Arista Networks (NYSE:ANET) Shares Gap Down – What’s Next?

Arista Networks, Inc. (NYSE:ANET) shares gapped down before the market opened on Friday . The stock had previously closed at $431.02, but opened at $406.46. Arista Networks shares last traded at $406.96, with a volume of 1,629,912 shares traded.

Analyst Ratings Changes

ANET has been the topic of several recent analyst reports. KeyCorp boosted their price objective on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Barclays upped their target price on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. The Goldman Sachs Group increased their price target on shares of Arista Networks from $390.00 to $430.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Piper Sandler reissued a “neutral” rating and issued a $421.00 price objective (up previously from $345.00) on shares of Arista Networks in a research note on Friday. Finally, JPMorgan Chase & Co. raised their price target on shares of Arista Networks from $335.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, three have given a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $378.63.

Arista Networks Trading Down 6.8 %

The firm has a market capitalization of $126.21 billion, a PE ratio of 55.97, a PEG ratio of 3.48 and a beta of 1.08. The stock has a 50 day simple moving average of $379.96 and a 200 day simple moving average of $342.48.

Arista Networks’s stock is set to split on Wednesday, December 4th. The 4-1 split was announced on Thursday, November 7th. The newly issued shares will be issued to shareholders after the market closes on Tuesday, December 3rd.

Insider Buying and Selling

In other Arista Networks news, CEO Jayshree Ullal sold 17,752 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $354.29, for a total value of $6,289,356.08. Following the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $6,264,201.49. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, SVP Kenneth Duda sold 1,592 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $349.55, for a total value of $556,483.60. Following the completion of the transaction, the senior vice president now directly owns 186,600 shares of the company’s stock, valued at approximately $65,226,030. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 17,752 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $354.29, for a total value of $6,289,356.08. Following the sale, the chief executive officer now owns 17,681 shares in the company, valued at approximately $6,264,201.49. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 58,346 shares of company stock worth $21,614,232 in the last three months. Insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

A number of large investors have recently made changes to their positions in the stock. Beacon Capital Management LLC boosted its stake in shares of Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after purchasing an additional 65 shares in the last quarter. LGT Financial Advisors LLC acquired a new position in shares of Arista Networks in the 2nd quarter valued at about $27,000. Byrne Asset Management LLC acquired a new position in shares of Arista Networks in the 2nd quarter valued at $33,000. Sugarloaf Wealth Management LLC purchased a new stake in shares of Arista Networks during the 2nd quarter worth about $35,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Arista Networks in the second quarter valued at approximately $35,000. 82.47% of the stock is 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.