Arista Networks (NYSE:ANET) Trading Up 0.6% – Here’s Why

Arista Networks, Inc. (NYSE:ANET)’s stock price traded up 0.6% during trading on Tuesday . The stock traded as high as $121.86 and last traded at $120.67. 1,153,233 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 5,778,666 shares. The stock had previously closed at $119.95.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Rosenblatt Securities increased their target price on Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a report on Friday, November 8th. The Goldman Sachs Group increased their target price on Arista Networks from $120.00 to $135.00 and gave the company a “buy” rating in a report on Friday, January 17th. Barclays dropped their target price on Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a report on Wednesday, December 4th. Piper Sandler reissued a “neutral” rating and issued a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Finally, StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $105.83.

Arista Networks Price Performance

The firm has a market cap of $162.45 billion, a price-to-earnings ratio of 62.00, a P/E/G ratio of 3.26 and a beta of 1.08. The firm’s 50 day moving average price is $109.32 and its two-hundred day moving average price is $97.69.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The firm’s revenue was up 20.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.41 earnings per share. On average, analysts anticipate that Arista Networks, Inc. will post 1.97 earnings per share for the current year.

Insider Activity at Arista Networks

In other news, insider John F. Mccool sold 288 shares of Arista Networks stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $108.70, for a total transaction of $31,305.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 2,000 shares of Arista Networks stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $412.65, for a total transaction of $825,300.00. Following the sale, the director now owns 42,946 shares of the company’s stock, valued at approximately $17,721,666.90. The trade was a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 343,824 shares of company stock worth $37,614,089 over the last 90 days. Company insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cranbrook Wealth Management LLC increased its stake in shares of Arista Networks by 300.0% during the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares in the last quarter. Trust Co. of Vermont increased its stake in shares of Arista Networks by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares in the last quarter. Westside Investment Management Inc. increased its stake in shares of Arista Networks by 1,012.0% during the 4th quarter. Westside Investment Management Inc. now owns 278 shares of the technology company’s stock worth $31,000 after purchasing an additional 253 shares in the last quarter. Anchor Investment Management LLC purchased a new position in shares of Arista Networks during the 2nd quarter worth approximately $35,000. Finally, Sound Income Strategies LLC purchased a new position in shares of Arista Networks during the 4th quarter worth approximately $35,000. 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.