Arista Networks (NYSE:ANET) Trading Up 0.7% – Here’s Why

Arista Networks, Inc. (NYSE:ANET) shot up 0.7% during trading on Monday . The company traded as high as $85.41 and last traded at $84.10. 1,934,101 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 8,660,206 shares. The stock had previously closed at $83.51.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. The Goldman Sachs Group restated a “buy” rating on shares of Arista Networks in a report on Monday, March 3rd. UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Erste Group Bank lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday. Citigroup boosted their price target on shares of Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Finally, Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Stock Performance

The stock has a market cap of $105.88 billion, a price-to-earnings ratio of 37.82, a P/E/G ratio of 3.10 and a beta of 1.08. The business has a 50-day simple moving average of $104.44 and a two-hundred day simple moving average of $101.89.

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

Insider Transactions at Arista Networks

In other news, SVP Marc Taxay sold 51,848 shares of Arista Networks stock in a transaction that occurred on 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 Securities & Exchange Commission, which is available through this link. Also, Director Kelly Bodnar Battles sold 1,488 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $107.13, for a total value of $159,409.44. Following the completion of 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 disclosure for this sale can be found here. Insiders have sold a total of 491,001 shares of company stock worth $49,112,111 in the last 90 days. Corporate insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several institutional investors and hedge funds have recently modified their holdings of the stock. Caitlin John LLC boosted its holdings in shares of Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after buying an additional 152 shares during the period. Capital Advisors Ltd. LLC boosted its holdings in shares of Arista Networks by 335.1% during the fourth 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 grew its position in shares of Arista Networks by 300.0% in the fourth 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 last quarter. Trust Co. of Vermont lifted its holdings in Arista Networks by 300.0% during the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares during the last quarter. Finally, New Millennium Group LLC boosted its stake in Arista Networks by 300.0% in the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock valued at $29,000 after purchasing an additional 195 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.