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

Arista Networks, Inc. (NYSE:ANET - Get Free Report) 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 trading, a decline of 81% from the average session volume of 9,010,269 shares. The stock had previously closed at $95.09.

Analyst Ratings Changes

ANET has been the topic of several research analyst reports. The Goldman Sachs Group dropped their price objective on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Citigroup boosted their target price on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Barclays cut their price target on Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, Redburn Atlantic began coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price objective on the stock. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks currently has a consensus rating of "Moderate Buy" and a consensus price target of $107.38.

Arista Networks Trading Down 4.5%

The stock's 50-day simple moving average is $87.52 and its 200-day simple moving average is $95.99. The stock has a market cap of $108.23 billion, a price-to-earnings ratio of 36.48, a price-to-earnings-growth ratio of 2.65 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same period in the previous year, the company posted $0.50 earnings per share. The firm's revenue for the quarter was up 27.6% compared to the same quarter last year. On average, equities research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its board has approved a stock repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Arista Networks

In other news, SVP Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total value of $2,766,900.00. Following the transaction, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,196,776.48. This trade represents a 69.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the transaction, the director now owns 7,480 shares in the company, valued at approximately $512,305.20. This represents a 16.63% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 161,690 shares of company stock valued at $14,525,085 in the last ninety days. 3.39% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. DSG Capital Advisors LLC bought a new stake in Arista Networks during the 4th quarter worth $5,984,000. Ibex Wealth Advisors grew its holdings in shares of Arista Networks by 14.4% during the first quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock worth $4,501,000 after purchasing an additional 7,329 shares during the last quarter. GHE LLC grew its holdings in shares of Arista Networks by 319.0% during the fourth quarter. GHE LLC now owns 28,368 shares of the technology company's stock worth $3,136,000 after purchasing an additional 21,597 shares during the last quarter. Colonial River Investments LLC grew its holdings in shares of Arista Networks by 327.6% during the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock worth $1,077,000 after purchasing an additional 7,466 shares during the last quarter. Finally, Unified Investment Management acquired a new position in shares of Arista Networks in the fourth quarter valued at approximately $630,000. 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.