Arista Networks (NYSE:ANET) Shares Gap Down – What’s Next?

Arista Networks, Inc. (NYSE:ANET) shares gapped down before the market opened on Friday . The stock had previously closed at $431.02, but opened at $406.46. Arista Networks shares last traded at $406.96, with a volume of 1,629,912 shares changing hands.

Analysts Set New Price Targets

ANET has been the topic of several research reports. The Goldman Sachs Group increased their price target on shares of Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Piper Sandler reiterated a “neutral” rating and issued a $421.00 target price (up previously from $345.00) on shares of Arista Networks in a research report on Friday. Morgan Stanley upped their target price on shares of Arista Networks from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, July 18th. Rosenblatt Securities boosted their price target on shares of Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research report on Wednesday, July 31st. Finally, Citigroup raised their target price on shares of Arista Networks from $385.00 to $460.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $378.63.

Arista Networks Trading Down 6.8 %

The firm has a market capitalization of $126.21 billion, a price-to-earnings ratio of 55.97, a PEG ratio of 3.48 and a beta of 1.08. The business has a 50-day moving average price of $379.96 and a two-hundred day moving average price of $342.48.

Arista Networks’s stock is set to split on Wednesday, December 4th. The 4-1 split was announced on Thursday, November 7th. The newly issued shares will be payable to shareholders after the market closes on Tuesday, December 3rd.

Insider Buying and Selling at Arista Networks

In other news, CEO Jayshree Ullal sold 832 shares of the stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $397.39, for a total transaction of $330,628.48. Following the transaction, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $7,026,252.59. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Kelly Bodnar Battles sold 372 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $356.74, for a total value of $132,707.28. Following the sale, the director now owns 2,565 shares of the company’s stock, valued at approximately $915,038.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $397.39, for a total transaction of $330,628.48. Following the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $7,026,252.59. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 58,346 shares of company stock valued at $21,614,232 in the last 90 days. 3.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Arista Networks

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. GQG Partners LLC acquired a new stake in Arista Networks during the 1st quarter worth $881,848,000. Legal & General Group Plc raised its position in shares of Arista Networks by 0.9% during the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after purchasing an additional 20,278 shares during the period. Swedbank AB bought a new position in shares of Arista Networks during the 1st quarter valued at about $521,767,000. Ameriprise Financial Inc. grew 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. Finally, TD Asset Management Inc raised its holdings in Arista Networks by 18.7% during the 1st quarter. TD Asset Management Inc now owns 943,694 shares of the technology company’s stock worth $273,652,000 after buying an additional 148,759 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.