Arista Networks (NYSE:ANET) Shares Down 3.3% – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET) shares traded down 3.3% during mid-day trading on Tuesday . The stock traded as low as $132.50 and last traded at $132.6330. 7,976,498 shares traded hands during trading, an increase of 7% from the average session volume of 7,457,744 shares. The stock had previously closed at $137.19.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on ANET shares. BNP Paribas raised shares of Arista Networks from a “hold” rating to an “outperform” rating in a research note on Thursday, September 25th. The Goldman Sachs Group increased their price target on Arista Networks from $155.00 to $175.00 and gave the company a “buy” rating in a report on Friday, September 12th. Citigroup increased their target price on Arista Networks from $136.00 to $176.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Erste Group Bank downgraded Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Finally, Wolfe Research upped their price target on Arista Networks from $160.00 to $185.00 and gave the stock an “outperform” rating in a report on Friday, September 12th. Eighteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $164.44.

Arista Networks Trading Down 3.3%

The business has a 50 day simple moving average of $132.94 and a two-hundred day simple moving average of $131.17. The stock has a market cap of $167.02 billion, a price-to-earnings ratio of 50.43, a price-to-earnings-growth ratio of 2.25 and a beta of 1.41.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, November 4th. The technology company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same period in the prior year, the company posted $2.40 EPS. Arista Networks’s quarterly revenue was up 27.5% on a year-over-year basis. Research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Insider Activity at Arista Networks

In other news, Director Kelly Bodnar Battles sold 422 shares of the stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $117.15, for a total transaction of $49,437.30. Following the transaction, the director owned 8,980 shares of the company’s stock, valued at approximately $1,052,007. This trade represents a 4.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kenneth Duda sold 30,000 shares of the business’s stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $123.16, for a total value of $3,694,800.00. Following the completion of the sale, the insider directly owned 12,976 shares of the company’s stock, valued at approximately $1,598,124.16. This represents a 69.81% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 208,464 shares of company stock valued at $27,418,668. 3.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Brighton Jones LLC increased its stake in Arista Networks by 321.7% during the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock valued at $863,000 after purchasing an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in shares of Arista Networks in the 4th quarter valued at about $202,000. Bison Wealth LLC bought a new stake in shares of Arista Networks during the 4th quarter valued at about $251,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Arista Networks by 7.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 155,780 shares of the technology company’s stock worth $12,071,000 after acquiring an additional 11,317 shares during the period. Finally, UniSuper Management Pty Ltd lifted its holdings in Arista Networks by 20.5% in the first quarter. UniSuper Management Pty Ltd now owns 230,225 shares of the technology company’s stock worth $17,838,000 after acquiring an additional 39,141 shares during the last quarter. Institutional investors and hedge funds 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.