Arista Networks (NYSE:ANET) Trading Down 0.4% – What’s Next?

Arista Networks, Inc. (NYSE:ANET)’s share price traded down 0.4% on Thursday . The company traded as low as $113.66 and last traded at $114.24. 627,573 shares were traded during mid-day trading, a decline of 93% from the average session volume of 8,741,158 shares. The stock had previously closed at $114.65.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ANET shares. Piper Sandler reiterated a “neutral” rating and issued a $105.25 price target (up from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. The Goldman Sachs Group increased their price target on Arista Networks from $97.50 to $107.50 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Evercore ISI upped their price objective 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, Citigroup increased their price objective on Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.70.

Arista Networks Price Performance

The company has a market cap of $143.98 billion, a price-to-earnings ratio of 54.95, a P/E/G ratio of 3.21 and a beta of 1.10. The firm has a 50-day moving average price of $102.96 and a 200 day moving average price of $93.31.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.08. The firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.41 EPS. On average, equities analysts anticipate that Arista Networks, Inc. will post 1.96 EPS for the current fiscal year.

Insider Buying and Selling at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the stock in a transaction on Monday, October 7th. The stock was sold at an average price of $98.67, for a total transaction of $7,893,800.00. Following the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,280,374.36. This represents a 86.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John F. Mccool sold 288 shares of the business’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $108.70, for a total value of $31,305.60. The disclosure for this sale can be found here. Insiders sold 353,476 shares of company stock valued at $36,841,998 in the last quarter. Company insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. HB Wealth Management LLC lifted its holdings in shares of Arista Networks by 28.9% in the second quarter. HB Wealth Management LLC now owns 4,835 shares of the technology company’s stock worth $1,695,000 after acquiring an additional 1,083 shares during the last quarter. Financial Advocates Investment Management acquired a new stake in Arista Networks in the second quarter valued at approximately $265,000. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Arista Networks by 4.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 3,480 shares of the technology company’s stock worth $1,220,000 after buying an additional 158 shares during the last quarter. Ameritas Advisory Services LLC grew its position in Arista Networks by 8.4% during the 2nd quarter. Ameritas Advisory Services LLC now owns 5,590 shares of the technology company’s stock worth $1,959,000 after acquiring an additional 431 shares during the last quarter. Finally, UMB Bank n.a. raised its position in Arista Networks by 1,732.0% in the second quarter. UMB Bank n.a. now owns 13,612 shares of the technology company’s stock valued at $4,771,000 after purchasing an additional 12,869 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

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.