Arista Networks (NYSE:ANET) Stock Price Down 1.3%

Arista Networks, Inc. (NYSE:ANET) traded down 1.3% during mid-day trading on Tuesday . The company traded as low as $379.40 and last traded at $380.56. 450,140 shares traded hands during trading, a decline of 80% from the average session volume of 2,302,772 shares. The stock had previously closed at $385.57.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Morgan Stanley boosted their price objective on shares of Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, July 18th. Wells Fargo & Company upped their target price on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Barclays raised their target price on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Piper Sandler increased their price objective on shares of Arista Networks from $302.00 to $345.00 and gave the company a “neutral” rating in a report on Monday, July 15th. Finally, Citigroup lifted their target price on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $363.25.

Arista Networks Price Performance

The business has a 50 day moving average price of $342.05 and a 200 day moving average price of $317.63. The firm has a market capitalization of $120.79 billion, a P/E ratio of 53.75, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the previous year, the business earned $1.41 earnings per share. The company’s quarterly revenue was up 15.9% on a year-over-year basis. As a group, equities analysts expect that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insider Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $347.00, for a total value of $8,675,000.00. Following the completion of the transaction, the chief executive officer now owns 1,600,800 shares of the company’s stock, valued at $555,477,600. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction of $8,675,000.00. Following the completion of the transaction, the chief executive officer now owns 1,600,800 shares of the company’s stock, valued at $555,477,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Marc Taxay sold 624 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $221,339.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 107,361 shares of company stock worth $38,024,123. Insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Beacon Capital Management LLC grew its position in shares of Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after buying an additional 65 shares during the period. LGT Financial Advisors LLC bought a new position in shares of Arista Networks in the 2nd quarter worth approximately $27,000. Benjamin Edwards Inc. bought a new position in shares of Arista Networks in the 1st quarter worth approximately $26,000. Byrne Asset Management LLC bought a new stake in Arista Networks during the 2nd quarter worth approximately $33,000. Finally, Sugarloaf Wealth Management LLC bought a new stake in Arista Networks during the 2nd quarter worth approximately $35,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

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.