Arista Networks (NYSE:ANET) Stock Price Down 1.9% – Here’s What Happened

Shares of Arista Networks, Inc. (NYSE:ANET) fell 1.9% on Friday . The stock traded as low as $112.65 and last traded at $113.33. 1,440,074 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 5,530,716 shares. The stock had previously closed at $115.51.

Analyst Ratings Changes

Several equities research analysts have commented on ANET shares. Citigroup increased their target price on shares of Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Piper Sandler reiterated a “neutral” rating and set a $105.25 price target (up from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Rosenblatt Securities increased their target price on shares of Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a report on Friday, November 8th. Finally, UBS Group boosted their price target on shares of Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research note on Friday, November 8th. One 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $102.42.

Arista Networks Stock Down 0.9 %

The firm’s fifty day moving average is $106.48 and its two-hundred day moving average is $96.00. The firm has a market cap of $144.19 billion, a P/E ratio of 55.03, a PEG ratio of 3.21 and a beta of 1.08.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the previous year, the company earned $0.41 earnings per share. Arista Networks’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 1.96 EPS for the current year.

Insider Transactions at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 2,496 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $96.83, for a total value of $241,693.92. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $98.30, for a total transaction of $786,360.00. Following the transaction, the director now owns 179,784 shares of the company’s stock, valued at $17,671,868.28. The trade was a 4.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 345,316 shares of company stock valued at $37,761,976. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

A number of institutional investors have recently modified their holdings of ANET. Anchor Investment Management LLC bought a new position in Arista Networks in the 2nd quarter worth about $35,000. MidAtlantic Capital Management Inc. bought a new position in shares of Arista Networks in the third quarter worth approximately $44,000. ORG Partners LLC grew its holdings in shares of Arista Networks by 179.7% during the fourth quarter. ORG Partners LLC now owns 400 shares of the technology company’s stock valued at $44,000 after buying an additional 257 shares during the last quarter. HM Payson & Co. increased its position in shares of Arista Networks by 28.2% during the third quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after acquiring an additional 29 shares in the last quarter. Finally, True Wealth Design LLC raised its holdings in Arista Networks by 2,133.3% in the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock worth $51,000 after acquiring an additional 128 shares during the last quarter. 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.