Arista Networks (NYSE:ANET) Hits New 12-Month Low After Analyst Downgrade

Arista Networks, Inc. (NYSE:ANET - Get Free Report) reached a new 52-week low during mid-day trading on Tuesday after Morgan Stanley lowered their price target on the stock from $118.00 to $73.00. Morgan Stanley currently has an overweight rating on the stock. Arista Networks traded as low as $59.43 and last traded at $68.12, with a volume of 19997854 shares traded. The stock had previously closed at $64.37.

Several other research analysts have also commented on ANET. Barclays restated an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. Citigroup increased their target price on shares of Arista Networks from $115.00 to $121.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. UBS Group raised Arista Networks from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. The Goldman Sachs Group reissued a "buy" rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $145.00 target price on shares of Arista Networks in a research report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $108.50.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $112.02, for a total transaction of $896,160.00. Following the sale, the director now directly owns 155,784 shares in the company, valued at $17,450,923.68. This represents a 4.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $115.61, for a total value of $9,248,800.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares of the company's stock, valued at approximately $1,500,155.36. The trade was a 86.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 411,031 shares of company stock worth $39,364,943 in the last 90 days. 3.54% of the stock is owned by company insiders.

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Institutional Trading of Arista Networks

A number of hedge funds and other institutional investors have recently made changes to their positions in ANET. Caitlin John LLC lifted its holdings in Arista Networks by 174.7% during the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after buying an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC lifted its stake in shares of Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after acquiring an additional 191 shares during the period. Cranbrook Wealth Management LLC boosted its holdings in Arista Networks by 300.0% in the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock valued at $29,000 after acquiring an additional 198 shares during the last quarter. Trust Co. of Vermont increased its position in Arista Networks by 300.0% in the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock worth $29,000 after purchasing an additional 198 shares during the period. Finally, New Millennium Group LLC raised its holdings in Arista Networks by 300.0% during the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 195 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

The business's 50-day simple moving average is $88.74 and its 200-day simple moving average is $100.12. The company has a market capitalization of $91.43 billion, a price-to-earnings ratio of 32.66, a P/E/G ratio of 3.10 and a beta of 1.30.

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

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.