Arista Networks (NYSE:ANET) Trading Up 4.8% – Here’s What Happened

Shares of Arista Networks, Inc. (NYSE:ANET) were up 4.8% during trading on Wednesday . The stock traded as high as $97.50 and last traded at $97.29. Approximately 3,786,126 shares were traded during trading, a decline of 64% from the average daily volume of 10,440,991 shares. The stock had previously closed at $92.88.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ANET. Morgan Stanley raised their price target on Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Piper Sandler restated a “neutral” rating and set a $108.00 price target (up from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. Needham & Company LLC restated a “buy” rating and set a $145.00 target price on shares of Arista Networks in a research note on Wednesday, February 19th. Rosenblatt Securities reaffirmed a “sell” rating and issued a $80.00 target price on shares of Arista Networks in a report on Tuesday, February 18th. Finally, Evercore ISI lifted their price target on Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $113.79.

Arista Networks Stock Up 4.5 %

The company’s 50 day simple moving average is $112.78 and its two-hundred day simple moving average is $102.13. The company has a market capitalization of $122.35 billion, a price-to-earnings ratio of 43.67, a P/E/G ratio of 3.10 and a beta of 1.09.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, topping 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 firm had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Activity at Arista Networks

In related news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $412.65, for a total value of $825,300.00. Following the completion of the transaction, the director now owns 42,946 shares of the company’s stock, valued at approximately $17,721,666.90. This represents a 4.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $108.29, for a total transaction of $8,663,200.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at $1,405,171.04. This represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 260,224 shares of company stock valued at $30,242,856 in the last three months. 3.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Stock Yards Bank & Trust Co. purchased a new position in Arista Networks in the fourth quarter valued at approximately $242,000. GHE LLC lifted its holdings in shares of Arista Networks by 319.0% during the fourth quarter. GHE LLC now owns 28,368 shares of the technology company’s stock worth $3,136,000 after purchasing an additional 21,597 shares during the period. Colonial River Investments LLC lifted its holdings in shares of Arista Networks by 327.6% in the 4th quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company’s stock valued at $1,077,000 after buying an additional 7,466 shares during the period. Silver Oak Securities Incorporated grew its holdings in shares of Arista Networks by 395.8% in the 4th quarter. Silver Oak Securities Incorporated now owns 18,593 shares of the technology company’s stock worth $2,072,000 after acquiring an additional 14,843 shares during the period. Finally, Proactive Wealth Strategies LLC raised its holdings in shares of Arista Networks by 387.6% in the fourth quarter. Proactive Wealth Strategies LLC now owns 6,120 shares of the technology company’s stock worth $676,000 after acquiring an additional 4,865 shares during the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

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.