Arista Networks (NYSE:ANET) Stock Price Up 1.9% – Here’s Why

Arista Networks, Inc. (NYSE:ANET) was up 1.9% during trading on Wednesday . The company traded as high as $134.44 and last traded at $132.5440. Approximately 5,828,556 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 9,862,984 shares. The stock had previously closed at $130.04.

Wall Street Analyst Weigh In

ANET has been the subject of several recent analyst reports. Rosenblatt Securities restated a “neutral” rating and issued a $140.00 price target on shares of Arista Networks in a research note on Monday, November 24th. Zacks Research lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. UBS Group reaffirmed a “buy” rating and set a $155.00 target price on shares of Arista Networks in a research note on Wednesday, December 3rd. Melius Research boosted their price target on shares of Arista Networks from $160.00 to $185.00 and gave the stock a “buy” rating in a research note on Friday, September 12th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Arista Networks from $150.00 to $175.00 and gave the company an “overweight” rating in a report on Friday, September 12th. Eighteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $164.31.

Arista Networks Stock Down 7.1%

The business’s fifty day moving average is $138.96 and its two-hundred day moving average is $126.44. The stock has a market capitalization of $157.20 billion, a PE ratio of 47.46, a price-to-earnings-growth ratio of 2.57 and a beta of 1.41.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.72 by $0.03. Arista Networks had a net margin of 39.73% and a return on equity of 30.28%. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.26 billion. During the same quarter last year, the business earned $2.40 earnings per share. Arista Networks’s quarterly revenue was up 27.5% compared to the same quarter last year. Sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Insider Activity at Arista Networks

In other news, Director Charles H. Giancarlo sold 58,000 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $148.42, for a total value of $8,608,360.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $128.61, for a total value of $3,858,300.00. Following the completion of the transaction, the insider owned 12,976 shares of the company’s stock, valued at approximately $1,668,843.36. This trade represents a 69.81% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 274,464 shares of company stock valued at $38,250,488. Insiders own 3.39% of the company’s stock.

Institutional Trading of Arista Networks

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Penobscot Investment Management Company Inc. boosted its position in Arista Networks by 7.8% during the second quarter. Penobscot Investment Management Company Inc. now owns 39,073 shares of the technology company’s stock valued at $3,998,000 after purchasing an additional 2,815 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Arista Networks by 1.2% during the second quarter. Vanguard Group Inc. now owns 98,993,100 shares of the technology company’s stock valued at $10,127,984,000 after buying an additional 1,136,167 shares during the last quarter. Soltis Investment Advisors LLC lifted its position in shares of Arista Networks by 99.3% during the second quarter. Soltis Investment Advisors LLC now owns 40,428 shares of the technology company’s stock valued at $4,136,000 after buying an additional 20,141 shares during the last quarter. Wedge Capital Management L L P NC bought a new stake in shares of Arista Networks in the 2nd quarter valued at about $212,000. Finally, OMNI 360 Wealth Inc. grew its position in shares of Arista Networks by 71.5% in the 2nd quarter. OMNI 360 Wealth Inc. now owns 4,804 shares of the technology company’s stock worth $491,000 after buying an additional 2,003 shares during the last quarter. 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.