Arista Networks (NYSE:ANET) Stock Price Up 0.9%

Arista Networks, Inc. (NYSE:ANET)’s share price rose 0.9% on Friday . The company traded as high as $270.25 and last traded at $267.07. Approximately 875,107 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 2,462,189 shares. The stock had previously closed at $264.76.

Wall Street Analysts Forecast Growth

ANET has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their price objective on shares of Arista Networks from $225.00 to $310.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. JPMorgan Chase & Co. increased their price objective on shares of Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Melius Research upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and set a $300.00 target price on the stock in a research note on Monday, January 8th. JMP Securities restated a “market outperform” rating and issued a $325.00 target price on shares of Arista Networks in a research note on Tuesday, February 13th. Finally, Morgan Stanley upped their target price on shares of Arista Networks from $230.00 to $272.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $275.59.

Arista Networks Price Performance

The stock’s fifty day simple moving average is $279.04 and its 200-day simple moving average is $246.38. The firm has a market cap of $82.71 billion, a PE ratio of 40.65, a PEG ratio of 2.18 and a beta of 1.09.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.38. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The business had revenue of $1.54 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter last year, the company posted $1.25 earnings per share. The business’s quarterly revenue was up 20.8% on a year-over-year basis. Analysts expect that Arista Networks, Inc. will post 6.7 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Yvonne Wassenaar sold 224 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $255.29, for a total transaction of $57,184.96. Following the completion of the transaction, the director now owns 2,827 shares of the company’s stock, valued at $721,704.83. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Yvonne Wassenaar sold 224 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $255.29, for a total transaction of $57,184.96. Following the sale, the director now owns 2,827 shares in the company, valued at $721,704.83. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $286.52, for a total transaction of $573,040.00. Following the sale, the director now owns 60,946 shares in the company, valued at approximately $17,462,247.92. The disclosure for this sale can be found here. Insiders sold a total of 333,494 shares of company stock valued at $95,632,321 over the last 90 days. Insiders own 18.99% of the company’s stock.

Institutional Trading of Arista Networks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ANET. Flagship Harbor Advisors LLC acquired a new stake in shares of Arista Networks in the third quarter valued at about $204,000. DAVENPORT & Co LLC raised its stake in Arista Networks by 6.1% during the third quarter. DAVENPORT & Co LLC now owns 6,179 shares of the technology company’s stock worth $1,137,000 after purchasing an additional 354 shares during the period. Exchange Traded Concepts LLC raised its stake in Arista Networks by 74.7% during the third quarter. Exchange Traded Concepts LLC now owns 14,070 shares of the technology company’s stock worth $2,588,000 after purchasing an additional 6,014 shares during the period. Caprock Group LLC raised its stake in Arista Networks by 6.5% during the third quarter. Caprock Group LLC now owns 5,238 shares of the technology company’s stock worth $963,000 after purchasing an additional 320 shares during the period. Finally, Czech National Bank raised its stake in Arista Networks by 48.3% during the third quarter. Czech National Bank now owns 43,834 shares of the technology company’s stock worth $8,062,000 after purchasing an additional 14,274 shares during the period. Institutional investors and hedge funds 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.