Arista Networks, Inc. (NYSE:ANET) Short Interest Up 9.3% in September

Arista Networks, Inc. (NYSE:ANET) was the target of a significant increase in short interest in September. As of September 15th, there was short interest totalling 2,700,000 shares, an increase of 9.3% from the August 31st total of 2,470,000 shares. Based on an average daily trading volume, of 1,900,000 shares, the days-to-cover ratio is currently 1.4 days.

Insider Buying and Selling

In other Arista Networks news, SVP Marc Taxay sold 628 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total value of $220,114.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Marc Taxay sold 628 shares of Arista Networks stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $220,114.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $370.70, for a total value of $7,414,000.00. Following the sale, the senior vice president now directly owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The disclosure for this sale can be found here. Over the last three months, insiders sold 54,157 shares of company stock worth $19,291,193. 3.54% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Centaurus Financial Inc. increased its stake in shares of Arista Networks by 46.5% in the 2nd quarter. Centaurus Financial Inc. now owns 2,053 shares of the technology company’s stock worth $720,000 after purchasing an additional 652 shares in the last quarter. Anchor Investment Management LLC purchased a new stake in Arista Networks in the 2nd quarter worth $35,000. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Arista Networks by 5,154.9% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 44,614 shares of the technology company’s stock worth $15,636,000 after buying an additional 43,765 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Arista Networks during the second quarter valued at about $9,858,000. Finally, NCP Inc. purchased a new position in shares of Arista Networks during the second quarter valued at about $105,000. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Arista Networks Stock Performance

Shares of NYSE ANET traded up $1.04 during midday trading on Tuesday, hitting $384.86. 580,972 shares of the stock traded hands, compared to its average volume of 2,279,452. The firm has a 50-day moving average of $346.52 and a two-hundred day moving average of $321.38. The firm has a market capitalization of $120.60 billion, a P/E ratio of 53.08, a PEG ratio of 3.04 and a beta of 1.07. Arista Networks has a one year low of $168.25 and a one year high of $395.82.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company’s revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.41 EPS. Equities analysts forecast that Arista Networks will post 7.38 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ANET has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their price objective on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Jefferies Financial Group upped their price target on Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Evercore ISI increased their price objective on Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a research note on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and set a $375.00 price target on shares of Arista Networks in a research report on Wednesday, July 31st. Finally, Piper Sandler raised their target price on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $364.81.

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.