Arista Networks (NYSE:ANET) Stock Price Down 2%

Arista Networks, Inc. (NYSE:ANET) shares fell 2% on Monday . The stock traded as low as $351.47 and last traded at $352.55. 208,730 shares were traded during mid-day trading, a decline of 91% from the average session volume of 2,328,789 shares. The stock had previously closed at $359.76.

Wall Street Analyst Weigh In

Several equities analysts have commented on ANET shares. Morgan Stanley upped their price objective on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, July 18th. Rosenblatt Securities boosted their price target on shares of Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. Barclays increased their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $400.00 target price on shares of Arista Networks in a research report on Friday, September 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $358.63.

Arista Networks Price Performance

The business’s fifty day simple moving average is $340.74 and its two-hundred day simple moving average is $315.02. The company has a market cap of $113.34 billion, a PE ratio of 50.33, a PEG ratio of 2.70 and a beta of 1.07.

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, topping 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 during the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the prior year, the firm posted $1.41 EPS. Arista Networks’s quarterly revenue was up 15.9% compared to the same quarter last year. As a group, analysts predict that Arista Networks, Inc. will post 7.38 EPS for the current year.

Insider Activity

In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the company’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 completion of the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at $5,624,679.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Marc Taxay sold 624 shares of Arista Networks stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $354.71, for a total value of $221,339.04. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Jayshree Ullal sold 832 shares of the stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total value of $264,675.84. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $5,624,679.72. The disclosure for this sale can be found here. Insiders have sold 107,361 shares of company stock worth $38,024,123 in the last quarter. Corporate insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

A number of institutional investors and hedge funds have recently bought and sold shares of ANET. Beacon Capital Management LLC grew its stake 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 valued at $27,000 after buying an additional 65 shares during the period. LGT Financial Advisors LLC acquired a new stake in shares of Arista Networks in the second quarter valued at $27,000. Benjamin Edwards Inc. purchased a new position in shares of Arista Networks in the 1st quarter valued at about $26,000. Byrne Asset Management LLC acquired a new position in Arista Networks during the 2nd quarter worth approximately $33,000. Finally, Sugarloaf Wealth Management LLC purchased a new position in Arista Networks in the second quarter valued at $35,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.