Arista Networks (NYSE:ANET) Releases Earnings Results

Arista Networks (NYSE:ANETGet Free Report) issued its earnings results on Monday. The technology company reported $2.08 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.38, Briefing.com reports. The business had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.53 billion. Arista Networks had a return on equity of 31.16% and a net margin of 33.97%. The business’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.25 EPS.

Arista Networks Trading Down 0.6 %

NYSE:ANET traded down $1.57 during trading hours on Monday, hitting $280.88. The company’s stock had a trading volume of 8,568,909 shares, compared to its average volume of 2,133,576. Arista Networks has a 52-week low of $130.08 and a 52-week high of $292.66. The stock has a market capitalization of $87.38 billion, a P/E ratio of 49.01, a price-to-earnings-growth ratio of 2.18 and a beta of 1.13. The stock has a fifty day moving average of $246.02 and a 200-day moving average of $211.15.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 5,305 shares of the company’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $216.67, for a total value of $1,149,434.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Jayshree Ullal sold 20,000 shares of the stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $217.00, for a total transaction of $4,340,000.00. Following the completion of the sale, the chief executive officer now owns 1,723,500 shares in the company, valued at $373,999,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Marc Taxay sold 5,305 shares of the stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $216.67, for a total transaction of $1,149,434.35. The disclosure for this sale can be found here. Insiders sold 187,534 shares of company stock worth $43,800,343 over the last 90 days. Corporate insiders own 18.99% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

A number of hedge funds have recently added to or reduced their stakes in ANET. Alaethes Wealth LLC increased its stake in shares of Arista Networks by 0.5% during the 1st quarter. Alaethes Wealth LLC now owns 14,715 shares of the technology company’s stock worth $2,470,000 after purchasing an additional 80 shares in the last quarter. Fairfield Bush & CO. increased its stake in shares of Arista Networks by 1.2% during the 2nd quarter. Fairfield Bush & CO. now owns 9,533 shares of the technology company’s stock worth $1,545,000 after purchasing an additional 109 shares in the last quarter. Bleakley Financial Group LLC grew its stake in Arista Networks by 2.7% in the 1st quarter. Bleakley Financial Group LLC now owns 4,659 shares of the technology company’s stock worth $782,000 after acquiring an additional 123 shares during the period. Steward Partners Investment Advisory LLC raised its holdings in Arista Networks by 0.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 16,308 shares of the technology company’s stock valued at $1,979,000 after acquiring an additional 144 shares during the last quarter. Finally, RMR Wealth Builders lifted its stake in shares of Arista Networks by 4.4% during the 4th quarter. RMR Wealth Builders now owns 3,440 shares of the technology company’s stock worth $417,000 after purchasing an additional 145 shares during the period. Institutional investors and hedge funds own 67.13% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on ANET shares. William Blair reiterated an “outperform” rating on shares of Arista Networks in a report on Tuesday, October 31st. Citigroup boosted their target price on Arista Networks from $220.00 to $300.00 and gave the company a “buy” rating in a research report on Thursday, December 14th. Melius Research raised Arista Networks from a “hold” rating to a “buy” rating and set a $300.00 target price on the stock in a research report on Monday, January 8th. JMP Securities boosted their target price on Arista Networks from $215.00 to $325.00 and gave the company a “market outperform” rating in a research report on Monday, February 5th. Finally, Piper Sandler boosted their target price on Arista Networks from $190.00 to $209.00 and gave the company a “neutral” rating in a research report on Friday, November 10th. Three equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $240.83.

Check Out Our Latest Analysis on Arista Networks

About Arista Networks

(Get Free Report)

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms.

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Earnings History for Arista Networks (NYSE:ANET)

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