Arista Networks, Inc. (NYSE:ANET) Short Interest Update

Arista Networks, Inc. (NYSE:ANET) was the recipient of a significant decrease in short interest in August. As of August 31st, there was short interest totalling 2,470,000 shares, a decrease of 5.7% from the August 15th total of 2,620,000 shares. Based on an average daily volume of 2,080,000 shares, the short-interest ratio is presently 1.2 days.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Piper Sandler boosted their price objective on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. Jefferies Financial Group raised their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Barclays increased their price target on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Finally, Morgan Stanley upped their price target on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $358.63.

Insider Buying and Selling

In other news, Director Kelly Bodnar Battles sold 372 shares of the company’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 sale, the director now directly owns 2,565 shares in the company, valued at approximately $915,038.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Kelly Bodnar Battles sold 372 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $356.74, for a total transaction 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 at the SEC website. Also, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the transaction, the chief executive officer now directly owns 1,600,800 shares of the company’s stock, valued at $555,477,600. The disclosure for this sale can be found here. Insiders sold 107,361 shares of company stock valued at $38,024,123 over the last quarter. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Several hedge funds have recently bought and sold shares of ANET. Vanguard Group Inc. raised its stake in Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after buying an additional 1,596,040 shares during the period. Capital World Investors increased its holdings in shares of Arista Networks by 0.5% during the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after acquiring an additional 55,312 shares during the last quarter. WCM Investment Management LLC raised its stake in Arista Networks by 0.8% in the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after acquiring an additional 25,196 shares during the period. GQG Partners LLC acquired a new stake in Arista Networks during the 1st quarter valued at $881,848,000. Finally, Legal & General Group Plc boosted its position in Arista Networks by 0.9% during the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after purchasing an additional 20,278 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of NYSE ANET opened at $361.70 on Thursday. The stock has a market capitalization of $113.34 billion, a PE ratio of 50.38, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. Arista Networks has a 52 week low of $168.25 and a 52 week high of $376.50. The stock has a 50 day moving average price of $340.70 and a 200 day moving average price of $315.34.

Arista Networks (NYSE:ANET) last posted its quarterly 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 net margin of 39.01% and a return on equity of 30.50%. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period in the prior year, the firm posted $1.41 earnings per share. The company’s quarterly revenue was up 15.9% compared to the same quarter last year. As a group, research analysts forecast that Arista Networks will post 7.38 EPS for the current year.

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.