Arista Networks (NYSE:ANET) Trading 2.1% Higher

Arista Networks, Inc. (NYSE:ANET)’s stock price shot up 2.1% during trading on Tuesday . The stock traded as high as $368.14 and last traded at $366.64. 333,338 shares were traded during mid-day trading, a decline of 86% from the average session volume of 2,320,935 shares. The stock had previously closed at $359.16.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ANET. Evercore ISI reiterated an “outperform” rating and set a $400.00 price objective on shares of Arista Networks in a research report on Friday. JPMorgan Chase & Co. increased their price objective on Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Barclays lifted their target price on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Citigroup increased their price objective on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Finally, Rosenblatt Securities boosted their target price on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and a consensus target price of $358.63.

Arista Networks Price Performance

The stock has a market capitalization of $113.11 billion, a price-to-earnings ratio of 50.50, a price-to-earnings-growth ratio of 2.70 and a beta of 1.07. The stock has a 50-day moving average of $340.84 and a 200 day moving average of $314.50.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the previous year, the firm posted $1.41 earnings per share. Arista Networks’s revenue for the quarter was up 15.9% compared to the same quarter last year. Sell-side analysts anticipate that Arista Networks, Inc. will post 7.38 earnings per share for the current fiscal year.

Insider Activity at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $357.00, for a total value of $8,925,000.00. Following the completion of the sale, the chief executive officer now owns 1,595,800 shares of the company’s stock, valued at $569,700,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $370.70, for a total value of $7,414,000.00. Following the completion of the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,202,550.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the transaction, the chief executive officer now owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The disclosure for this sale can be found here. Over the last quarter, insiders sold 106,989 shares of company stock worth $37,891,416. 3.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Arista Networks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ANET. Vanguard Group Inc. grew its stake in shares of Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after acquiring an additional 1,596,040 shares in the last quarter. Capital World Investors lifted its position in Arista Networks by 0.5% during the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after buying an additional 55,312 shares in the last quarter. WCM Investment Management LLC boosted its stake in shares of Arista Networks by 0.8% during the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock worth $884,270,000 after buying an additional 25,196 shares during the last quarter. GQG Partners LLC acquired a new stake in shares of Arista Networks in the first quarter valued at about $881,848,000. Finally, Norges Bank bought a new position in Arista Networks in the fourth quarter valued at approximately $586,051,000. 82.47% of the stock is owned by institutional investors and hedge funds.

About Arista Networks

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.