Arista Networks (NYSE:ANET) Shares Up 0.6%

Arista Networks, Inc. (NYSE:ANET)’s share price rose 0.6% during trading on Monday . The company traded as high as $390.00 and last traded at $386.64. Approximately 383,898 shares changed hands during trading, a decline of 83% from the average daily volume of 2,307,668 shares. The stock had previously closed at $384.46.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Rosenblatt Securities raised their price objective on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. upped their price target on Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Piper Sandler lifted their price target on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Finally, UBS Group upped their price objective on Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $358.63.

Arista Networks Price Performance

The firm has a market capitalization of $120.93 billion, a P/E ratio of 53.75, a PEG ratio of 2.70 and a beta of 1.07. The firm’s fifty day moving average price is $341.55 and its 200-day moving average price is $316.93.

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

Insider Activity

In other Arista Networks news, Director Kelly Bodnar Battles sold 372 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $356.74, for a total value of $132,707.28. Following the completion of the sale, the director now owns 2,565 shares in the company, valued at approximately $915,038.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction on Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the transaction, the chief executive officer now directly owns 1,595,800 shares of the company’s stock, valued at $569,700,600. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Kelly Bodnar Battles sold 372 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $356.74, for a total value of $132,707.28. Following the completion of the sale, the director now owns 2,565 shares in the company, valued at $915,038.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 107,361 shares of company stock worth $38,024,123. 3.54% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arista Networks

A number of institutional investors and hedge funds have recently modified their holdings of the company. FCG Investment Co increased its holdings in shares of Arista Networks by 2.3% during the second quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock worth $445,000 after buying an additional 29 shares in the last quarter. Old Port Advisors boosted its stake in Arista Networks by 3.5% during the 1st quarter. Old Port Advisors now owns 955 shares of the technology company’s stock valued at $277,000 after purchasing an additional 32 shares during the last quarter. Fortitude Family Office LLC grew its holdings in Arista Networks by 33.3% during the second quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock worth $46,000 after buying an additional 33 shares in the last quarter. Resonant Capital Advisors LLC raised its holdings in shares of Arista Networks by 4.1% in the second quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock valued at $305,000 after purchasing an additional 34 shares during the last quarter. Finally, Modera Wealth Management LLC lifted its position in shares of Arista Networks by 2.1% during the 2nd quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock worth $625,000 after buying an additional 37 shares in the last quarter. 82.47% of the stock is owned by 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.