Arista Networks (NYSE:ANET) Trading Down 3.6% – Time to Sell?

Arista Networks, Inc. (NYSE:ANET) shares traded down 3.6% during trading on Tuesday . The company traded as low as $129.19 and last traded at $130.9250. 7,726,423 shares traded hands during trading, a decline of 5% from the average session volume of 8,091,220 shares. The stock had previously closed at $135.88.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. KeyCorp reissued an “overweight” rating and issued a $178.00 price objective (up from $170.00) on shares of Arista Networks in a research report on Friday, February 13th. TD Cowen started coverage on Arista Networks in a research note on Thursday, March 12th. They set a “buy” rating and a $170.00 target price for the company. Piper Sandler reiterated an “overweight” rating and issued a $175.00 target price (up from $159.00) on shares of Arista Networks in a report on Friday, February 13th. Evercore reissued an “outperform” rating and issued a $200.00 price target on shares of Arista Networks in a research note on Friday, February 13th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. Eighteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $176.47.

Arista Networks Stock Performance

The business has a fifty day moving average of $135.61 and a 200-day moving average of $137.24. The company has a market capitalization of $164.51 billion, a P/E ratio of 47.44, a PEG ratio of 2.32 and a beta of 1.46.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.07. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. The business had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the business posted $0.66 EPS. Arista Networks’s quarterly revenue was up 28.9% on a year-over-year basis. Sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Buying and Selling at Arista Networks

In related news, Director Yvonne Wassenaar sold 1,395 shares of the company’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $134.34, for a total value of $187,404.30. Following the sale, the director owned 11,179 shares in the company, valued at $1,501,786.86. This represents a 11.09% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Kenneth Duda sold 32,000 shares of the firm’s stock in a transaction dated Tuesday, March 17th. The shares were sold at an average price of $134.14, for a total transaction of $4,292,480.00. Following the completion of the transaction, the insider directly owned 12,976 shares in the company, valued at approximately $1,740,600.64. The trade was a 71.15% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 199,632 shares of company stock worth $26,936,324. 3.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Global Trust Asset Management LLC increased its position in Arista Networks by 33.0% during the third quarter. Global Trust Asset Management LLC now owns 19,273 shares of the technology company’s stock valued at $2,808,000 after acquiring an additional 4,780 shares during the last quarter. Rakuten Investment Management Inc. bought a new stake in shares of Arista Networks in the 3rd quarter worth about $8,263,000. National Wealth Management Group LLC bought a new stake in shares of Arista Networks in the 3rd quarter worth about $1,296,000. Holocene Advisors LP purchased a new position in shares of Arista Networks during the 2nd quarter worth about $247,451,000. Finally, Three Seasons Wealth LLC purchased a new position in shares of Arista Networks during the 3rd quarter worth about $2,483,000. Institutional investors own 82.47% of the company’s stock.

Arista Networks Company Profile

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.