Arista Networks (NYSE:ANET) Shares Down 3.3% – Here’s What Happened

Arista Networks, Inc. (NYSE:ANET) traded down 3.3% during mid-day trading on Tuesday . The company traded as low as $112.02 and last traded at $112.65. 1,957,837 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 8,809,501 shares. The stock had previously closed at $116.53.

Analyst Upgrades and Downgrades

ANET has been the subject of a number of recent analyst reports. UBS Group lifted their price target on shares of Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Piper Sandler reissued a “neutral” rating and set a $105.25 price target (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Evercore ISI increased their target price on shares of Arista Networks from $100.00 to $106.25 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Morgan Stanley lifted their price target on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Citigroup upped their target price on shares of Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $100.70.

Arista Networks Price Performance

The firm has a market cap of $141.79 billion, a P/E ratio of 54.16, a PEG ratio of 3.21 and a beta of 1.10. The stock’s 50 day moving average is $101.48 and its two-hundred day moving average is $91.57.

Arista Networks (NYSE:ANET) last posted its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The company had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter last year, the company posted $0.41 EPS. Arista Networks’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, research analysts forecast that Arista Networks, Inc. will post 1.96 EPS for the current fiscal year.

Insider Activity

In related news, insider John F. Mccool sold 288 shares of the company’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $108.70, for a total transaction of $31,305.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Marc Taxay sold 2,496 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $97.09, for a total value of $242,342.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 353,476 shares of company stock worth $36,841,998. 3.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arista Networks

A number of institutional investors have recently modified their holdings of the company. State Street Corp boosted its position in shares of Arista Networks by 3.8% in the 3rd quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock valued at $4,313,229,000 after purchasing an additional 411,109 shares during the period. Geode Capital Management LLC boosted its holdings in Arista Networks by 4.2% in the third quarter. Geode Capital Management LLC now owns 5,871,481 shares of the technology company’s stock valued at $2,246,705,000 after acquiring an additional 236,151 shares during the last quarter. Wellington Management Group LLP raised its position in Arista Networks by 22.7% in the third quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock valued at $1,021,228,000 after purchasing an additional 492,615 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Arista Networks by 4.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,283,573 shares of the technology company’s stock worth $876,481,000 after acquiring an additional 99,790 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of Arista Networks by 0.9% during the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after acquiring an additional 20,278 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

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.