Arista Networks (NYSE:ANET) Stock Price Up 3.1% – Here’s What Happened

Shares of Arista Networks, Inc. (NYSE:ANET) traded up 3.1% during trading on Friday . The company traded as high as $118.34 and last traded at $117.43. 3,692,311 shares traded hands during trading, a decline of 59% from the average session volume of 9,042,724 shares. The stock had previously closed at $113.86.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. UBS Group lifted their price target on Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research note on Friday, November 8th. Wells Fargo & Company upped their target price on Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Citigroup upped their price target on Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, October 8th. The Goldman Sachs Group raised their price objective on Arista Networks from $120.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, January 17th. Finally, Evercore ISI increased their price target on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $105.83.

Arista Networks Trading Up 2.1 %

The business’s 50 day moving average price is $111.57 and its two-hundred day moving average price is $98.61. The stock has a market cap of $146.46 billion, a P/E ratio of 55.75, a price-to-earnings-growth ratio of 2.90 and a beta of 1.08.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the previous year, the firm posted $0.41 earnings per share. Arista Networks’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, analysts expect that Arista Networks, Inc. will post 1.97 earnings per share for the current year.

Insider Buying and Selling

In other news, insider John F. Mccool sold 6,340 shares of the firm’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $98.58, for a total value of $625,013.05. Following the transaction, the insider now directly owns 288 shares in the company, valued at $28,391.76. This trade represents a 95.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.09, for a total value of $8,407,200.00. Following the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,363,647.84. This represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 331,160 shares of company stock valued at $36,380,165 over the last quarter. Corporate insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several large investors have recently added to or reduced their stakes in the company. Caitlin John LLC increased its holdings in Arista Networks by 174.7% in the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after acquiring an additional 152 shares during the last quarter. Cranbrook Wealth Management LLC grew its holdings in Arista Networks by 300.0% during the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after buying an additional 198 shares in the last quarter. Trust Co. of Vermont increased its holdings in shares of Arista Networks by 300.0% in the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock worth $29,000 after buying an additional 198 shares during the last quarter. New Millennium Group LLC boosted its stake in shares of Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after purchasing an additional 195 shares during the period. Finally, Westside Investment Management Inc. lifted its stake in Arista Networks by 1,012.0% in the fourth quarter. Westside Investment Management Inc. now owns 278 shares of the technology company’s stock worth $31,000 after purchasing an additional 253 shares during the last quarter. 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.