Arista Networks (NYSE:ANET) Trading 0.7% Higher – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET) was up 0.7% during trading on Wednesday . The stock traded as high as $87.94 and last traded at $86.08. Approximately 2,814,118 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 10,795,800 shares. The stock had previously closed at $85.52.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Barclays upped their price target on Arista Networks from $125.00 to $126.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $145.00 target price on shares of Arista Networks in a report on Wednesday, February 19th. Evercore ISI raised their price target on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, January 17th. UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and upped their price target for the stock from $112.00 to $115.00 in a report on Wednesday. Finally, Morgan Stanley boosted their target price on Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $114.00.

Arista Networks Price Performance

The firm’s 50 day simple moving average is $109.52 and its two-hundred day simple moving average is $102.02. The firm has a market capitalization of $105.07 billion, a P/E ratio of 37.53, a P/E/G ratio of 3.10 and a beta of 1.09.

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

Insider Transactions at Arista Networks

In related news, SVP Marc Taxay sold 51,848 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $88.59, for a total transaction of $4,593,214.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total value of $892,080.00. Following the completion of the sale, the director now owns 163,784 shares of the company’s stock, valued at approximately $18,263,553.84. This trade represents a 4.66 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 411,289 shares of company stock worth $42,355,417. 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 stock. Caitlin John LLC raised its stake in Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after buying an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC grew its holdings in shares of Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after acquiring an additional 191 shares during the period. Cranbrook Wealth Management LLC lifted its stake in shares of Arista Networks by 300.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after purchasing an additional 198 shares during the period. Trust Co. of Vermont boosted its position in shares of Arista Networks by 300.0% during the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock valued at $29,000 after purchasing an additional 198 shares in the last quarter. Finally, New Millennium Group LLC grew its stake in Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after purchasing an additional 195 shares during the period. 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.