Arista Networks (NYSE:ANET) Shares Down 2%

Arista Networks, Inc. (NYSE:ANET) traded down 2% during mid-day trading on Monday . The stock traded as low as $351.47 and last traded at $352.55. 208,730 shares traded hands during trading, a decline of 91% from the average session volume of 2,328,789 shares. The stock had previously closed at $359.76.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Morgan Stanley raised their price target on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. Needham & Company LLC restated a “buy” rating and set a $375.00 target price on shares of Arista Networks in a research report on Wednesday, July 31st. Jefferies Financial Group increased their price target on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. UBS Group boosted their price objective on shares of Arista Networks from $285.00 to $369.00 and gave the stock a “neutral” rating in a report on Wednesday, September 4th. Finally, Rosenblatt Securities increased their target price on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $358.63.

Arista Networks Stock Performance

The business has a 50-day moving average of $341.07 and a 200 day moving average of $313.92. The stock has a market cap of $112.83 billion, a PE ratio of 49.79, a PEG ratio of 2.70 and a beta of 1.07.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The company’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.41 earnings per share. Equities analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insider Buying and Selling at Arista Networks

In related news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the transaction, the chief executive officer now directly owns 1,600,800 shares in the company, valued at $555,477,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the transaction, the chief executive officer now owns 1,600,800 shares of the company’s stock, valued at $555,477,600. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $352.93, for a total transaction of $705,860.00. Following the sale, the director now directly owns 52,946 shares of the company’s stock, valued at $18,686,231.78. The disclosure for this sale can be found here. In the last three months, insiders sold 106,989 shares of company stock worth $37,891,416. Insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

A number of large investors have recently modified their holdings of ANET. UniSuper Management Pty Ltd lifted its holdings in shares of Arista Networks by 20.3% during the 1st quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock valued at $10,535,000 after acquiring an additional 6,133 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Arista Networks by 7.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company’s stock worth $12,082,000 after purchasing an additional 3,763 shares in the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of Arista Networks in the first quarter worth about $1,405,000. M&G Plc acquired a new stake in shares of Arista Networks in the first quarter valued at about $3,238,000. Finally, Nordea Investment Management AB raised its holdings in shares of Arista Networks by 32.5% during the 1st quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after buying an additional 6,578 shares during the period. 82.47% of the stock is currently owned by hedge funds and other 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.