Arista Networks (NYSE:ANET) Stock Price Down 1.3%

Shares of Arista Networks, Inc. (NYSE:ANET) dropped 1.3% on Tuesday . The company traded as low as $379.40 and last traded at $380.56. Approximately 450,140 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 2,302,772 shares. The stock had previously closed at $385.57.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ANET. UBS Group raised their price target on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 4th. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Citigroup boosted their price target on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Barclays boosted their price target on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Finally, Bank of America boosted their price target on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, June 20th. 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’s stock. According to MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and an average target price of $363.25.

Arista Networks Stock Performance

The business has a fifty day simple moving average of $342.05 and a 200 day simple moving average of $317.63. The company has a market cap of $120.79 billion, a P/E ratio of 53.75, a P/E/G ratio of 2.70 and a beta of 1.07.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations 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 was up 15.9% compared to the same quarter last year. During the same period last year, the firm earned $1.41 EPS. Equities research analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insider Activity at Arista Networks

In other news, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $357.00, for a total value of $8,925,000.00. Following the transaction, the chief executive officer now directly owns 1,595,800 shares in the company, valued at $569,700,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the transaction, the chief executive officer now owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Kelly Bodnar Battles sold 372 shares of the company’s stock in a transaction 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 sale, the director now owns 2,565 shares of the company’s stock, valued at approximately $915,038.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 107,361 shares of company stock valued at $38,024,123. Insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Hedge funds and other institutional investors have recently made changes to their positions in the business. GQG Partners LLC bought a new stake in Arista Networks during the first quarter valued at $881,848,000. Swedbank AB purchased a new stake in Arista Networks in the 1st quarter worth approximately $521,767,000. Vanguard Group Inc. lifted its stake in Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Arista Networks by 97.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after buying an additional 884,703 shares in the last quarter. Finally, 1832 Asset Management L.P. raised its position in Arista Networks by 4,160.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock worth $180,743,000 after purchasing an additional 503,597 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.