Arista Networks (NYSE:ANET) Shares Up 3.9% – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET) rose 3.9% on Monday . The stock traded as high as $86.30 and last traded at $86.41. Approximately 1,635,248 shares changed hands during trading, a decline of 81% from the average daily volume of 8,545,322 shares. The stock had previously closed at $83.13.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ANET. Evercore ISI lifted their target price on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Piper Sandler reiterated a “neutral” rating and issued a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. Erste Group Bank cut Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, The Goldman Sachs Group restated a “buy” rating on shares of Arista Networks in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $114.00.

Arista Networks Stock Performance

The company has a 50 day moving average price of $102.53 and a 200 day moving average price of $101.89. The company has a market capitalization of $109.26 billion, a PE ratio of 39.00, a PEG ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data 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. The company had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. On average, equities analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total transaction of $892,080.00. Following the completion of the sale, the director now owns 163,784 shares of the company’s stock, valued at $18,263,553.84. This represents a 4.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 138,351 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the sale, the chief executive officer now owns 92,641 shares in the company, valued at $8,697,137.08. The trade was a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 491,001 shares of company stock worth $49,112,111 over the last ninety days. 3.54% of the stock is owned by insiders.

Institutional Trading of Arista Networks

Several large investors have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Arista Networks during the third quarter valued at about $1,417,000. LPL Financial LLC lifted its stake in shares of Arista Networks by 2.0% in the 3rd quarter. LPL Financial LLC now owns 250,416 shares of the technology company’s stock worth $96,114,000 after acquiring an additional 4,952 shares during the period. Eagle Asset Management Inc. raised its stake in shares of Arista Networks by 21.1% in the 3rd quarter. Eagle Asset Management Inc. now owns 16,130 shares of the technology company’s stock worth $6,459,000 after buying an additional 2,807 shares in the last quarter. Raymond James Trust N.A. lifted its stake in Arista Networks by 2.9% during the third quarter. Raymond James Trust N.A. now owns 2,538 shares of the technology company’s stock valued at $974,000 after purchasing an additional 71 shares during the last quarter. Finally, Nicolet Advisory Services LLC boosted its holdings in Arista Networks by 10.0% during the third quarter. Nicolet Advisory Services LLC now owns 909 shares of the technology company’s stock worth $355,000 after buying an additional 83 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.