Arista Networks (NYSE:ANET) Trading Down 2.4% – Here’s Why

Arista Networks, Inc. (NYSE:ANET)’s stock price was down 2.4% during trading on Monday . The stock traded as low as $74.53 and last traded at $76.07. Approximately 3,351,775 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 8,848,340 shares. The stock had previously closed at $77.94.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ANET shares. StockNews.com downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. Erste Group Bank downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. The Goldman Sachs Group reissued a “buy” rating on shares of Arista Networks in a report on Monday, March 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $145.00 price objective on shares of Arista Networks in a research note on Wednesday, February 19th. Finally, Morgan Stanley lifted their target price on Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Trading Up 1.1 %

The company’s 50-day simple moving average is $97.45 and its 200-day simple moving average is $101.75. The stock has a market capitalization of $98.81 billion, a price-to-earnings ratio of 35.29, a PEG ratio of 3.10 and a beta of 1.30.

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 the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $1.93 billion during the quarter, compared to analyst estimates of $1.90 billion. On average, equities research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $118.47, for a total value of $9,477,600.00. Following the transaction, the senior vice president now owns 12,976 shares in the company, valued at $1,537,266.72. The trade was a 86.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $89.03, for a total value of $712,240.00. Following the sale, the director now owns 147,784 shares of the company’s stock, valued at approximately $13,157,209.52. The trade was a 5.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 491,001 shares of company stock valued at $49,112,111 over the last ninety days. 3.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Arista Networks by 7.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 3,357 shares of the technology company’s stock valued at $260,000 after buying an additional 241 shares during the last quarter. Fire Capital Management LLC purchased a new position in Arista Networks in the fourth quarter valued at about $1,439,000. DSG Capital Advisors LLC bought a new position in shares of Arista Networks during the 4th quarter valued at approximately $5,984,000. Objective Capital Management LLC increased its stake in shares of 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 purchasing an additional 2,494 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Arista Networks by 535.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 520,832 shares of the technology company’s stock valued at $57,568,000 after purchasing an additional 438,899 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

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.