Arista Networks (NYSE:ANET) Stock Price Down 1.1% – What’s Next?

Shares of Arista Networks, Inc. (NYSE:ANET) traded down 1.1% during trading on Friday . The stock traded as low as $401.45 and last traded at $402.87. 352,442 shares were traded during mid-day trading, a decline of 84% from the average session volume of 2,232,552 shares. The stock had previously closed at $407.39.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Evercore ISI raised their price target on shares of Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Citigroup lifted their target price on shares of Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Morgan Stanley upped their price target on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. KeyCorp lifted their price objective on Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus price target of $369.50.

Arista Networks Stock Performance

The company has a market capitalization of $125.97 billion, a P/E ratio of 55.99, a PEG ratio of 3.21 and a beta of 1.07. The business has a fifty day moving average of $367.25 and a 200-day moving average of $331.59.

Arista Networks (NYSE:ANET) last released 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 firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period last year, the firm earned $1.41 earnings per share. Sell-side analysts anticipate that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insiders Place Their Bets

In related news, Director Kelly Bodnar Battles sold 216 shares of Arista Networks stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total transaction of $69,988.32. Following the transaction, the director now owns 2,726 shares of the company’s stock, valued at $883,278.52. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Kelly Bodnar Battles sold 216 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $324.02, for a total transaction of $69,988.32. Following the transaction, the director now directly owns 2,726 shares in the company, valued at approximately $883,278.52. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $394.69, for a total transaction of $7,893,800.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $1,280,374.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 58,197 shares of company stock valued at $21,326,894. Corporate insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

A number of hedge funds have recently bought and sold shares of ANET. UniSuper Management Pty Ltd raised its stake in shares of Arista Networks by 20.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock worth $10,535,000 after purchasing an additional 6,133 shares during the period. Central Pacific Bank Trust Division bought a new stake in Arista Networks in the first quarter worth about $1,405,000. M&G Plc purchased a new position in Arista Networks in the first quarter valued at about $3,238,000. Nordea Investment Management AB grew its position in shares of Arista Networks by 32.5% during the 1st quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after acquiring an additional 6,578 shares during the period. Finally, Deepwater Asset Management LLC purchased a new stake in shares of Arista Networks during the 2nd quarter worth approximately $15,084,000. 82.47% of the stock is currently owned by institutional investors.

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.