Arista Networks (NYSE:ANET) Stock Price Up 4.7%

Arista Networks, Inc. (NYSE:ANET) traded up 4.7% during trading on Thursday . The company traded as high as $379.47 and last traded at $378.69. 494,338 shares were traded during trading, a decline of 79% from the average session volume of 2,308,045 shares. The stock had previously closed at $361.71.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ANET. Citigroup lifted their price objective on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a report on Thursday, June 27th. JPMorgan Chase & Co. upped their price target on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Bank of America boosted 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. Finally, Barclays raised their target price on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $358.63.

Arista Networks Trading Up 1.4 %

The stock’s fifty day simple moving average is $341.55 and its 200-day simple moving average is $316.46. The company has a market capitalization of $120.48 billion, a price-to-earnings ratio of 53.55, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07.

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

Insider Transactions at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the transaction, the chief executive officer now directly owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Kelly Bodnar Battles sold 372 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $356.74, for a total transaction of $132,707.28. Following the completion of the transaction, the director now directly owns 2,565 shares of the company’s stock, valued at $915,038.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the transaction, the chief executive officer now directly owns 1,595,800 shares in the company, valued at $569,700,600. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 107,361 shares of company stock valued at $38,024,123. 3.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Arista Networks

A number of hedge funds have recently bought and sold shares of ANET. Vanguard Group Inc. grew its position in shares of Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. Capital World Investors boosted its holdings in Arista Networks by 0.5% in the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after acquiring an additional 55,312 shares during the period. WCM Investment Management LLC grew its position in Arista Networks by 0.8% in the first quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after acquiring an additional 25,196 shares in the last quarter. GQG Partners LLC purchased a new stake in shares of Arista Networks during the first quarter valued at approximately $881,848,000. Finally, Legal & General Group Plc lifted its position in shares of 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 purchasing an additional 20,278 shares in the last quarter. Institutional investors and hedge funds 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.