Arista Networks, Inc. (NYSE:ANET) Short Interest Update

Arista Networks, Inc. (NYSE:ANET) saw a large growth in short interest in December. As of December 15th, there was short interest totalling 13,630,000 shares, a growth of 22.1% from the November 30th total of 11,160,000 shares. Based on an average daily volume of 7,430,000 shares, the days-to-cover ratio is currently 1.8 days.

Arista Networks Trading Down 0.6 %

Shares of ANET traded down $0.67 during mid-day trading on Tuesday, reaching $110.78. 1,582,698 shares of the stock traded hands, compared to its average volume of 8,679,753. Arista Networks has a 1 year low of $56.65 and a 1 year high of $116.94. The company has a market cap of $139.56 billion, a price-to-earnings ratio of 53.26, a price-to-earnings-growth ratio of 3.21 and a beta of 1.10. The firm has a fifty day moving average price of $103.67 and a 200 day moving average price of $94.17.

Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $1.76 billion. During the same period in the prior year, the company earned $0.41 EPS. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Arista Networks will post 1.96 EPS for the current year.

Analyst Ratings Changes

ANET has been the topic of several research analyst reports. Citigroup boosted their price objective on Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. Piper Sandler restated 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. Wells Fargo & Company lifted their price objective on shares of Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group raised their price target on shares of Arista Networks from $97.50 to $107.50 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Finally, UBS Group upped their price objective on Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $100.70.

Insider Transactions at Arista Networks

In other Arista Networks news, SVP Marc Taxay sold 2,496 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $96.83, for a total value of $241,693.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred on Monday, October 7th. The stock was sold at an average price of $98.67, for a total transaction of $7,893,800.00. Following the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,280,374.36. This represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 340,660 shares of company stock valued at $35,609,360 in the last 90 days. 3.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arista Networks

A number of institutional investors have recently made changes to their positions in the stock. Zions Bancorporation N.A. lifted its stake in Arista Networks by 6.9% during the third quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company’s stock worth $160,000 after purchasing an additional 27 shares during the last quarter. Intellectus Partners LLC boosted its stake in Arista Networks by 1.4% in the third quarter. Intellectus Partners LLC now owns 1,927 shares of the technology company’s stock worth $740,000 after buying an additional 27 shares in the last quarter. First Affirmative Financial Network grew its position in Arista Networks by 4.3% during the third quarter. First Affirmative Financial Network now owns 682 shares of the technology company’s stock valued at $262,000 after acquiring an additional 28 shares during the last quarter. Altman Advisors Inc. raised its stake in shares of Arista Networks by 0.5% during the third quarter. Altman Advisors Inc. now owns 5,862 shares of the technology company’s stock worth $2,250,000 after acquiring an additional 28 shares in the last quarter. Finally, Everpar Advisors LLC boosted its stake in shares of Arista Networks by 1.5% in the 3rd quarter. Everpar Advisors LLC now owns 1,907 shares of the technology company’s stock valued at $732,000 after purchasing an additional 29 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.