Arista Networks (NYSE:ANET) Trading Down 2.2% Following Insider Selling

Arista Networks, Inc. (NYSE:ANET) shares fell 2.2% during trading on Tuesday following insider selling activity. The company traded as low as $114.62 and last traded at $116.42. 2,124,512 shares changed hands during trading, a decline of 60% from the average session volume of 5,349,315 shares. The stock had previously closed at $118.98.

Specifically, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total transaction of $892,080.00. Following the transaction, the director now directly owns 163,784 shares of the company’s stock, valued at approximately $18,263,553.84. This trade represents a 4.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ANET. Piper Sandler restated a “neutral” rating and set a $105.25 price objective (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Rosenblatt Securities raised their price target on Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research report on Friday, November 8th. The Goldman Sachs Group upped their price objective on shares of Arista Networks from $97.50 to $107.50 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Wells Fargo & Company raised their target price on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Evercore ISI upped their price target on shares of Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus price target of $100.70.

Arista Networks Stock Performance

The firm has a market cap of $145.39 billion, a P/E ratio of 55.49, a price-to-earnings-growth ratio of 3.21 and a beta of 1.08. The business’s fifty day moving average is $105.45 and its 200-day moving average is $95.40.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.08. The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.41 earnings per share. Analysts predict that Arista Networks, Inc. will post 1.96 EPS for the current fiscal year.

Institutional Investors Weigh In On Arista Networks

A number of institutional investors have recently made changes to their positions in the stock. State Street Corp boosted its holdings in Arista Networks by 3.8% in the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock valued at $4,313,229,000 after acquiring an additional 411,109 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Arista Networks by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 5,871,481 shares of the technology company’s stock worth $2,246,705,000 after purchasing an additional 236,151 shares during the period. Wellington Management Group LLP boosted its stake in shares of Arista Networks by 22.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock valued at $1,021,228,000 after purchasing an additional 492,615 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Arista Networks by 4.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,283,573 shares of the technology company’s stock worth $876,481,000 after buying an additional 99,790 shares during the period. Finally, Legal & General Group Plc raised its stake in Arista Networks by 0.9% during the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after buying an additional 20,278 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

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.