Arista Networks, Inc. (NYSE:ANET) Short Interest Down 6.7% in September

Arista Networks, Inc. (NYSE:ANET) was the recipient of a significant drop in short interest during the month of September. As of September 30th, there was short interest totalling 2,520,000 shares, a drop of 6.7% from the September 15th total of 2,700,000 shares. Based on an average daily trading volume, of 1,800,000 shares, the days-to-cover ratio is currently 1.4 days.

Arista Networks Stock Performance

Arista Networks stock traded up $7.65 during mid-day trading on Thursday, hitting $413.73. 70,703 shares of the company traded hands, compared to its average volume of 2,236,039. The stock has a fifty day moving average price of $364.47 and a 200-day moving average price of $330.06. The stock has a market cap of $129.65 billion, a price-to-earnings ratio of 56.59, a price-to-earnings-growth ratio of 3.21 and a beta of 1.07. Arista Networks has a one year low of $168.25 and a one year high of $422.73.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same period in the previous year, the business earned $1.41 earnings per share. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. Sell-side analysts predict that Arista Networks will post 7.38 EPS for the current year.

Insider Activity

In related 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 transaction of $264,675.84. Following the transaction, the chief executive officer now owns 17,681 shares of the company’s stock, valued at $5,624,679.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, SVP Marc Taxay sold 628 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $220,114.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at approximately $5,624,679.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 58,197 shares of company stock worth $21,326,894 over the last three months. 3.54% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arista Networks

A number of hedge funds have recently modified their holdings of the company. Benjamin Edwards Inc. bought a new stake in shares of Arista Networks in the first quarter worth about $26,000. Beacon Capital Management LLC raised its position in Arista Networks by 500.0% during the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after purchasing an additional 65 shares during the last quarter. LGT Financial Advisors LLC bought a new stake in shares of Arista Networks in the 2nd quarter worth approximately $27,000. Financial Synergies Wealth Advisors Inc. grew its position in shares of Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after buying an additional 96 shares during the last quarter. Finally, Byrne Asset Management LLC purchased a new position in shares of Arista Networks during the second quarter valued at approximately $33,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ANET. KeyCorp increased their price target on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Citigroup lifted their price target on shares of Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Jefferies Financial Group increased their price objective on Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Bank of America boosted their target price on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Finally, Barclays increased 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus target price of $369.50.

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.