 shares in the company, valued at $915,038.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 107,361 shares of company stock worth $38,024,123. 3.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after acquiring an additional 1,596,040 shares in the last quarter. Capital World Investors increased its stake in shares of Arista Networks by 0.5% in the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after buying an additional 55,312 shares during the period. WCM Investment Management LLC increased its stake in shares of Arista Networks by 0.8% in the first quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock worth $884,270,000 after buying an additional 25,196 shares during the period. GQG Partners LLC purchased a new position in shares of Arista Networks in the first quarter worth $881,848,000. Finally, Legal & General Group Plc increased its stake in shares of Arista Networks by 0.9% in the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after buying an additional 20,278 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.