Arista Networks (NYSE:ANET) Stock Price Up 2.1%

Arista Networks, Inc. (NYSE:ANET)’s stock price shot up 2.1% during trading on Tuesday . The company traded as high as $368.14 and last traded at $366.64. 333,338 shares were traded during mid-day trading, a decline of 86% from the average session volume of 2,320,935 shares. The stock had previously closed at $359.16.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ANET shares. Evercore ISI reaffirmed an “outperform” rating and set a $400.00 price objective on shares of Arista Networks in a research report on Friday. Jefferies Financial Group raised their price target on Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $375.00 price objective on shares of Arista Networks in a research note on Wednesday, July 31st. Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Finally, Morgan Stanley raised their price objective on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $358.63.

Arista Networks Price Performance

The firm’s 50-day moving average price is $340.84 and its 200-day moving average price is $314.50. The company has a market cap of $113.11 billion, a price-to-earnings ratio of 50.50, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.41 EPS. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Kenneth Duda sold 1,689 shares of Arista Networks stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $321.28, for a total transaction of $542,641.92. Following the sale, the senior vice president now owns 182,600 shares in the company, valued at $58,665,728. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $318.12, for a total transaction of $264,675.84. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at $5,624,679.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 1,689 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $321.28, for a total transaction of $542,641.92. Following the transaction, the senior vice president now directly owns 182,600 shares in the company, valued at approximately $58,665,728. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 106,989 shares of company stock valued at $37,891,416. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

A number of institutional investors have recently added to or reduced their stakes in ANET. GQG Partners LLC bought a new stake in Arista Networks during the first quarter worth approximately $881,848,000. Norges Bank bought a new stake in shares of Arista Networks during the 4th quarter worth $586,051,000. Swedbank AB acquired a new position in shares of Arista Networks in the 1st quarter worth $521,767,000. Vanguard Group Inc. raised its position in shares of Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in shares of Arista Networks by 97.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after purchasing an additional 884,703 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.