Arista Networks (NYSE:ANET) Trading Down 19.1% – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET) shares traded down 19.1% during trading on Monday . The company traded as low as $104.52 and last traded at $104.48. 10,871,015 shares changed hands during mid-day trading, an increase of 61% from the average session volume of 6,738,225 shares. The stock had previously closed at $129.17.

Wall Street Analysts Forecast Growth

ANET has been the topic of several recent research reports. UBS Group lifted 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. Barclays reduced 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 note on Wednesday, December 4th. Morgan Stanley boosted 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. Rosenblatt Securities raised their price objective on shares of Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a research note on Friday, November 8th. Finally, The Goldman Sachs Group upped their target price on shares of Arista Networks from $120.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $105.83.

Arista Networks Price Performance

The company has a market capitalization of $135.87 billion, a price-to-earnings ratio of 51.85, a PEG ratio of 3.49 and a beta of 1.08. The firm has a 50-day moving average price of $111.07 and a two-hundred day moving average price of $98.44.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.08. The company had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The business’s quarterly revenue was up 20.0% on a year-over-year basis. During the same period last year, the business earned $0.41 EPS. On average, equities analysts predict that Arista Networks, Inc. will post 1.97 EPS for the current year.

Insider Activity

In other Arista Networks news, CEO Jayshree Ullal sold 3,328 shares of Arista Networks stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $99.35, for a total value of $330,628.48. Following the completion of the sale, the chief executive officer now owns 70,724 shares in the company, valued at $7,026,252.59. The trade was a 4.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John F. Mccool sold 288 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $108.70, for a total transaction of $31,305.60. The disclosure for this sale can be found here. Insiders sold 343,992 shares of company stock worth $37,634,420 in the last quarter. Corporate insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently modified their holdings of ANET. Swedbank AB boosted its stake in Arista Networks by 293.2% in the fourth quarter. Swedbank AB now owns 6,750,793 shares of the technology company’s stock valued at $746,165,000 after buying an additional 5,034,022 shares in the last quarter. WCM Investment Management LLC boosted its stake in shares of Arista Networks by 292.8% in the 4th quarter. WCM Investment Management LLC now owns 6,053,181 shares of the technology company’s stock valued at $674,627,000 after purchasing an additional 4,512,166 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Arista Networks by 307.7% during the 4th quarter. Jennison Associates LLC now owns 4,632,730 shares of the technology company’s stock valued at $512,056,000 after purchasing an additional 3,496,497 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Arista Networks by 306.9% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,433,425 shares of the technology company’s stock worth $268,966,000 after purchasing an additional 1,835,421 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Arista Networks by 322.9% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 2,323,157 shares of the technology company’s stock valued at $259,557,000 after purchasing an additional 1,773,777 shares during the last quarter. 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.