Arista Networks (NYSE:ANET) Shares Down 3.3% – Should You Sell?

Arista Networks, Inc. (NYSE:ANET) shares were down 3.3% during trading on Tuesday . The stock traded as low as $112.02 and last traded at $112.65. Approximately 1,957,837 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 8,809,501 shares. The stock had previously closed at $116.53.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ANET. Wells Fargo & Company increased their target price on Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. The Goldman Sachs Group upped their price target on shares of Arista Networks from $97.50 to $107.50 and gave the company a “buy” rating in a report on Tuesday, September 24th. Rosenblatt Securities raised their price target on shares of Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a report on Friday, November 8th. Evercore ISI raised their target price on Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $105.25 price target (up previously from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $100.70.

Arista Networks Stock Up 0.9 %

The stock’s fifty day simple moving average is $101.87 and its 200 day simple moving average is $91.96. The firm has a market capitalization of $137.40 billion, a PE ratio of 52.44, a PEG ratio of 3.21 and a beta of 1.10.

Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. The company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. Arista Networks’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period last year, the firm earned $0.41 EPS. On average, analysts predict that Arista Networks, Inc. will post 1.96 EPS for the current year.

Insider Activity

In related news, insider John F. Mccool sold 288 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $108.70, for a total transaction of $31,305.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Marc Taxay sold 2,496 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $97.09, for a total transaction of $242,342.88. The disclosure for this sale can be found here. Insiders have sold 353,476 shares of company stock worth $36,841,998 in the last three months. Company insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Large investors have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its position in shares of Arista Networks by 97.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after buying an additional 884,703 shares in the last quarter. International Assets Investment Management LLC raised its position in Arista Networks by 39,841.1% during the third quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock valued at $3,358,850,000 after purchasing an additional 872,919 shares during the period. 1832 Asset Management L.P. lifted its stake in shares of Arista Networks by 4,160.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock valued at $180,743,000 after purchasing an additional 503,597 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Arista Networks by 22.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock worth $1,021,228,000 after purchasing an additional 492,615 shares during the period. Finally, State Street Corp raised its holdings in Arista Networks by 3.8% during the 3rd quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock valued at $4,313,229,000 after buying an additional 411,109 shares during the period. Institutional investors own 82.47% of the company’s stock.

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.