Arista Networks (NYSE:ANET) Shares Up 1.6%

Arista Networks, Inc. (NYSE:ANET - Get Free Report)'s share price rose 1.6% on Wednesday . The company traded as high as $260.90 and last traded at $255.29. Approximately 832,968 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 2,445,690 shares. The stock had previously closed at $251.18.

Analysts Set New Price Targets

ANET has been the topic of a number of recent research reports. Rosenblatt Securities reaffirmed a "sell" rating and issued a $210.00 price objective on shares of Arista Networks in a research note on Friday, April 12th. Needham & Company LLC reaffirmed a "buy" rating and issued a $320.00 price objective on shares of Arista Networks in a research note on Tuesday, February 13th. Evercore ISI reaffirmed an "outperform" rating and issued a $300.00 price objective on shares of Arista Networks in a research note on Wednesday, March 27th. Melius Research raised shares of Arista Networks from a "hold" rating to a "buy" rating and set a $300.00 price objective on the stock in a research note on Monday, January 8th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $325.00 price objective on shares of Arista Networks in a research note on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $275.59.

Arista Networks Price Performance

The business's fifty day moving average is $279.08 and its 200-day moving average is $246.25. The firm has a market cap of $79.65 billion, a PE ratio of 38.78, a P/E/G ratio of 2.10 and a beta of 1.09.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.70 by $0.38. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the company posted $1.25 earnings per share. The firm's quarterly revenue was up 20.8% compared to the same quarter last year. Analysts forecast that Arista Networks, Inc. will post 6.7 EPS for the current year.

Insider Buying and Selling

In related news, CEO Jayshree Ullal sold 87,418 shares of the firm's stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the completion of the sale, the chief executive officer now owns 17,681 shares in the company, valued at $4,929,639.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Jayshree Ullal sold 87,418 shares of Arista Networks stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $278.81, for a total value of $24,373,012.58. Following the completion of the transaction, the chief executive officer now owns 17,681 shares in the company, valued at $4,929,639.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Wednesday, April 10th. The stock was sold at an average price of $290.05, for a total transaction of $5,801,000.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares of the company's stock, valued at approximately $940,922.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 334,227 shares of company stock worth $95,828,875. Insiders own 18.99% of the company's stock.

Hedge Funds Weigh In On Arista Networks

Several large investors have recently modified their holdings of ANET. Vanguard Group Inc. grew its stake in Arista Networks by 5.7% during the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company's stock valued at $6,946,338,000 after acquiring an additional 1,596,040 shares in the last quarter. FMR LLC grew its stake in Arista Networks by 32.2% during the third quarter. FMR LLC now owns 10,318,633 shares of the technology company's stock valued at $1,897,906,000 after acquiring an additional 2,515,864 shares in the last quarter. Capital World Investors grew its stake in Arista Networks by 0.5% during the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company's stock valued at $2,387,211,000 after acquiring an additional 55,312 shares in the last quarter. WCM Investment Management LLC grew its stake in Arista Networks by 0.5% during the fourth quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company's stock valued at $716,649,000 after acquiring an additional 16,081 shares in the last quarter. Finally, Norges Bank purchased a new position in Arista Networks during the fourth quarter valued at approximately $586,051,000. Hedge funds and other institutional investors 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.