Arista Networks (NYSE:ANET) Trading Down 0.7%

Shares of Arista Networks, Inc. (NYSE:ANET) dropped 0.7% during trading on Tuesday . The stock traded as low as $378.46 and last traded at $381.27. Approximately 273,434 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 2,277,824 shares. The stock had previously closed at $383.82.

Wall Street Analyst Weigh In

ANET has been the subject of a number of recent analyst reports. Morgan Stanley increased their target price 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. Bank of America increased their price objective 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. Citigroup boosted their target price on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, June 27th. UBS Group increased their price target on Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Finally, KeyCorp boosted their price objective on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. One equities 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. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus target price of $364.81.

Arista Networks Trading Up 0.2 %

The firm has a market cap of $120.53 billion, a price-to-earnings ratio of 53.08, a P/E/G ratio of 3.04 and a beta of 1.07. The firm’s 50-day moving average is $346.52 and its 200-day moving average is $321.38.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period last year, the company earned $1.41 earnings per share. The business’s revenue was up 15.9% on a year-over-year basis. Analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insider Activity

In related news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $370.70, for a total value of $7,414,000.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at approximately $1,202,550.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Jayshree Ullal sold 17,752 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $354.29, for a total value of $6,289,356.08. Following the transaction, the chief executive officer now owns 17,681 shares in the company, valued at approximately $6,264,201.49. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Kenneth Duda sold 20,000 shares of the firm’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $370.70, for a total value of $7,414,000.00. Following the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The disclosure for this sale can be found here. Insiders have sold 54,157 shares of company stock worth $19,291,193 over the last 90 days. 3.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted 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 purchasing an additional 1,596,040 shares during the last quarter. Capital World Investors lifted its holdings in Arista Networks by 0.5% during the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after purchasing an additional 55,312 shares during the last quarter. GQG Partners LLC bought a new position in Arista Networks during the first quarter worth about $881,848,000. Legal & General Group Plc raised its position in shares of Arista Networks by 0.9% in the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock valued at $769,560,000 after purchasing an additional 20,278 shares during the period. Finally, Swedbank AB purchased a new stake in shares of Arista Networks during the 1st quarter valued at approximately $521,767,000. 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.