Arista Networks (NYSE:ANET) Stock Price Down 0.8% - What's Next?

Arista Networks, Inc. (NYSE:ANET - Get Free Report)'s share price fell 0.8% during trading on Wednesday . The stock traded as low as $109.88 and last traded at $110.53. 3,420,185 shares changed hands during trading, a decline of 61% from the average session volume of 8,687,398 shares. The stock had previously closed at $111.45.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ANET shares. Rosenblatt Securities boosted their target price on shares of Arista Networks from $66.25 to $80.00 and gave the company a "sell" rating in a report on Friday, November 8th. 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 note on Friday, November 8th. Morgan Stanley raised their target price on shares of Arista Networks from $102.50 to $118.00 and gave the company an "overweight" rating in a research note on Tuesday, December 17th. UBS Group upped their price target on Arista Networks from $92.25 to $106.25 and gave the stock a "neutral" rating in a research note on Friday, November 8th. Finally, Wells Fargo & Company lifted their price objective on Arista Networks from $97.50 to $115.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $100.70.

Arista Networks Price Performance

The stock's 50-day moving average is $104.14 and its two-hundred day moving average is $94.48. The company has a market cap of $139.24 billion, a P/E ratio of 53.14, a P/E/G ratio of 3.21 and a beta of 1.10.

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

Insider Transactions at Arista Networks

In other news, CEO Jayshree Ullal sold 3,328 shares of the company's stock in a transaction on Monday, November 4th. The stock was sold at an average price of $99.35, for a total value of $330,628.48. Following the completion of the sale, the chief executive officer now directly owns 70,724 shares in the company, valued at $7,026,252.59. This represents a 4.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider John F. Mccool sold 288 shares of Arista Networks stock in a transaction on Monday, December 9th. The shares were sold at an average price of $108.70, for a total value of $31,305.60. The disclosure for this sale can be found here. Insiders have sold 337,316 shares of company stock worth $35,286,096 in the last quarter. Company insiders own 3.54% of the company's stock.

Institutional Investors Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ANET. LGT Financial Advisors LLC purchased a new position in shares of Arista Networks in the second quarter valued at about $27,000. Anchor Investment Management LLC purchased a new position in Arista Networks in the 2nd quarter worth approximately $35,000. MidAtlantic Capital Management Inc. bought a new position in Arista Networks in the 3rd quarter worth approximately $44,000. HM Payson & Co. grew its holdings in Arista Networks by 28.2% during the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company's stock valued at $51,000 after buying an additional 29 shares in the last quarter. Finally, True Wealth Design LLC raised its position in shares of Arista Networks by 2,133.3% during the third quarter. True Wealth Design LLC now owns 134 shares of the technology company's stock valued at $51,000 after buying an additional 128 shares during the last quarter. 82.47% of the stock is 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.