Arista Networks (NYSE:ANET) Trading Down 2.2% Following Insider Selling

Shares of Arista Networks, Inc. (NYSE:ANET) were down 2.2% during trading on Tuesday following insider selling activity. The stock traded as low as $114.62 and last traded at $116.42. Approximately 2,124,512 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 5,349,315 shares. The stock had previously closed at $118.98.

Specifically, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred 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 directly owns 163,784 shares of the company’s stock, valued at approximately $18,263,553.84. This represents a 4.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on ANET. Rosenblatt Securities upped their price target on shares of Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research report on Friday, November 8th. Piper Sandler reaffirmed a “neutral” rating and issued a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Wells Fargo & Company boosted their price objective on Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. StockNews.com lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Finally, Citigroup raised their price target on 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 issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $100.70.

Arista Networks Price Performance

The business has a fifty day moving average of $105.14 and a 200-day moving average of $95.19. The stock has a market cap of $146.66 billion, a PE ratio of 55.97, a price-to-earnings-growth ratio of 3.21 and a beta of 1.08.

Arista Networks (NYSE:ANET) last posted its quarterly 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 return on equity of 30.52% and a net margin of 40.29%. The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the prior year, the company earned $0.41 EPS. The business’s revenue was up 20.0% compared to the same quarter last year. As a group, equities research analysts predict that Arista Networks, Inc. will post 1.96 EPS for the current year.

Institutional Investors Weigh In On Arista Networks

Several large investors have recently modified their holdings of ANET. Zions Bancorporation N.A. increased its holdings in Arista Networks by 6.9% during the third quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company’s stock valued at $160,000 after buying an additional 27 shares during the period. Intellectus Partners LLC increased its holdings in shares of Arista Networks by 1.4% in the 3rd quarter. Intellectus Partners LLC now owns 1,927 shares of the technology company’s stock valued at $740,000 after acquiring an additional 27 shares during the period. First Affirmative Financial Network raised its position in shares of Arista Networks by 4.3% in the 3rd quarter. First Affirmative Financial Network now owns 682 shares of the technology company’s stock worth $262,000 after acquiring an additional 28 shares in the last quarter. Altman Advisors Inc. lifted its stake in shares of Arista Networks by 0.5% during the 3rd 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 during the last quarter. Finally, Everpar Advisors LLC boosted its position in Arista Networks by 1.5% during the third quarter. Everpar Advisors LLC now owns 1,907 shares of the technology company’s stock valued at $732,000 after purchasing an additional 29 shares in the last quarter. 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.