Arista Networks (NYSE:ANET) Posts Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Arista Networks (NYSE:ANET) announced its quarterly earnings data on Tuesday. The technology company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.13, FiscalAI reports. Arista Networks had a return on equity of 30.10% and a net margin of 38.32%.The company had revenue of $3.04 billion for the quarter, compared to analyst estimates of $2.83 billion.

Arista Networks Stock Up 3.4%

Arista Networks stock traded up $6.32 during mid-day trading on Tuesday, reaching $191.21. 12,476,303 shares of the company’s stock were exchanged, compared to its average volume of 8,587,688. The company has a market cap of $240.77 billion, a P/E ratio of 65.48, a P/E/G ratio of 2.77 and a beta of 1.60. Arista Networks has a twelve month low of $114.52 and a twelve month high of $194.35. The company has a fifty day moving average of $168.02 and a 200-day moving average of $150.69.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Bank of America boosted their price target on shares of Arista Networks from $185.00 to $200.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Wolfe Research reissued an “outperform” rating and set a $175.00 price objective on shares of Arista Networks in a research note on Wednesday, June 10th. TD Cowen reaffirmed a “buy” rating and issued a $210.00 target price (up from $200.00) on shares of Arista Networks in a research note on Monday, July 13th. Morgan Stanley reissued an “overweight” rating and set a $190.00 price target (up from $180.00) on shares of Arista Networks in a research report on Friday, June 12th. Finally, Needham & Company LLC raised their price objective on shares of Arista Networks from $185.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Arista Networks currently has a consensus rating of “Buy” and a consensus target price of $189.74.

Insiders Place Their Bets

In other news, insider Kenneth Duda sold 32,000 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $140.08, for a total transaction of $4,482,560.00. Following the sale, the insider owned 12,976 shares of the company’s stock, valued at approximately $1,817,678.08. This represents a 71.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Jayshree Ullal sold 242,422 shares of the stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $188.17, for a total value of $45,616,547.74. Following the completion of the sale, the chief executive officer owned 5,171,095 shares in the company, valued at approximately $973,044,946.15. The trade was a 4.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 2,300,316 shares of company stock worth $382,160,575 over the last 90 days. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Brighton Jones LLC increased its stake in Arista Networks by 321.7% in the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company’s stock valued at $863,000 after buying an additional 5,955 shares during the period. Revolve Wealth Partners LLC purchased a new position in Arista Networks during the fourth quarter worth about $202,000. Bison Wealth LLC purchased a new position in Arista Networks during the fourth quarter worth about $251,000. Sivia Capital Partners LLC lifted its position in Arista Networks by 48.4% in the second quarter. Sivia Capital Partners LLC now owns 10,723 shares of the technology company’s stock valued at $1,097,000 after purchasing an additional 3,496 shares during the period. Finally, Gamco Investors INC. ET AL boosted its holdings in Arista Networks by 31.3% in the 2nd quarter. Gamco Investors INC. ET AL now owns 4,193 shares of the technology company’s stock valued at $429,000 after purchasing an additional 1,000 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.