Short Interest in Arista Networks, Inc. (NYSE:ANET) Expands By 10.3%

Arista Networks, Inc. (NYSE:ANET) saw a significant growth in short interest in November. As of November 15th, there was short interest totalling 3,000,000 shares, a growth of 10.3% from the October 31st total of 2,720,000 shares. Based on an average daily trading volume, of 1,840,000 shares, the short-interest ratio is presently 1.6 days.

Arista Networks Stock Performance

ANET stock traded up $2.08 during mid-day trading on Wednesday, reaching $105.70. The company had a trading volume of 2,016,239 shares, compared to its average volume of 8,879,247. The company has a market capitalization of $33.29 billion, a price-to-earnings ratio of 12.55, a price-to-earnings-growth ratio of 3.09 and a beta of 1.10. The firm has a fifty day simple moving average of $397.74 and a 200 day simple moving average of $358.46. Arista Networks has a fifty-two week low of $53.12 and a fifty-two week high of $108.97.

Arista Networks (NYSE:ANET) last issued its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.08. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter last year, the company earned $0.41 EPS. The business’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, analysts predict that Arista Networks will post 7.79 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Piper Sandler reaffirmed a “neutral” rating and set a $105.25 price objective (up from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. Rosenblatt Securities boosted their price objective on shares of Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a report on Friday, November 8th. Wells Fargo & Company boosted their price objective on shares of Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Barclays lifted their target price on shares of Arista Networks from $85.25 to $123.75 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, Citigroup lifted their target price on shares of Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $98.80.

Insider Buying and Selling

In other news, Director Kelly Bodnar Battles sold 1,488 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $89.19, for a total transaction of $132,707.28. Following the transaction, the director now directly owns 10,260 shares of the company’s stock, valued at approximately $915,038.10. This trade represents a 12.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Marc Taxay sold 2,496 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $97.09, for a total value of $242,342.88. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 279,432 shares of company stock worth $27,997,541. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently made changes to their positions in the business. GW Henssler & Associates Ltd. increased its position in Arista Networks by 3.6% during the third quarter. GW Henssler & Associates Ltd. now owns 63,244 shares of the technology company’s stock worth $24,274,000 after buying an additional 2,219 shares during the period. Deepwater Asset Management LLC purchased a new stake in shares of Arista Networks in the second quarter valued at approximately $15,084,000. Sumitomo Life Insurance Co. boosted its stake in shares of Arista Networks by 69.8% in the third quarter. Sumitomo Life Insurance Co. now owns 9,028 shares of the technology company’s stock valued at $3,465,000 after buying an additional 3,711 shares in the last quarter. Walkner Condon Financial Advisors LLC purchased a new stake in shares of Arista Networks in the third quarter valued at approximately $2,318,000. Finally, Cetera Advisors LLC boosted its stake in shares of Arista Networks by 185.8% in the first quarter. Cetera Advisors LLC now owns 17,032 shares of the technology company’s stock valued at $4,939,000 after buying an additional 11,073 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

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.