Arista Networks (NYSE:ANET) Stock Price Down 0.3% - Should You Sell?

Shares of Arista Networks, Inc. (NYSE:ANET - Get Free Report) were down 0.3% during mid-day trading on Monday . The company traded as low as $76.88 and last traded at $77.70. Approximately 2,038,759 shares changed hands during trading, a decline of 78% from the average daily volume of 9,071,288 shares. The stock had previously closed at $77.91.

Analysts Set New Price Targets

Several brokerages recently issued reports on ANET. Evercore ISI reduced their price objective on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Erste Group Bank lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research 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. Piper Sandler decreased their price objective on Arista Networks from $108.00 to $76.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Finally, UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $106.43.

Arista Networks Stock Up 7.3 %

The stock has a 50 day simple moving average of $79.28 and a 200 day simple moving average of $97.90. The company has a market cap of $110.88 billion, a price-to-earnings ratio of 39.80, a PEG ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 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 firm had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. As a group, equities research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Insider Activity at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $115.61, for a total value of $9,248,800.00. Following the sale, the senior vice president now directly owns 12,976 shares of the company's stock, valued at $1,500,155.36. This represents a 86.04 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Marc Taxay sold 51,848 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total transaction of $4,593,214.32. The disclosure for this sale can be found here. In the last three months, insiders sold 412,355 shares of company stock valued at $39,446,799. Corporate insiders own 3.54% of the company's stock.

Hedge Funds Weigh In On Arista Networks

A number of hedge funds have recently bought and sold shares of ANET. Optimum Investment Advisors raised its position in shares of Arista Networks by 31.3% during the 1st quarter. Optimum Investment Advisors now owns 525 shares of the technology company's stock valued at $41,000 after acquiring an additional 125 shares in the last quarter. Tradewinds Capital Management LLC raised its holdings in shares of Arista Networks by 45.8% during the first quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company's stock worth $35,000 after purchasing an additional 143 shares during the period. Caitlin John LLC lifted its position in shares of Arista Networks by 174.7% in the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after buying an additional 152 shares during the last quarter. Weaver Capital Management LLC boosted its holdings in shares of Arista Networks by 0.8% in the 1st quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company's stock valued at $1,662,000 after buying an additional 162 shares during the period. Finally, First American Bank grew its position in shares of Arista Networks by 1.1% during the 1st quarter. First American Bank now owns 14,478 shares of the technology company's stock valued at $1,122,000 after buying an additional 164 shares during the last quarter. 82.47% of the stock is currently 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.