Short Interest in Arista Networks, Inc. (NYSE:ANET) Rises By 30.6%

Arista Networks, Inc. (NYSE:ANET) saw a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 19,860,000 shares, a growth of 30.6% from the February 28th total of 15,210,000 shares. Based on an average daily trading volume, of 9,890,000 shares, the days-to-cover ratio is presently 2.0 days. Currently, 1.6% of the shares of the stock are short sold.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ANET shares. 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 report on Wednesday, February 19th. Citigroup upped their price target on shares of Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. The Goldman Sachs Group reissued a “buy” rating on shares of Arista Networks in a report on Monday, March 3rd. Erste Group Bank downgraded shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 17th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $145.00 target price on shares of Arista Networks in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Stock Up 1.1 %

Shares of NYSE:ANET traded up $0.87 during trading on Tuesday, hitting $78.35. The stock had a trading volume of 6,949,642 shares, compared to its average volume of 8,878,755. The company has a market capitalization of $98.81 billion, a PE ratio of 35.29, a PEG ratio of 3.10 and a beta of 1.08. The firm’s fifty day moving average is $97.45 and its 200 day moving average is $101.75. Arista Networks has a 12 month low of $60.08 and a 12 month high of $133.58.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. Equities research analysts expect that Arista Networks will post 2.2 EPS for the current fiscal year.

Insider Buying and Selling

In other news, SVP Marc Taxay sold 51,848 shares of Arista Networks stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $88.59, for a total value of $4,593,214.32. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $84.85, for a total value of $6,788,000.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,101,013.60. This trade represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 491,001 shares of company stock worth $49,112,111 in the last quarter. 3.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ANET. Caitlin John LLC lifted its holdings in shares of Arista Networks by 174.7% during the fourth 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 last quarter. Capital Advisors Ltd. LLC raised its stake in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock valued at $27,000 after buying an additional 191 shares during the last quarter. Cranbrook Wealth Management LLC boosted its holdings in Arista Networks by 300.0% in the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock worth $29,000 after acquiring an additional 198 shares in the last quarter. Trust Co. of Vermont boosted its holdings in Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock worth $29,000 after acquiring an additional 198 shares in the last quarter. Finally, New Millennium Group LLC grew its stake in shares of 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 during the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

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.