Arista Networks (NYSE:ANET) Stock Price Up 6.4% – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET) shares rose 6.4% during trading on Tuesday . The company traded as high as $74.46 and last traded at $72.55. Approximately 6,492,491 shares traded hands during mid-day trading, a decline of 28% from the average daily volume of 9,027,591 shares. The stock had previously closed at $68.17.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Morgan Stanley reduced their price objective on Arista Networks from $118.00 to $73.00 and set an “overweight” rating on the stock in a research report on Tuesday. UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Barclays reiterated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Citigroup increased their price objective on Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Finally, The Goldman Sachs Group reiterated a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $108.50.

Arista Networks Stock Performance

The business has a fifty day simple moving average of $93.37 and a 200-day simple moving average of $101.18. The stock has a market capitalization of $86.69 billion, a P/E ratio of 30.79, a PEG ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the transaction, the director now directly owns 155,784 shares of the company’s stock, valued at approximately $17,450,923.68. This trade represents a 4.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,500,155.36. The trade was a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 411,001 shares of company stock valued at $39,362,831 in the last three months. Corporate insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several large investors have recently bought and sold shares of the stock. Anchor Investment Management LLC raised its holdings in shares of Arista Networks by 35.0% in the third quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock valued at $52,000 after purchasing an additional 35 shares during the last quarter. Caitlin John LLC grew its position in Arista Networks by 174.7% in the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after purchasing an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC lifted its position 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 buying an additional 191 shares in the last quarter. New Millennium Group LLC lifted its holdings in Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after acquiring an additional 195 shares during the period. Finally, Quarry LP boosted its holdings in shares of Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock worth $29,000 after buying an additional 206 shares during the last quarter. 82.47% of the stock is currently 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.