Arista Networks (NYSE:ANET) Trading Down 2.1% - Here's What Happened

Arista Networks, Inc. (NYSE:ANET - Get Free Report)'s share price fell 2.1% on Tuesday . The company traded as low as $92.82 and last traded at $93.07. 1,669,176 shares were traded during mid-day trading, a decline of 81% from the average session volume of 9,010,269 shares. The stock had previously closed at $95.09.

Wall Street Analyst Weigh In

ANET has been the topic of a number of recent research reports. Wedbush initiated coverage on Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating on the stock. JPMorgan Chase & Co. decreased their price target on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Erste Group Bank downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Finally, Rosenblatt Securities lifted their price target on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research report on Wednesday, May 7th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $107.38.

Arista Networks Price Performance

The company's fifty day moving average price is $86.33 and its 200-day moving average price is $96.28. The stock has a market cap of $113.99 billion, a price-to-earnings ratio of 40.87, a P/E/G ratio of 3.10 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the prior year, the firm earned $0.50 EPS. The company's revenue for the quarter was up 27.6% on a year-over-year basis. On average, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its board has authorized a share repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the sale, the director now owns 139,784 shares of the company's stock, valued at $10,840,249.20. This represents a 5.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kelly Bodnar Battles sold 1,492 shares of the company's stock in a transaction dated Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the sale, the director now directly owns 7,480 shares of the company's stock, valued at $512,305.20. The trade was a 16.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 105,690 shares of company stock worth $9,360,205 in the last ninety days. 3.39% of the stock is owned by corporate insiders.

Institutional Trading of Arista Networks

A number of hedge funds have recently bought and sold shares of ANET. Brighton Jones LLC lifted its stake in shares of Arista Networks by 321.7% in the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock worth $863,000 after buying an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in Arista Networks in the 4th quarter valued at $202,000. Blue Trust Inc. increased its holdings in shares of Arista Networks by 13.3% during the 4th quarter. Blue Trust Inc. now owns 2,990 shares of the technology company's stock worth $330,000 after purchasing an additional 352 shares during the period. Valeo Financial Advisors LLC raised its position in shares of Arista Networks by 299.3% during the fourth quarter. Valeo Financial Advisors LLC now owns 8,150 shares of the technology company's stock valued at $901,000 after buying an additional 6,109 shares during the last quarter. Finally, Bank Pictet & Cie Europe AG grew its position in Arista Networks by 433.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock worth $1,200,000 after buying an additional 8,822 shares in the last quarter. 82.47% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.