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

Arista Networks, Inc. (NYSE:ANET) saw a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 15,210,000 shares, a growth of 38.5% from the February 13th total of 10,980,000 shares. Based on an average trading volume of 9,600,000 shares, the short-interest ratio is presently 1.6 days. Currently, 1.3% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ANET. Rosenblatt Securities restated a “sell” rating and set a $80.00 price objective on shares of Arista Networks in a research report on Tuesday, February 18th. The Goldman Sachs Group reiterated a “buy” rating on shares of Arista Networks in a research note on Monday, March 3rd. Piper Sandler reiterated a “neutral” rating and issued a $108.00 price objective (up previously from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. Citigroup increased their price objective on shares of Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Finally, UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and boosted their target price for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Price Performance

Shares of ANET traded down $1.36 during trading hours on Tuesday, hitting $83.73. The company’s stock had a trading volume of 2,552,537 shares, compared to its average volume of 8,655,088. The company has a market cap of $105.60 billion, a price-to-earnings ratio of 37.76, a PEG ratio of 3.10 and a beta of 1.08. The business has a 50 day simple moving average of $105.07 and a two-hundred day simple moving average of $101.92. Arista Networks has a 52-week low of $60.08 and a 52-week high of $133.58.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Research analysts predict that Arista Networks will post 2.2 earnings per share for the current year.

Insider Activity

In other news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the transaction, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,101,013.60. The trade was a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total value of $892,080.00. Following the completion of the sale, the director now owns 163,784 shares of the company’s stock, valued at $18,263,553.84. The trade was a 4.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 491,001 shares of company stock worth $49,112,111. Insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

A number of institutional investors and hedge funds have recently modified their holdings of the company. Zions Bancorporation N.A. lifted its holdings in shares of Arista Networks by 6.9% in the third quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company’s stock worth $160,000 after buying an additional 27 shares in the last quarter. Intellectus Partners LLC grew its holdings in shares of Arista Networks by 1.4% during the third quarter. Intellectus Partners LLC now owns 1,927 shares of the technology company’s stock worth $740,000 after purchasing an additional 27 shares in the last quarter. Altman Advisors Inc. grew its holdings 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 purchasing an additional 28 shares in the last quarter. Anchor Investment Management LLC grew its holdings in shares of Arista Networks by 35.0% during the third quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock worth $52,000 after purchasing an additional 35 shares in the last quarter. Finally, Freedom Investment Management Inc. grew its holdings in shares of Arista Networks by 2.3% during the third quarter. Freedom Investment Management Inc. now owns 1,621 shares of the technology company’s stock worth $622,000 after purchasing an additional 36 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

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.