Arista Networks, Inc. (NYSE:ANET) Short Interest Down 24.0% in June

Arista Networks, Inc. (NYSE:ANET) was the recipient of a large decrease in short interest in June. As of June 30th, there was short interest totalling 3,360,000 shares, a decrease of 24.0% from the June 15th total of 4,420,000 shares. Based on an average daily volume of 2,510,000 shares, the short-interest ratio is presently 1.3 days.

Arista Networks Price Performance

NYSE ANET traded down $1.59 during mid-day trading on Monday, reaching $360.31. 1,213,723 shares of the stock were exchanged, compared to its average volume of 2,455,210. The stock has a market cap of $112.91 billion, a P/E ratio of 50.18, a P/E/G ratio of 3.20 and a beta of 1.11. The stock has a 50 day simple moving average of $325.84 and a 200-day simple moving average of $289.51. Arista Networks has a one year low of $149.10 and a one year high of $376.50.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.24. The business had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.55 billion. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. Sell-side analysts anticipate that Arista Networks will post 7.05 EPS for the current fiscal year.

Arista Networks announced that its board has approved a share repurchase program on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in shares. This repurchase authorization authorizes the technology company to purchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Evercore ISI increased their price objective on shares of Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a research note on Monday, May 20th. Jefferies Financial Group raised shares of Arista Networks from a “hold” rating to a “buy” rating and increased their price objective for the company from $240.00 to $320.00 in a research note on Friday, May 3rd. Barclays increased their price objective on shares of Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday, May 9th. Finally, Citigroup increased their price objective on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average target price of $313.89.

Insiders Place Their Bets

In related news, insider John F. Mccool sold 416 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $254.54, for a total transaction of $105,888.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director Yvonne Wassenaar sold 223 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total transaction of $70,543.82. Following the sale, the director now owns 2,976 shares in the company, valued at approximately $941,427.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John F. Mccool sold 416 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total transaction of $105,888.64. The disclosure for this sale can be found here. Insiders have sold a total of 210,076 shares of company stock worth $68,928,479 in the last quarter. Corporate insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Large investors have recently bought and sold shares of the stock. Old Port Advisors grew its holdings in shares of Arista Networks by 3.5% during the first quarter. Old Port Advisors now owns 955 shares of the technology company’s stock valued at $277,000 after buying an additional 32 shares during the last quarter. Fortitude Family Office LLC grew its holdings in shares of Arista Networks by 33.3% during the second quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock valued at $46,000 after buying an additional 33 shares during the last quarter. NBC Securities Inc. grew its holdings in shares of Arista Networks by 21.5% during the first quarter. NBC Securities Inc. now owns 215 shares of the technology company’s stock valued at $62,000 after buying an additional 38 shares during the last quarter. Sandy Spring Bank grew its holdings in shares of Arista Networks by 33.6% during the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock valued at $37,000 after buying an additional 39 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Arista Networks by 6.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company’s stock valued at $163,000 after buying an additional 39 shares during 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.