Arista Networks (NYSE:ANET) Stock Price Down 8.8% – What’s Next?

Arista Networks, Inc. (NYSE:ANET) was down 8.8% on Thursday . The stock traded as low as $72.55 and last traded at $73.07. Approximately 4,867,463 shares were traded during trading, a decline of 45% from the average daily volume of 8,858,577 shares. The stock had previously closed at $80.16.

Analyst Ratings Changes

A number of research firms have issued reports on ANET. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Barclays reaffirmed an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. The Goldman Sachs Group restated a “buy” rating on shares of Arista Networks in a research note on Monday, March 3rd. Citigroup lifted their price objective on Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Finally, StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Stock Down 11.2 %

The company has a fifty day moving average of $96.46 and a 200 day moving average of $101.60. The company has a market cap of $89.73 billion, a P/E ratio of 32.05, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. The firm had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. As a group, research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,488 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $107.13, for a total transaction of $159,409.44. Following the sale, the director now owns 8,128 shares in the company, valued at approximately $870,752.64. This trade represents a 15.47 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $118.47, for a total transaction of $9,477,600.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,537,266.72. The trade was a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 483,001 shares of company stock worth $48,220,031 in the last 90 days. 3.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Arista Networks

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Central Pacific Bank Trust Division bought a new stake in Arista Networks during the 1st quarter valued at approximately $740,000. First Hawaiian Bank bought a new stake in shares of Arista Networks during the first quarter valued at approximately $2,766,000. Park National Corp OH purchased a new position in shares of Arista Networks in the first quarter worth $27,053,000. Kera Capital Partners Inc. grew its stake in Arista Networks by 2.2% during the first quarter. Kera Capital Partners Inc. now owns 64,981 shares of the technology company’s stock valued at $5,035,000 after acquiring an additional 1,395 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its stake in Arista Networks by 7.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 3,357 shares of the technology company’s stock valued at $260,000 after acquiring an additional 241 shares in 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.