Arista Networks (NYSE:ANET) Trading Down 2%

Arista Networks, Inc. (NYSE:ANET) fell 2% during mid-day trading on Monday . The company traded as low as $351.47 and last traded at $352.55. 208,730 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 2,328,789 shares. The stock had previously closed at $359.76.

Analyst Ratings Changes

Several brokerages have recently issued reports on ANET. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. JPMorgan Chase & Co. increased their price objective on shares of Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Citigroup boosted their target price on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Wells Fargo & Company increased their price target on Arista Networks from $340.00 to $390.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Finally, Evercore ISI reissued an “outperform” rating and issued a $400.00 price objective on shares of Arista Networks in a report on Friday. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $358.63.

Arista Networks Stock Performance

The firm has a 50-day simple moving average of $341.07 and a two-hundred day simple moving average of $313.92. The company has a market capitalization of $112.83 billion, a price-to-earnings ratio of 49.79, a P/E/G ratio of 2.70 and a beta of 1.07.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company’s revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.41 earnings per share. As a group, equities analysts forecast that Arista Networks, Inc. will post 7.38 EPS for the current fiscal year.

Insider Transactions at Arista Networks

In other news, CEO Jayshree Ullal sold 25,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $357.00, for a total transaction of $8,925,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,595,800 shares of the company’s stock, valued at approximately $569,700,600. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Arista Networks news, Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $352.93, for a total value of $705,860.00. Following the completion of the transaction, the director now owns 52,946 shares in the company, valued at $18,686,231.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $357.00, for a total value of $8,925,000.00. Following the sale, the chief executive officer now owns 1,595,800 shares in the company, valued at approximately $569,700,600. The disclosure for this sale can be found here. In the last three months, insiders sold 106,989 shares of company stock valued at $37,891,416. Insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Institutional investors and hedge funds have recently bought and sold shares of the business. Benjamin Edwards Inc. acquired a new stake in Arista Networks during the 1st quarter worth approximately $26,000. Beacon Capital Management LLC lifted its holdings in shares of Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after purchasing an additional 65 shares during the period. LGT Financial Advisors LLC purchased a new position in Arista Networks in the 2nd quarter valued at $27,000. Financial Synergies Wealth Advisors Inc. increased its stake in Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after buying an additional 96 shares during the period. Finally, Byrne Asset Management LLC acquired a new stake in shares of Arista Networks in the 2nd quarter worth $33,000. Hedge funds and other 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.