Arista Networks (NYSE:ANET) Trading Up 2.2% – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET)’s share price was up 2.2% during mid-day trading on Monday . The stock traded as high as $116.04 and last traded at $114.83. Approximately 2,608,847 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 8,805,212 shares. The stock had previously closed at $112.37.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Wells Fargo & Company upped their price target on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. UBS Group increased their target price on shares of Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a report on Friday, November 8th. Rosenblatt Securities boosted their price target on Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a report on Friday, November 8th. Piper Sandler reiterated a “neutral” rating and issued a $105.25 price objective (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Finally, Citigroup boosted their target price on Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $98.88.

Arista Networks Stock Performance

The stock has a 50-day moving average of $101.11 and a two-hundred day moving average of $91.28. The company has a market cap of $146.80 billion, a P/E ratio of 55.07, a price-to-earnings-growth ratio of 3.21 and a beta of 1.10.

Arista Networks (NYSE:ANET) last issued its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.08. The business had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The business’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.41 earnings per share. Research analysts predict that Arista Networks, Inc. will post 1.96 EPS for the current year.

Insider Activity

In other Arista Networks news, SVP Marc Taxay sold 2,496 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $97.09, for a total transaction of $242,342.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $98.67, for a total transaction of $7,893,800.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares in the company, valued at $1,280,374.36. This trade represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 353,476 shares of company stock valued at $36,841,998 over the last ninety days. 3.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently modified their holdings of ANET. Beacon Capital Management LLC lifted its position in shares of 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 buying an additional 65 shares in the last quarter. LGT Financial Advisors LLC purchased a new position in Arista Networks during the second quarter valued at approximately $27,000. Byrne Asset Management LLC bought a new position in shares of Arista Networks in the second quarter worth approximately $33,000. Anchor Investment Management LLC bought a new stake in shares of Arista Networks during the 2nd quarter valued at $35,000. Finally, MidAtlantic Capital Management Inc. purchased a new position in shares of Arista Networks during the 3rd quarter valued at $44,000. 82.47% of the stock is currently owned by hedge funds and other 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.