Arista Networks (NYSE:ANET) Stock Price Down 0.4% – Here’s Why

Arista Networks, Inc. (NYSE:ANET)’s share price fell 0.4% during trading on Thursday . The stock traded as low as $113.66 and last traded at $114.24. 627,573 shares were traded during mid-day trading, a decline of 93% from the average session volume of 8,741,158 shares. The stock had previously closed at $114.65.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ANET shares. UBS Group raised their price objective on Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research report on Friday, November 8th. Wells Fargo & Company lifted their price target on shares of Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Piper Sandler restated a “neutral” rating and issued a $105.25 price objective (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. Barclays decreased their target price on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 4th. Finally, Morgan Stanley raised their price target on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $100.70.

Arista Networks Trading Down 0.3 %

The firm has a fifty day simple moving average of $102.96 and a 200-day simple moving average of $93.31. The stock has a market cap of $143.98 billion, a price-to-earnings ratio of 54.95, a P/E/G ratio of 3.21 and a beta of 1.10.

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

Insider Buying and Selling at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 2,496 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $97.09, for a total value of $242,342.88. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider John F. Mccool sold 2,320 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $97.09, for a total transaction of $225,254.60. Following the completion of the sale, the insider now owns 288 shares of the company’s stock, valued at approximately $27,962.64. This represents a 88.96 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 353,476 shares of company stock worth $36,841,998. Insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ANET. Principal Financial Group Inc. raised its holdings in shares of Arista Networks by 9.3% during the third quarter. Principal Financial Group Inc. now owns 339,556 shares of the technology company’s stock worth $130,328,000 after acquiring an additional 29,006 shares during the period. Retirement Systems of Alabama boosted its position in shares of Arista Networks by 0.6% during the third quarter. Retirement Systems of Alabama now owns 56,320 shares of the technology company’s stock worth $21,617,000 after buying an additional 329 shares during the period. Oddo BHF Asset Management Sas bought a new position in shares of Arista Networks during the third quarter worth about $13,283,000. American Trust raised its position in Arista Networks by 71.7% in the 3rd quarter. American Trust now owns 4,382 shares of the technology company’s stock valued at $1,682,000 after buying an additional 1,830 shares during the last quarter. Finally, Old North State Trust LLC lifted its stake in Arista Networks by 6.9% in the 3rd quarter. Old North State Trust LLC now owns 1,371 shares of the technology company’s stock valued at $526,000 after acquiring an additional 89 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

About Arista Networks

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.