Arista Networks (NYSE:ANET) Trading Down 1.1% Following Analyst Downgrade

Arista Networks, Inc. (NYSE:ANET) shares traded down 1.1% during mid-day trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $140.00 to $110.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Arista Networks traded as low as $70.41 and last traded at $71.11. 8,564,418 shares traded hands during trading, a decline of 6% from the average session volume of 9,117,564 shares. The stock had previously closed at $71.87.

Several other research analysts also recently weighed in on the stock. Wells Fargo & Company restated an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Morgan Stanley lowered their target price on Arista Networks from $118.00 to $73.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Citigroup cut their price target on Arista Networks from $121.00 to $92.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Evercore ISI lowered their price objective on Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. Finally, UBS Group raised Arista Networks from a “neutral” rating to a “buy” rating and upped their target price for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $106.07.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the completion of the transaction, the director now owns 155,784 shares in the company, valued at approximately $17,450,923.68. This represents a 4.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jayshree Ullal sold 138,351 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. This represents a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 411,031 shares of company stock worth $39,364,943. 3.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Caitlin John LLC increased its position in shares of Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC grew its holdings in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after acquiring an additional 191 shares during the period. New Millennium Group LLC raised its position in Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after acquiring an additional 195 shares in the last quarter. Quarry LP lifted its holdings in Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock valued at $29,000 after acquiring an additional 206 shares during the last quarter. Finally, Dunhill Financial LLC grew its stake in shares of Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock worth $29,000 after purchasing an additional 212 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Arista Networks Trading Down 1.1 %

The firm has a market capitalization of $89.67 billion, a P/E ratio of 32.03, a P/E/G ratio of 3.10 and a beta of 1.30. The business’s fifty day moving average is $84.23 and its 200 day moving average is $99.29.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. The company had revenue of $1.93 billion for the quarter, compared to analysts’ expectations of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. As a group, sell-side analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal 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.