Short Interest in Arista Networks, Inc. (NYSE:ANET) Rises By 22.1%

Arista Networks, Inc. (NYSE:ANET - Get Free Report) was the target of a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 13,630,000 shares, a growth of 22.1% from the November 30th total of 11,160,000 shares. Based on an average daily trading volume, of 7,430,000 shares, the short-interest ratio is presently 1.8 days.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Morgan Stanley increased their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the company an "overweight" rating in a research report on Tuesday, December 17th. Piper Sandler reissued a "neutral" rating and set a $105.25 price target (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Citigroup lifted their price objective on Arista Networks from $96.25 to $115.00 and gave the stock a "buy" rating in a report on Tuesday, October 8th. Evercore ISI increased their target price on Arista Networks from $100.00 to $106.25 and gave the company an "outperform" rating in a report on Tuesday, October 1st. Finally, Rosenblatt Securities raised their target price on Arista Networks from $66.25 to $80.00 and gave the stock a "sell" rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $100.70.

Arista Networks Stock Down 0.8 %

ANET stock traded down $0.92 during midday trading on Tuesday, hitting $110.53. The company's stock had a trading volume of 3,420,185 shares, compared to its average volume of 8,687,398. Arista Networks has a 12 month low of $56.65 and a 12 month high of $116.94. The company has a 50 day moving average of $103.90 and a two-hundred day moving average of $94.37. The firm has a market capitalization of $139.24 billion, a price-to-earnings ratio of 53.14, a price-to-earnings-growth ratio of 3.21 and a beta of 1.10.

Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.08. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. Arista Networks's revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.41 earnings per share. On average, analysts anticipate that Arista Networks will post 1.96 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $98.67, for a total value of $7,893,800.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,280,374.36. This trade represents a 86.04 % 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 3,344 shares of the company's stock in a transaction dated Wednesday, October 2nd. The shares were sold at an average price of $96.67, for a total transaction of $323,264.48. Following the transaction, the chief executive officer now owns 70,724 shares in the company, valued at $6,836,889.08. This represents a 4.51 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 340,660 shares of company stock valued at $35,609,360. Insiders own 3.54% of the company's stock.

Institutional Investors Weigh In On Arista Networks

A number of hedge funds have recently made changes to their positions in ANET. Ameriprise Financial Inc. lifted its position in Arista Networks by 97.2% during the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company's stock valued at $628,966,000 after purchasing an additional 884,703 shares during the last quarter. International Assets Investment Management LLC raised its position in shares of Arista Networks by 39,841.1% during the 3rd quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company's stock valued at $3,358,850,000 after buying an additional 872,919 shares in the last quarter. 1832 Asset Management L.P. lifted its holdings in shares of Arista Networks by 4,160.9% in the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company's stock valued at $180,743,000 after acquiring an additional 503,597 shares during the last quarter. Wellington Management Group LLP grew its position in Arista Networks by 22.7% in the third quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company's stock worth $1,021,228,000 after acquiring an additional 492,615 shares in the last quarter. Finally, State Street Corp increased its stake in Arista Networks by 3.8% during the third quarter. State Street Corp now owns 11,237,635 shares of the technology company's stock worth $4,313,229,000 after acquiring an additional 411,109 shares during the last quarter. 82.47% of the stock is currently 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.