Arista Networks (NYSE:ANET) Trading Down 1.9% on Insider Selling

Arista Networks, Inc. (NYSE:ANET)’s share price traded down 1.9% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $128.64 and last traded at $130.0720. 7,536,388 shares traded hands during mid-day trading, an increase of 1% from the average session volume of 7,484,290 shares. The stock had previously closed at $132.58.

Specifically, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Friday, January 2nd. The shares were sold at an average price of $133.79, for a total transaction of $1,070,320.00. Following the completion of the transaction, the director owned 17,784 shares of the company’s stock, valued at approximately $2,379,321.36. This trade represents a 31.03% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ANET shares. Piper Sandler upgraded Arista Networks from a “neutral” rating to an “overweight” rating and raised their target price for the company from $145.00 to $159.00 in a report on Monday. William Blair reissued an “outperform” rating on shares of Arista Networks in a research report on Friday, September 12th. Zacks Research cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. BNP Paribas Exane raised Arista Networks from a “neutral” rating to an “outperform” rating and set a $172.00 target price for the company in a research note on Thursday, September 25th. Finally, Barclays restated an “overweight” rating and issued a $183.00 price objective (up from $179.00) on shares of Arista Networks in a report on Wednesday, November 5th. Eighteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $164.44.

Arista Networks Trading Down 4.9%

The company’s 50 day moving average price is $131.12 and its 200 day moving average price is $131.44. The company has a market cap of $155.86 billion, a price-to-earnings ratio of 47.06, a PEG ratio of 2.19 and a beta of 1.41.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.72 by $0.03. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.26 billion. During the same period last year, the firm earned $2.40 EPS. The company’s quarterly revenue was up 27.5% compared to the same quarter last year. Sell-side analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Hedge Funds Weigh In On Arista Networks

Hedge funds have recently bought and sold shares of the company. Bare Financial Services Inc grew its position in shares of Arista Networks by 2,118.2% in the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock valued at $25,000 after purchasing an additional 233 shares during the last quarter. Board of the Pension Protection Fund acquired a new stake in Arista Networks during the 4th quarter worth approximately $26,000. AdvisorNet Financial Inc raised its stake in shares of Arista Networks by 56.7% in the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after acquiring an additional 72 shares during the period. Knuff & Co LLC purchased a new stake in Arista Networks during the 3rd quarter worth $29,000. Finally, Richardson Financial Services Inc. boosted its position in Arista Networks by 141.3% during the 3rd quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock worth $32,000 after purchasing an additional 130 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Company Profile

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.