Arista Networks (NYSE:ANET) Trading Down 5.5% - Here's What Happened

Arista Networks, Inc. (NYSE:ANET - Get Free Report)'s stock price was down 5.5% on Wednesday . The company traded as low as $110.37 and last traded at $110.37. Approximately 4,522,395 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 8,568,733 shares. The stock had previously closed at $116.84.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ANET. The Goldman Sachs Group boosted their price objective on Arista Networks from $120.00 to $135.00 and gave the stock a "buy" rating in a research report on Friday, January 17th. Barclays cut their price objective on Arista Networks from $495.00 to $125.00 and set an "overweight" rating for the company in a research report on Wednesday, December 4th. Piper Sandler reissued a "neutral" rating and set a $105.25 price objective (up previously from $86.25) on shares of Arista Networks in a research report on Friday, November 8th. Rosenblatt Securities boosted their price objective on Arista Networks from $66.25 to $80.00 and gave the stock a "sell" rating in a research report on Friday, November 8th. Finally, StockNews.com cut Arista Networks from a "buy" rating to a "hold" rating in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $107.59.

Arista Networks Stock Performance

The company has a market capitalization of $134.35 billion, a P/E ratio of 51.27, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09. The firm has a 50 day moving average price of $113.94 and a two-hundred day moving average price of $100.90.

Insider Transactions at Arista Networks

In other Arista Networks news, insider John F. Mccool sold 6,340 shares of the company's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $98.58, for a total transaction of $625,013.05. Following the transaction, the insider now owns 288 shares of the company's stock, valued at approximately $28,391.76. This represents a 95.65 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 71,036 shares of the company's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $100.06, for a total value of $7,107,506.98. Following the transaction, the chief executive officer now directly owns 70,724 shares in the company, valued at approximately $7,076,289.82. This represents a 50.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 335,832 shares of company stock valued at $37,787,297 in the last three months. 3.54% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Caitlin John LLC lifted its stake 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 valued at $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC lifted its stake in shares of Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after purchasing an additional 191 shares during the period. Cranbrook Wealth Management LLC lifted its stake in shares of Arista Networks by 300.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock valued at $29,000 after purchasing an additional 198 shares during the period. Trust Co. of Vermont lifted its stake in shares of Arista Networks by 300.0% in the 4th quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock valued at $29,000 after purchasing an additional 198 shares during the period. Finally, New Millennium Group LLC lifted its stake in shares of Arista Networks by 300.0% in the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 195 shares during the period. Institutional investors and hedge funds own 82.47% of the company's stock.

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.