Arista Networks (NYSE:ANET) Stock Price Down 1.3% – Here’s Why

Arista Networks, Inc. (NYSE:ANET) shares traded down 1.3% during mid-day trading on Friday . The stock traded as low as $101.66 and last traded at $102.05. 2,585,385 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 9,721,389 shares. The stock had previously closed at $103.40.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Citigroup raised their target price on shares of Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a research report on Wednesday. The Goldman Sachs Group raised their target price on shares of Arista Networks from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday. Barclays raised their target price on shares of Arista Networks from $125.00 to $126.00 and gave the stock an “overweight” rating in a research report on Wednesday. Morgan Stanley raised their target price on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Finally, UBS Group lifted their price target on shares of Arista Networks from $106.00 to $112.00 and gave the company a “neutral” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $113.79.

Arista Networks Stock Down 4.9 %

The company has a market cap of $123.97 billion, a PE ratio of 44.28, a price-to-earnings-growth ratio of 3.27 and a beta of 1.09. The business’s 50 day moving average price is $113.66 and its 200-day moving average price is $101.85.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. Equities analysts expect that Arista Networks, Inc. will post 2.19 earnings per share for the current year.

Insider Activity

In related news, Director Kelly Bodnar Battles sold 1,488 shares of Arista Networks stock in a transaction on Friday, February 14th. The shares were sold at an average price of $107.13, for a total value of $159,409.44. Following the completion of the sale, the director now owns 8,128 shares in the company, valued at approximately $870,752.64. The trade was a 15.47 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on Friday, December 6th. The stock was sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,405,171.04. This trade represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 260,056 shares of company stock worth $30,225,623 over the last 90 days. Company insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Foundations Investment Advisors LLC boosted its holdings in Arista Networks by 5.0% in the third quarter. Foundations Investment Advisors LLC now owns 653 shares of the technology company’s stock worth $251,000 after purchasing an additional 31 shares during the period. Private Advisor Group LLC boosted its holdings in Arista Networks by 14.4% in the third quarter. Private Advisor Group LLC now owns 14,868 shares of the technology company’s stock worth $5,706,000 after purchasing an additional 1,867 shares during the period. Brighton Jones LLC boosted its holdings in Arista Networks by 12.2% in the third quarter. Brighton Jones LLC now owns 1,851 shares of the technology company’s stock worth $711,000 after purchasing an additional 201 shares during the period. Silver Oak Securities Incorporated boosted its holdings in Arista Networks by 1,248.9% in the third quarter. Silver Oak Securities Incorporated now owns 3,750 shares of the technology company’s stock worth $1,426,000 after purchasing an additional 3,472 shares during the period. Finally, Ballentine Partners LLC boosted its holdings in Arista Networks by 5.4% in the third quarter. Ballentine Partners LLC now owns 2,543 shares of the technology company’s stock worth $976,000 after purchasing an additional 130 shares during the period. 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.