Arista Networks (NYSE:ANET) Trading Up 1%

Arista Networks, Inc. (NYSE:ANET) was up 1% during mid-day trading on Thursday . The company traded as high as $395.41 and last traded at $393.38. Approximately 268,625 shares traded hands during trading, a decline of 88% from the average daily volume of 2,265,229 shares. The stock had previously closed at $389.62.

Wall Street Analyst Weigh In

ANET has been the subject of several research reports. Jefferies Financial Group boosted their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Erste Group Bank reiterated a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Morgan Stanley raised their price target on Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Rosenblatt Securities upped their price objective on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. raised their target price on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. One equities research 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 MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and an average target price of $364.81.

Arista Networks Stock Performance

The company has a market cap of $122.11 billion, a P/E ratio of 54.27, a P/E/G ratio of 3.04 and a beta of 1.07. The firm’s fifty day moving average is $348.50 and its two-hundred day moving average is $322.59.

Arista Networks (NYSE:ANET) last released its earnings results 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 last year, the business posted $1.41 earnings per share. The firm’s revenue was up 15.9% on a year-over-year basis. On average, equities research analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insider Activity

In related news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction 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 completion of the transaction, the senior vice president now owns 3,244 shares in the company, valued at $1,202,550.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $342.28, for a total transaction of $684,560.00. Following the completion of the transaction, the director now directly owns 50,946 shares of the company’s stock, valued at approximately $17,437,796.88. The disclosure for this sale can be found here. Insiders have sold a total of 54,157 shares of company stock worth $19,291,193 over the last quarter. Insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Campbell & CO Investment Adviser LLC lifted its stake in Arista Networks by 21.1% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 3,688 shares of the technology company’s stock worth $869,000 after purchasing an additional 643 shares during the last quarter. CWA Asset Management Group LLC boosted its holdings in Arista Networks by 14.6% during the 4th quarter. CWA Asset Management Group LLC now owns 1,649 shares of the technology company’s stock valued at $388,000 after acquiring an additional 210 shares during the period. Belpointe Asset Management LLC bought a new position in Arista Networks in the 4th quarter valued at $816,000. CIBC Private Wealth Group LLC increased its stake in Arista Networks by 26.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 19,562 shares of the technology company’s stock worth $4,607,000 after purchasing an additional 4,059 shares during the period. Finally, Lake Street Advisors Group LLC bought a new stake in shares of Arista Networks during the fourth quarter worth $290,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Company Profile

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.