Short Interest in Arista Networks, Inc. (NYSE:ANET) Expands By 9.3%

Arista Networks, Inc. (NYSE:ANET) saw a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 2,700,000 shares, a growth of 9.3% from the August 31st total of 2,470,000 shares. Based on an average daily volume of 1,900,000 shares, the short-interest ratio is currently 1.4 days.

Wall Street Analysts Forecast Growth

ANET has been the topic of several recent research reports. Rosenblatt Securities raised their target price on Arista Networks from $220.00 to $265.00 and gave the company a “sell” rating in a report on Wednesday, July 31st. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Barclays upped their price objective on shares of Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. The Goldman Sachs Group boosted their target price 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. Finally, Citigroup raised their price target on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $364.81.

Insider Activity

In related news, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $318.12, for a total transaction of $264,675.84. Following the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $5,624,679.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 832 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $318.12, for a total value of $264,675.84. Following the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $5,624,679.72. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $370.70, for a total value of $7,414,000.00. Following the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,202,550.80. The disclosure for this sale can be found here. Insiders have sold 54,157 shares of company stock worth $19,291,193 in the last 90 days. Company insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after buying an additional 1,596,040 shares during the last quarter. Capital World Investors grew its stake in shares of Arista Networks by 0.5% in the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after buying an additional 55,312 shares in the last quarter. GQG Partners LLC acquired a new position in Arista Networks during the first quarter worth $881,848,000. Legal & General Group Plc raised its position in Arista Networks by 0.9% during the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after acquiring an additional 20,278 shares in the last quarter. Finally, Swedbank AB acquired a new stake in Arista Networks in the first quarter valued at $521,767,000. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Performance

Arista Networks stock traded down $1.97 on Tuesday, reaching $381.85. The company’s stock had a trading volume of 1,030,225 shares, compared to its average volume of 2,281,829. The business’s fifty day moving average price is $346.52 and its 200 day moving average price is $321.38. The company has a market cap of $119.66 billion, a price-to-earnings ratio of 53.57, a PEG ratio of 3.04 and a beta of 1.07. Arista Networks has a twelve month low of $168.25 and a twelve month high of $395.82.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.38. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company’s quarterly revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.41 earnings per share. As a group, equities analysts forecast that Arista Networks will post 7.38 earnings per share for the current year.

Arista Networks Company Profile

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.