Arista Networks (NYSE:ANET) Trading Up 2% – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET)’s share price was up 2% on Tuesday . The stock traded as high as $402.00 and last traded at $400.36. Approximately 406,627 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 2,248,303 shares. The stock had previously closed at $392.54.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Citigroup raised their price target on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, June 27th. Piper Sandler boosted their price target on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. Bank of America increased their price objective on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, June 20th. The Goldman Sachs Group boosted their target price on shares of Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Finally, Evercore ISI raised their target price on shares of Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $364.81.

Arista Networks Stock Performance

The company has a fifty day moving average of $352.98 and a two-hundred day moving average of $324.87. The company has a market cap of $124.93 billion, a PE ratio of 55.68, a price-to-earnings-growth ratio of 3.04 and a beta of 1.07.

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

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 832 shares of Arista Networks stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at $5,624,679.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $382.52, for a total value of $765,040.00. Following the completion of the sale, the director now owns 46,946 shares of the company’s stock, valued at approximately $17,957,783.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total transaction of $264,675.84. Following the sale, the chief executive officer now directly owns 17,681 shares in the company, valued at $5,624,679.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,197 shares of company stock valued at $13,433,094. 3.54% of the stock is currently owned by company insiders.

Institutional Trading of Arista Networks

Large investors have recently made changes to their positions in the business. UniSuper Management Pty Ltd lifted its holdings in Arista Networks by 20.3% in the first quarter. UniSuper Management Pty Ltd now owns 36,329 shares of the technology company’s stock valued at $10,535,000 after acquiring an additional 6,133 shares during the period. Central Pacific Bank Trust Division purchased a new stake in Arista Networks during the first quarter worth $1,405,000. M&G Plc acquired a new stake in Arista Networks during the first quarter valued at $3,238,000. Nordea Investment Management AB increased its holdings in Arista Networks by 32.5% in the first quarter. Nordea Investment Management AB now owns 26,799 shares of the technology company’s stock valued at $7,810,000 after buying an additional 6,578 shares in the last quarter. Finally, Cim LLC purchased a new stake in shares of Arista Networks during the 4th quarter worth about $2,589,000. 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.