Arista Networks (NYSE:ANET) Trading Up 2.2% – Here’s What Happened

Shares of Arista Networks, Inc. (NYSE:ANET) rose 2.2% during trading on Monday . The stock traded as high as $116.04 and last traded at $114.83. Approximately 2,608,847 shares traded hands during trading, a decline of 70% from the average daily volume of 8,805,212 shares. The stock had previously closed at $112.37.

Analyst Upgrades and Downgrades

ANET has been the subject of several recent analyst reports. Morgan Stanley lifted their target price on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a report on Tuesday. Citigroup boosted their price objective on shares of Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, October 8th. Barclays cut their target price on Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 4th. Evercore ISI boosted their price target on Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Finally, StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $100.70.

Arista Networks Trading Down 3.1 %

The company’s 50 day moving average price is $101.74 and its two-hundred day moving average price is $91.84. The firm has a market cap of $142.25 billion, a PE ratio of 54.29, a PEG ratio of 3.21 and a beta of 1.10.

Arista Networks (NYSE:ANET) last released its earnings results 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. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. Arista Networks’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.41 earnings per share. Equities research analysts expect that Arista Networks, Inc. will post 1.96 earnings per share for the current fiscal year.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 2,496 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $97.09, for a total value of $242,342.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jayshree Ullal sold 3,344 shares of Arista Networks stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $96.67, for a total transaction of $323,264.48. Following the sale, the chief executive officer now owns 70,724 shares in the company, valued at approximately $6,836,889.08. The trade was a 4.51 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 353,476 shares of company stock worth $36,841,998. 3.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arista Networks

Several institutional investors have recently bought and sold shares of ANET. Beacon Capital Management LLC grew its position in shares of Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after purchasing an additional 65 shares in the last quarter. LGT Financial Advisors LLC purchased a new position in Arista Networks during the 2nd quarter valued at approximately $27,000. Byrne Asset Management LLC bought a new stake in Arista Networks in the 2nd quarter worth approximately $33,000. Anchor Investment Management LLC purchased a new stake in shares of Arista Networks during the 2nd quarter worth approximately $35,000. Finally, MidAtlantic Capital Management Inc. bought a new position in shares of Arista Networks during the 3rd quarter valued at approximately $44,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

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.