Arista Networks (NYSE:ANET) Shares Up 1.3% - Here's What Happened

Shares of Arista Networks, Inc. (NYSE:ANET - Get Free Report) rose 1.3% during mid-day trading on Tuesday . The company traded as high as $68.95 and last traded at $68.56. Approximately 2,006,740 shares traded hands during trading, a decline of 78% from the average daily volume of 9,086,028 shares. The stock had previously closed at $67.67.

Wall Street Analyst Weigh In

ANET has been the subject of several recent analyst reports. UBS Group raised Arista Networks from a "neutral" rating to a "buy" rating and raised their price target for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. The Goldman Sachs Group reiterated a "buy" rating on shares of Arista Networks in a research note on Monday, March 3rd. JPMorgan Chase & Co. lowered their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Finally, Barclays reiterated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Arista Networks currently has an average rating of "Moderate Buy" and a consensus price target of $104.29.

Arista Networks Stock Performance

The company has a market capitalization of $97.89 billion, a PE ratio of 35.12, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30. The stock's fifty day simple moving average is $80.57 and its 200-day simple moving average is $98.34.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. On average, equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 138,351 shares of Arista Networks stock in a transaction on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the transaction, the chief executive officer now owns 92,641 shares in the company, valued at approximately $8,697,137.08. This trade represents a 59.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kelly Bodnar Battles sold 1,488 shares of the company's stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $107.13, for a total value of $159,409.44. Following the sale, the director now owns 8,128 shares of the company's stock, valued at $870,752.64. This represents a 15.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 412,355 shares of company stock worth $39,446,799 in the last three months. Company insiders own 3.54% of the company's stock.

Hedge Funds Weigh In On Arista Networks

A number of hedge funds have recently made changes to their positions in the business. Caitlin John LLC raised its holdings in shares of Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock valued at $26,000 after buying an additional 152 shares during the period. Capital Advisors Ltd. LLC grew its holdings in Arista Networks by 335.1% during 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 in the last quarter. HighMark Wealth Management LLC increased its stake in Arista Networks by 179.7% during the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after buying an additional 230 shares during the period. Cranbrook Wealth Management LLC boosted its position in 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 buying an additional 198 shares during the last quarter. Finally, Trust Co. of Vermont grew its stake in shares of Arista Networks by 300.0% during the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock valued at $29,000 after acquiring an additional 198 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

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.