Short Interest in Arista Networks, Inc. (NYSE:ANET) Grows By 272.0%

Arista Networks, Inc. (NYSE:ANET) was the recipient of a significant growth in short interest in November. As of November 30th, there was short interest totalling 11,160,000 shares, a growth of 272.0% from the November 15th total of 3,000,000 shares. Based on an average daily trading volume, of 7,390,000 shares, the short-interest ratio is presently 1.5 days.

Arista Networks Stock Up 2.4 %

ANET traded up $2.47 during trading on Wednesday, hitting $107.25. The company had a trading volume of 4,755,792 shares, compared to its average volume of 8,848,114. The firm’s 50-day moving average price is $100.46 and its 200 day moving average price is $90.61. Arista Networks has a one year low of $56.34 and a one year high of $110.74. The company has a market capitalization of $135.11 billion, a PE ratio of 51.60, a PEG ratio of 3.24 and a beta of 1.10.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, beating 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 company had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter last year, the company earned $0.41 EPS. Arista Networks’s revenue for the quarter was up 20.0% compared to the same quarter last year. Sell-side analysts forecast that Arista Networks will post 1.96 earnings per share for the current year.

Insider Buying and Selling

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,488 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $89.19, for a total value of $132,707.28. Following the completion of the sale, the director now owns 10,260 shares in the company, valued at $915,038.10. This represents a 12.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Marc Taxay sold 2,496 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $97.09, for a total transaction of $242,342.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 354,964 shares of company stock worth $36,974,705. Corporate insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ANET. Beacon Capital Management LLC grew its stake in Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after buying an additional 65 shares during the last quarter. LGT Financial Advisors LLC bought a new position in shares of Arista Networks during the second quarter worth approximately $27,000. Byrne Asset Management LLC acquired a new stake in Arista Networks during the 2nd quarter worth approximately $33,000. Brown Lisle Cummings Inc. bought a new stake in Arista Networks in the 2nd quarter valued at $35,000. Finally, Anchor Investment Management LLC acquired a new position in Arista Networks in the 2nd quarter valued at $35,000. 82.47% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on ANET. Wells Fargo & Company upped their price target on Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. The Goldman Sachs Group upped their target price on Arista Networks from $97.50 to $107.50 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Citigroup lifted their price target on shares of Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. Barclays dropped their price objective on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, December 4th. Finally, UBS Group upped their target price on shares of Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and an average price target of $98.88.

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.