Arista Networks (NYSE:ANET) Stock Price Down 0.1% – What’s Next?

Arista Networks, Inc. (NYSE:ANET) shares dropped 0.1% during mid-day trading on Tuesday . The company traded as low as $110.74 and last traded at $111.30. Approximately 585,245 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 8,675,958 shares. The stock had previously closed at $111.45.

Wall Street Analyst Weigh In

ANET has been the topic of a number of research reports. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Piper Sandler restated 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. Evercore ISI lifted their target price on shares of Arista Networks from $100.00 to $106.25 and gave the company an “outperform” rating in a report on Tuesday, October 1st. Wells Fargo & Company boosted their price target on Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, UBS Group lifted their price objective on Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $100.70.

Arista Networks Stock Performance

The firm has a market cap of $139.24 billion, a PE ratio of 53.14, a price-to-earnings-growth ratio of 3.21 and a beta of 1.10. The stock has a 50-day simple moving average of $103.67 and a two-hundred day simple moving average of $94.17.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.08. The firm 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 firm’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.41 earnings per share. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 1.96 EPS for the current fiscal year.

Insider Buying and Selling at Arista Networks

In related news, CEO Jayshree Ullal sold 3,344 shares of the firm’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $96.67, for a total value of $323,264.48. Following the transaction, the chief executive officer now owns 70,724 shares of the company’s stock, valued at approximately $6,836,889.08. This trade represents a 4.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction that occurred on Monday, October 7th. The shares were sold at an average price of $98.67, for a total transaction of $7,893,800.00. Following the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,280,374.36. This represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 340,660 shares of company stock worth $35,609,360. Insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Institutional investors have recently bought and sold shares of the stock. GW Henssler & Associates Ltd. boosted its position in shares of Arista Networks by 3.6% in the third quarter. GW Henssler & Associates Ltd. now owns 63,244 shares of the technology company’s stock worth $24,274,000 after purchasing an additional 2,219 shares during the period. Deepwater Asset Management LLC bought a new position in Arista Networks in the 2nd quarter worth $15,084,000. Sumitomo Life Insurance Co. boosted its holdings in Arista Networks by 69.8% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 9,028 shares of the technology company’s stock worth $3,465,000 after buying an additional 3,711 shares during the period. Walkner Condon Financial Advisors LLC bought a new stake in Arista Networks during the third quarter valued at about $2,318,000. Finally, Greenleaf Trust lifted its position in shares of Arista Networks by 20.1% in the third quarter. Greenleaf Trust now owns 13,224 shares of the technology company’s stock valued at $5,076,000 after acquiring an additional 2,216 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

Arista Networks Company Profile

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.