Short Interest in Arista Networks, Inc. (NYSE:ANET) Grows By 10.3%

Arista Networks, Inc. (NYSE:ANET) was the target of a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 3,000,000 shares, a growth of 10.3% from the October 31st total of 2,720,000 shares. Based on an average daily volume of 1,840,000 shares, the days-to-cover ratio is presently 1.6 days.

Insiders Place Their Bets

In related news, insider John F. Mccool sold 1,585 shares of Arista Networks stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $394.33, for a total transaction of $625,013.05. Following the completion of the sale, the insider now owns 72 shares in the company, valued at $28,391.76. This trade represents a 95.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Jayshree Ullal sold 832 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $337.23, for a total value of $280,575.36. Following the transaction, the chief executive officer now owns 17,681 shares in the company, valued at $5,962,563.63. The trade was a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 75,771 shares of company stock worth $29,995,584 in the last three months. 3.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arista Networks

A number of hedge funds have recently bought and sold shares of the business. GW Henssler & Associates Ltd. raised its stake in shares of Arista Networks by 3.6% during the third quarter. GW Henssler & Associates Ltd. now owns 63,244 shares of the technology company’s stock valued at $24,274,000 after acquiring an additional 2,219 shares during the last quarter. Deepwater Asset Management LLC acquired a new position in Arista Networks during the 2nd quarter valued at about $15,084,000. Sumitomo Life Insurance Co. grew its stake in shares of Arista Networks by 69.8% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 9,028 shares of the technology company’s stock worth $3,465,000 after acquiring an additional 3,711 shares in the last quarter. Walkner Condon Financial Advisors LLC purchased a new position in Arista Networks in the third quarter worth $2,318,000. Finally, Cetera Advisors LLC boosted its stake in Arista Networks by 185.8% in the first quarter. Cetera Advisors LLC now owns 17,032 shares of the technology company’s stock valued at $4,939,000 after acquiring an additional 11,073 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Arista Networks Trading Up 1.1 %

NYSE ANET traded up $4.28 during trading hours on Monday, reaching $410.10. 1,331,849 shares of the company’s stock were exchanged, compared to its average volume of 2,229,111. Arista Networks has a one year low of $210.69 and a one year high of $431.97. The stock has a market cap of $129.16 billion, a PE ratio of 49.29, a price-to-earnings-growth ratio of 3.07 and a beta of 1.08. The firm has a fifty day moving average of $397.15 and a 200-day moving average of $357.79.

Arista Networks shares are scheduled to split on Wednesday, December 4th. The 4-1 split was announced on Thursday, November 7th. The newly created shares will be payable to shareholders after the market closes on Tuesday, December 3rd.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, November 7th. The technology company reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $2.08 by $0.32. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The business’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.63 earnings per share. As a group, research analysts forecast that Arista Networks will post 7.79 EPS for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on ANET. Barclays increased their price objective on shares of Arista Networks from $341.00 to $495.00 and gave the company an “overweight” rating in a report on Friday, November 8th. UBS Group lifted their price target on Arista Networks from $369.00 to $425.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. The Goldman Sachs Group increased their price objective on Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Rosenblatt Securities lifted their target price on shares of Arista Networks from $265.00 to $320.00 and gave the company a “sell” rating in a report on Friday, November 8th. Finally, Citigroup raised their price objective on shares of Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $395.19.

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.