Arista Networks (NYSE:ANET) Trading 1.9% Higher – What’s Next?

Shares of Arista Networks, Inc. (NYSE:ANET) shot up 1.9% during trading on Wednesday . The stock traded as high as $134.44 and last traded at $132.5440. 5,828,556 shares were traded during mid-day trading, a decline of 41% from the average session volume of 9,862,984 shares. The stock had previously closed at $130.04.

Analyst Ratings Changes

A number of analysts have recently weighed in on ANET shares. Erste Group Bank lowered shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Monday, November 10th. William Blair reaffirmed an “outperform” rating on shares of Arista Networks in a research report on Friday, September 12th. Wolfe Research boosted their price objective on Arista Networks from $160.00 to $185.00 and gave the company an “outperform” rating in a report on Friday, September 12th. Melius Research upped their target price on Arista Networks from $160.00 to $185.00 and gave the stock a “buy” rating in a research note on Friday, September 12th. Finally, BNP Paribas upgraded Arista Networks from a “hold” rating to an “outperform” rating in a research report on Thursday, September 25th. Eighteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $164.31.

Arista Networks Trading Up 1.9%

The company has a market cap of $166.91 billion, a price-to-earnings ratio of 50.40, a PEG ratio of 2.48 and a beta of 1.41. The business has a fifty day moving average of $139.91 and a two-hundred day moving average of $126.11.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.26 billion. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The business’s revenue was up 27.5% compared to the same quarter last year. During the same period in the previous year, the business earned $2.40 earnings per share. On average, research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 58,000 shares of the firm’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $148.42, for a total value of $8,608,360.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Kenneth Duda sold 30,000 shares of the stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $128.61, for a total value of $3,858,300.00. Following the transaction, the insider directly owned 12,976 shares of the company’s stock, valued at $1,668,843.36. The trade was a 69.81% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 274,464 shares of company stock worth $38,250,488 in the last 90 days. Insiders own 3.54% of the company’s stock.

Hedge Funds Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently modified their holdings of ANET. Bare Financial Services Inc raised its holdings in Arista Networks by 2,118.2% in the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock valued at $25,000 after acquiring an additional 233 shares during the last quarter. AdvisorNet Financial Inc increased its holdings in shares of Arista Networks by 56.7% in the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after purchasing an additional 72 shares during the last quarter. Knuff & Co LLC acquired a new stake in shares of Arista Networks in the third quarter valued at approximately $29,000. Richardson Financial Services Inc. lifted its position in Arista Networks by 141.3% during the third quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock worth $32,000 after buying an additional 130 shares in the last quarter. Finally, Saudi Central Bank acquired a new position in Arista Networks during the first quarter worth $33,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

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.