Arista Networks (NYSE:ANET) Stock Price Down 2.3% – Should You Sell?

Arista Networks, Inc. (NYSE:ANET)’s share price dropped 2.3% during mid-day trading on Monday . The stock traded as low as $109.57 and last traded at $110.40. Approximately 803,038 shares changed hands during trading, a decline of 91% from the average daily volume of 8,697,040 shares. The stock had previously closed at $113.03.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ANET shares. The Goldman Sachs Group raised their price objective on Arista Networks from $97.50 to $107.50 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Piper Sandler restated a “neutral” rating and set a $105.25 price target (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Barclays dropped their target price on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 4th. Citigroup boosted their target price on Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Finally, StockNews.com downgraded Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $100.70.

Arista Networks Trading Down 1.1 %

The company’s fifty day moving average is $103.47 and its 200 day moving average is $93.97. The company has a market capitalization of $140.80 billion, a P/E ratio of 53.74, a P/E/G ratio of 3.21 and a beta of 1.10.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.08. The company had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.41 earnings per share. Equities research analysts predict that Arista Networks, Inc. will post 1.96 EPS for the current year.

Insider Activity

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $95.63, for a total transaction of $765,040.00. Following the transaction, the director now owns 187,784 shares in the company, valued at approximately $17,957,783.92. This represents a 4.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Marc Taxay sold 2,496 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $97.09, for a total value of $242,342.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 353,476 shares of company stock worth $36,841,998. 3.54% of the stock is currently owned by insiders.

Institutional Trading of Arista Networks

Hedge funds have recently made changes to their positions in the stock. Rothschild Investment LLC purchased a new stake in shares of Arista Networks during the second quarter valued at approximately $206,000. Concurrent Investment Advisors LLC boosted its position in shares of Arista Networks by 13.1% during the second quarter. Concurrent Investment Advisors LLC now owns 2,094 shares of the technology company’s stock valued at $734,000 after buying an additional 243 shares during the last quarter. IFG Advisory LLC bought a new stake in Arista Networks in the 2nd quarter worth about $299,000. Commonwealth Equity Services LLC raised its position in Arista Networks by 4.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 120,387 shares of the technology company’s stock worth $42,193,000 after buying an additional 5,438 shares during the last quarter. Finally, Sage Mountain Advisors LLC lifted its stake in Arista Networks by 10.9% during the 2nd quarter. Sage Mountain Advisors LLC now owns 785 shares of the technology company’s stock valued at $275,000 after acquiring an additional 77 shares during the period. 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.