Arista Networks (NYSE:ANET) Trading 0.7% Higher – Here’s Why

Arista Networks, Inc. (NYSE:ANET) shares rose 0.7% during mid-day trading on Monday . The company traded as high as $85.41 and last traded at $84.10. Approximately 1,934,101 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 8,660,206 shares. The stock had previously closed at $83.51.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Needham & Company LLC reiterated a “buy” rating and issued a $145.00 target price on shares of Arista Networks in a research report on Wednesday, February 19th. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. Rosenblatt Securities reiterated a “sell” rating and issued a $80.00 price target on shares of Arista Networks in a research report on Tuesday, February 18th. Finally, Piper Sandler reissued a “neutral” rating and set a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Stock Up 1.9 %

The stock has a market cap of $107.35 billion, a PE ratio of 38.34, a P/E/G ratio of 3.10 and a beta of 1.08. The firm has a 50-day simple moving average of $105.75 and a 200-day simple moving average of $101.94.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. On average, research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Buying and Selling

In other news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the completion of the sale, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,101,013.60. This trade represents a 86.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Marc Taxay sold 51,848 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total transaction of $4,593,214.32. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 491,001 shares of company stock valued at $49,112,111. Company insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

A number of large investors have recently modified their holdings of the company. OneDigital Investment Advisors LLC increased its holdings in shares of Arista Networks by 4.9% in the third quarter. OneDigital Investment Advisors LLC now owns 4,421 shares of the technology company’s stock worth $1,697,000 after buying an additional 207 shares during the period. Claro Advisors LLC boosted its stake in Arista Networks by 166.4% during the third quarter. Claro Advisors LLC now owns 1,569 shares of the technology company’s stock worth $602,000 after acquiring an additional 980 shares in the last quarter. Swiss National Bank grew its holdings in Arista Networks by 0.5% in the third quarter. Swiss National Bank now owns 790,600 shares of the technology company’s stock worth $303,448,000 after purchasing an additional 3,900 shares during the period. Aljian Capital Management LLC bought a new position in shares of Arista Networks during the third quarter valued at approximately $235,000. Finally, Quest Partners LLC boosted its position in shares of Arista Networks by 149.2% in the 3rd quarter. Quest Partners LLC now owns 2,896 shares of the technology company’s stock worth $1,112,000 after purchasing an additional 1,734 shares in the last quarter. 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.