Short Interest in Arista Networks, Inc. (NYSE:ANET) Grows By 10.3%

Arista Networks, Inc. (NYSE:ANET) saw a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 3,000,000 shares, an increase of 10.3% from the October 31st total of 2,720,000 shares. Based on an average daily volume of 1,840,000 shares, the short-interest ratio is presently 1.6 days.

Arista Networks Stock Up 1.1 %

Shares of ANET traded up $4.28 during mid-day trading on Monday, reaching $410.10. 1,331,849 shares of the company’s stock were exchanged, compared to its average volume of 2,229,111. Arista Networks has a 52-week low of $210.69 and a 52-week high of $431.97. The company has a market cap of $129.16 billion, a price-to-earnings ratio of 49.29, a PEG ratio of 3.07 and a beta of 1.08. The company has a 50-day simple moving average of $397.15 and a two-hundred day simple moving average of $357.79.

Arista Networks’s stock is set to split on Wednesday, December 4th. The 4-1 split was announced on Thursday, November 7th. The newly issued shares will be distributed to shareholders after the market closes on Tuesday, December 3rd.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, November 7th. The technology company reported $2.40 EPS for the quarter, topping analysts’ consensus estimates of $2.08 by $0.32. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same period last year, the business posted $1.63 EPS. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, equities research analysts predict that Arista Networks will post 7.79 EPS for the current fiscal year.

Insider Buying and Selling

In other Arista Networks news, SVP Marc Taxay sold 4,497 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $336.32, for a total value of $1,512,431.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kelly Bodnar Battles sold 372 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $356.74, for a total transaction of $132,707.28. Following the completion of the transaction, the director now owns 2,565 shares of the company’s stock, valued at approximately $915,038.10. The trade was a 12.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 75,771 shares of company stock worth $29,995,584. Insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Hedge funds and other institutional investors have recently bought and sold shares of the business. Zions Bancorporation N.A. increased its holdings in shares of Arista Networks by 6.9% in the 3rd quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company’s stock worth $160,000 after acquiring an additional 27 shares during the period. Intellectus Partners LLC boosted its holdings in 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 buying an additional 27 shares in the last quarter. First Affirmative Financial Network raised its position in shares of Arista Networks by 4.3% during the third quarter. First Affirmative Financial Network now owns 682 shares of the technology company’s stock worth $262,000 after purchasing an additional 28 shares during the period. Altman Advisors Inc. increased its position in shares of Arista Networks by 0.5% in the third quarter. Altman Advisors Inc. now owns 5,862 shares of the technology company’s stock worth $2,250,000 after acquiring an additional 28 shares in the last quarter. Finally, FCG Investment Co lifted its holdings in shares of Arista Networks by 2.3% in the second quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock valued at $445,000 after purchasing an additional 29 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on ANET shares. The Goldman Sachs Group lifted their target price on Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Evercore ISI boosted their target price on Arista Networks from $400.00 to $425.00 and gave the company an “outperform” rating in a research report on Tuesday, October 1st. Rosenblatt Securities upped their price objective on Arista Networks from $265.00 to $320.00 and gave the company a “sell” rating in a research report on Friday, November 8th. Piper Sandler restated a “neutral” rating and set a $421.00 price objective (up from $345.00) on shares of Arista Networks in a report on Friday, November 8th. Finally, UBS Group increased their target price on Arista Networks from $369.00 to $425.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $395.19.

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.