Arista Networks (NYSE:ANET) Downgraded by Erste Group Bank to Hold

Erste Group Bank downgraded shares of Arista Networks (NYSE:ANET) from a strong-buy rating to a hold rating in a research note issued to investors on Monday,Zacks.com reports.

Several other equities research analysts have also issued reports on ANET. UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and boosted their price target for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. Piper Sandler reissued a “neutral” rating and issued a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Finally, Barclays reissued an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and a consensus target price of $114.00.

Arista Networks Trading Down 1.3 %

Shares of ANET stock opened at $83.96 on Monday. Arista Networks has a 1 year low of $60.08 and a 1 year high of $133.58. The firm’s fifty day simple moving average is $104.44 and its 200 day simple moving average is $101.89. The firm has a market capitalization of $105.88 billion, a P/E ratio of 37.82, a price-to-earnings-growth ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET) last announced its 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 business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Equities research analysts anticipate that Arista Networks will post 2.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total transaction of $892,080.00. Following the transaction, the director now owns 163,784 shares in the company, valued at $18,263,553.84. This represents a 4.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $118.47, for a total transaction of $9,477,600.00. Following the transaction, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,537,266.72. This trade represents a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 491,001 shares of company stock worth $49,112,111 in the last 90 days. Corporate insiders own 3.54% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Objective Capital Management LLC boosted its stake in Arista Networks by 244.0% during the 4th quarter. Objective Capital Management LLC now owns 3,516 shares of the technology company’s stock worth $389,000 after acquiring an additional 2,494 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Arista Networks by 535.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 520,832 shares of the technology company’s stock worth $57,568,000 after acquiring an additional 438,899 shares during the last quarter. NorthCrest Asset Manangement LLC boosted its stake in Arista Networks by 346.5% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 9,538 shares of the technology company’s stock worth $1,054,000 after acquiring an additional 7,402 shares during the last quarter. Centaurus Financial Inc. raised its holdings in Arista Networks by 415.3% during the 4th quarter. Centaurus Financial Inc. now owns 11,775 shares of the technology company’s stock worth $1,301,000 after buying an additional 9,490 shares during the period. Finally, Wealthedge Investment Advisors LLC acquired a new stake in Arista Networks during the 4th quarter worth approximately $1,376,000. 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.