Arista Networks (NYSE:ANET) Trading Down 1.4% – What’s Next?

Shares of Arista Networks, Inc. (NYSE:ANET) dropped 1.4% on Friday . The company traded as low as $70.62 and last traded at $71.64. Approximately 2,709,617 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 9,160,469 shares. The stock had previously closed at $72.65.

Analyst Ratings Changes

ANET has been the topic of several recent research reports. Evercore ISI boosted their price objective on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. UBS Group upgraded Arista Networks from a “neutral” rating to a “buy” rating and increased their target price for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Citigroup boosted their price target on Arista Networks from $115.00 to $121.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Finally, Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus target price of $108.50.

Arista Networks Trading Up 0.5 %

The company has a market cap of $92.04 billion, a P/E ratio of 32.86, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30. The company’s 50-day moving average price is $89.54 and its two-hundred day moving average price is $100.29.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Equities analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insider Transactions at Arista Networks

In other news, SVP Marc Taxay sold 51,848 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total value of $4,593,214.32. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the sale, the director now owns 139,784 shares of the company’s stock, valued at $10,840,249.20. This represents a 5.41 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 411,031 shares of company stock worth $39,364,943. Corporate insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Arista Networks by 304.2% in the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock worth $10,620,270,000 after purchasing an additional 72,311,318 shares during the period. FMR LLC lifted its holdings in Arista Networks by 330.9% during the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock worth $6,371,848,000 after acquiring an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC grew its stake in Arista Networks by 277.5% in the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock valued at $3,016,207,000 after acquiring an additional 20,059,303 shares during the period. Geode Capital Management LLC increased its holdings in shares of Arista Networks by 311.6% in the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock worth $2,665,829,000 after acquiring an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after purchasing an additional 14,454,822 shares during the period. 82.47% of the stock is owned by 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.