Arista Networks (NYSE:ANET) Trading Down 0.2% on Insider Selling

Arista Networks, Inc. (NYSE:ANET) dropped 0.2% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $357.45 and last traded at $360.22. Approximately 172,462 shares traded hands during trading, a decline of 93% from the average daily volume of 2,313,200 shares. The stock had previously closed at $360.95.

Specifically, Director Kelly Bodnar Battles sold 372 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $356.74, for a total transaction of $132,707.28. Following the sale, the director now directly owns 2,565 shares of the company’s stock, valued at $915,038.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Analyst Ratings Changes

ANET has been the topic of several analyst reports. Piper Sandler raised their target price on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Barclays raised their target price on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Citigroup increased their price target on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Finally, JPMorgan Chase & Co. increased their price target on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $358.63.

Arista Networks Stock Up 4.9 %

The firm has a market cap of $118.88 billion, a PE ratio of 52.84, a P/E/G ratio of 2.70 and a beta of 1.07. The firm has a 50-day moving average price of $341.09 and a two-hundred day moving average price of $315.79.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The firm had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter last year, the business posted $1.41 earnings per share. The firm’s revenue was up 15.9% compared to the same quarter last year. Research analysts forecast that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arista Networks

A number of institutional investors have recently added to or reduced their stakes in the stock. FCG Investment Co increased its stake in Arista Networks by 2.3% during the second quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock worth $445,000 after acquiring an additional 29 shares during the last quarter. Old Port Advisors increased its stake in Arista Networks by 3.5% during the first quarter. Old Port Advisors now owns 955 shares of the technology company’s stock worth $277,000 after acquiring an additional 32 shares during the last quarter. Fortitude Family Office LLC increased its stake in Arista Networks by 33.3% during the second quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock worth $46,000 after acquiring an additional 33 shares during the last quarter. Resonant Capital Advisors LLC increased its stake in Arista Networks by 4.1% during the second quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock worth $305,000 after acquiring an additional 34 shares during the last quarter. Finally, Modera Wealth Management LLC increased its stake in Arista Networks by 2.1% during the second quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock worth $625,000 after acquiring an additional 37 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

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.