Arista Networks (NYSE:ANET) Shares Down 0.2%

Arista Networks, Inc. (NYSE:ANET)’s share price was down 0.2% on Thursday . The stock traded as low as $386.82 and last traded at $387.50. Approximately 397,577 shares traded hands during trading, a decline of 83% from the average daily volume of 2,291,942 shares. The stock had previously closed at $388.21.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. KeyCorp upped their target price on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. JPMorgan Chase & Co. raised their target price 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. Piper Sandler upped their price target on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. Citigroup lifted their price objective on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Finally, Jefferies Financial Group raised their price target on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $363.25.

Arista Networks Price Performance

The company has a market cap of $121.61 billion, a PE ratio of 53.92, a price-to-earnings-growth ratio of 3.04 and a beta of 1.07. The business has a fifty day simple moving average of $343.63 and a two-hundred day simple moving average of $318.91.

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

Insider Activity at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 372 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $356.74, for a total transaction of $132,707.28. Following the transaction, the director now owns 2,565 shares in the company, valued at approximately $915,038.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Kelly Bodnar Battles sold 372 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $356.74, for a total value of $132,707.28. Following the transaction, 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 SEC, which is available through this link. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $370.70, for a total transaction of $7,414,000.00. Following the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The disclosure for this sale can be found here. Insiders sold 82,361 shares of company stock valued at $29,349,123 over the last 90 days. Insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

A number of institutional investors have recently modified their holdings of the stock. Benjamin Edwards Inc. purchased a new stake in shares of Arista Networks during the 1st quarter worth about $26,000. Beacon Capital Management LLC grew its holdings in Arista Networks by 500.0% in the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after purchasing an additional 65 shares during the period. LGT Financial Advisors LLC purchased a new stake in shares of Arista Networks in the second quarter valued at approximately $27,000. Financial Synergies Wealth Advisors Inc. increased its position in shares of Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after buying an additional 96 shares in the last quarter. Finally, Byrne Asset Management LLC acquired a new position in shares of Arista Networks during the 2nd quarter worth approximately $33,000. 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.