Arista Networks (NYSE:ANET) Stock Price Up 1.6% – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET)’s stock price was up 1.6% on Thursday . The stock traded as high as $114.15 and last traded at $112.27. Approximately 1,175,663 shares changed hands during trading, a decline of 86% from the average daily volume of 8,687,398 shares. The stock had previously closed at $110.53.

Wall Street Analysts Forecast Growth

ANET has been the topic of several recent analyst reports. Rosenblatt Securities lifted their price target on Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research report on Friday, November 8th. Evercore ISI upped their target price on shares of Arista Networks from $100.00 to $106.25 and gave the company an “outperform” rating in a research note on Tuesday, October 1st. Citigroup raised their price target on shares of Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Morgan Stanley upped their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. Finally, UBS Group lifted their target price on Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $100.70.

Arista Networks Price Performance

The business’s 50 day moving average price is $104.14 and its 200-day moving average price is $94.48. The company has a market cap of $138.86 billion, a P/E ratio of 53.00, a PEG ratio of 3.21 and a beta of 1.10.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The business had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period in the previous year, the business posted $0.41 earnings per share. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. As a group, research analysts forecast that Arista Networks, Inc. will post 1.96 EPS for the current year.

Insider Buying and Selling at Arista Networks

In related news, Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $412.65, for a total value of $825,300.00. Following the transaction, the director now directly owns 42,946 shares in the company, valued at $17,721,666.90. This represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider John F. Mccool sold 288 shares of Arista Networks stock in a transaction on Monday, December 9th. The stock was sold at an average price of $108.70, for a total transaction of $31,305.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 337,316 shares of company stock worth $35,286,096. Company insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several institutional investors and hedge funds have recently made changes to their positions in ANET. LGT Financial Advisors LLC acquired a new stake in Arista Networks during the 2nd quarter worth approximately $27,000. Anchor Investment Management LLC bought a new stake in Arista Networks in the 2nd quarter valued at $35,000. MidAtlantic Capital Management Inc. acquired a new position in Arista Networks in the 3rd quarter worth $44,000. HM Payson & Co. lifted its holdings in shares of Arista Networks by 28.2% in the third quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after purchasing an additional 29 shares in the last quarter. Finally, True Wealth Design LLC grew its holdings in shares of Arista Networks by 2,133.3% during the third quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock worth $51,000 after buying an additional 128 shares in the last quarter. Institutional investors and hedge funds 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.