Arista Networks (NYSE:ANET) Shares Down 0.2%

Arista Networks, Inc. (NYSE:ANET) was down 0.2% during mid-day trading on Monday . The stock traded as low as $376.50 and last traded at $379.53. Approximately 125,675 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 2,283,221 shares. The stock had previously closed at $380.26.

Wall Street Analysts Forecast Growth

ANET has been the topic of several recent research reports. The Goldman Sachs Group raised their price target on Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Jefferies Financial Group increased their price target 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. Piper Sandler upped their target price on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Bank of America lifted their price target on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Finally, Rosenblatt Securities lifted their price objective on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $363.25.

Arista Networks Stock Performance

The business has a fifty day moving average of $345.69 and a 200-day moving average of $320.68. The company has a market capitalization of $119.84 billion, a P/E ratio of 52.86, a PEG ratio of 3.04 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 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter last year, the company earned $1.41 earnings per share. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. Sell-side analysts anticipate that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insiders Place Their Bets

In other news, Director Kelly Bodnar Battles sold 216 shares of the company’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total transaction of $69,988.32. Following the sale, the director now directly owns 2,726 shares in the company, valued at $883,278.52. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $5,624,679.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kelly Bodnar Battles sold 216 shares of the company’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 of the company’s stock, valued at $883,278.52. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,157 shares of company stock valued at $19,291,193. Company insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. FCG Investment Co boosted its stake in Arista Networks by 2.3% during the 2nd quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock valued at $445,000 after purchasing an additional 29 shares during the last quarter. Old Port Advisors grew its holdings in Arista Networks by 3.5% during the 1st quarter. Old Port Advisors now owns 955 shares of the technology company’s stock valued at $277,000 after buying an additional 32 shares in the last quarter. Fortitude Family Office LLC lifted its stake in Arista Networks by 33.3% in the 2nd quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock worth $46,000 after purchasing an additional 33 shares in the last quarter. Resonant Capital Advisors LLC increased its holdings in shares of Arista Networks by 4.1% in the second quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock worth $305,000 after purchasing an additional 34 shares during the last quarter. Finally, Modera Wealth Management LLC boosted its position in shares of Arista Networks by 2.1% during the 2nd quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock valued at $625,000 after acquiring an additional 37 shares during the last quarter. 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.