Arista Networks (NYSE:ANET) Stock Price Down 6% – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET) was down 6% during mid-day trading on Tuesday . The stock traded as low as $382.31 and last traded at $388.50. Approximately 1,373,683 shares traded hands during trading, a decline of 39% from the average daily volume of 2,236,208 shares. The stock had previously closed at $413.47.

Wall Street Analysts Forecast Growth

ANET has been the topic of a number of analyst reports. Morgan Stanley lifted their price objective on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Citigroup upped their price objective on Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. KeyCorp raised their target price on Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. UBS Group increased their price target on shares of Arista Networks from $285.00 to $369.00 and gave the company a “neutral” rating in a report on Wednesday, September 4th. Finally, Barclays boosted their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and an average target price of $369.50.

Arista Networks Stock Performance

The business has a 50-day moving average of $361.31 and a 200 day moving average of $328.80. The stock has a market cap of $122.82 billion, a PE ratio of 53.76, a PEG ratio of 3.21 and a beta of 1.07.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data 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 net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the previous year, the business posted $1.41 earnings per share. The company’s revenue was up 15.9% on a year-over-year basis. Equities analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insider Transactions at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $394.69, for a total value of $7,893,800.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at $1,280,374.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction on Monday, October 7th. The shares were sold at an average price of $394.69, for a total value of $7,893,800.00. Following the transaction, the senior vice president now owns 3,244 shares in the company, valued at $1,280,374.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $342.28, for a total value of $684,560.00. Following the sale, the director now owns 50,946 shares of the company’s stock, valued at approximately $17,437,796.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 58,197 shares of company stock worth $21,326,894 over the last quarter. 3.54% of the stock is currently owned by insiders.

Institutional Trading of Arista Networks

A number of institutional investors have recently modified their holdings of the company. von Borstel & Associates Inc. purchased a new stake in Arista Networks during the 3rd quarter worth $282,000. Creative Planning lifted its stake in shares of Arista Networks by 13.1% during the third quarter. Creative Planning now owns 109,174 shares of the technology company’s stock worth $41,903,000 after purchasing an additional 12,612 shares in the last quarter. Wesbanco Bank Inc. boosted its position in shares of Arista Networks by 10.0% in the third quarter. Wesbanco Bank Inc. now owns 1,102 shares of the technology company’s stock worth $423,000 after buying an additional 100 shares during the period. ORG Partners LLC grew its stake in shares of Arista Networks by 186.0% in the third quarter. ORG Partners LLC now owns 143 shares of the technology company’s stock valued at $55,000 after buying an additional 93 shares in the last quarter. Finally, Empirical Asset Management LLC raised its holdings in shares of Arista Networks by 32.5% during the 3rd quarter. Empirical Asset Management LLC now owns 9,468 shares of the technology company’s stock valued at $3,634,000 after buying an additional 2,321 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

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.