Arista Networks (NYSE:ANET) Trading Down 3% - Here's What Happened

Arista Networks, Inc. (NYSE:ANET - Get Free Report)'s share price traded down 3% during trading on Thursday . The stock traded as low as $72.17 and last traded at $73.71. 2,854,702 shares were traded during trading, a decline of 69% from the average session volume of 9,142,712 shares. The stock had previously closed at $76.00.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Piper Sandler cut their price objective on shares of Arista Networks from $108.00 to $76.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Erste Group Bank cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Evercore ISI boosted their price target on Arista Networks from $110.00 to $130.00 and gave the stock an "outperform" rating in a research report on Friday, January 17th. The Goldman Sachs Group reiterated a "buy" rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Arista Networks currently has a consensus rating of "Moderate Buy" and an average target price of $108.50.

Arista Networks Price Performance

The stock has a 50-day moving average of $88.74 and a 200 day moving average of $100.12. The company has a market cap of $91.43 billion, a P/E ratio of 32.66, a PEG ratio of 3.10 and a beta of 1.30.

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Arista Networks (NYSE:ANET - Get Free Report) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS 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 company had revenue of $1.93 billion during the quarter, compared to analysts' expectations of $1.90 billion. Sell-side analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the sale, the director now owns 155,784 shares in the company, valued at $17,450,923.68. This trade represents a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jayshree Ullal sold 138,351 shares of the company's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the transaction, the chief executive officer now owns 92,641 shares of the company's stock, valued at $8,697,137.08. This trade represents a 59.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 411,031 shares of company stock valued at $39,364,943. 3.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ANET. Anchor Investment Management LLC boosted its position in shares of Arista Networks by 35.0% during the third quarter. Anchor Investment Management LLC now owns 135 shares of the technology company's stock valued at $52,000 after buying an additional 35 shares during the last quarter. Caitlin John LLC lifted its stake in Arista Networks by 174.7% in the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after purchasing an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC grew its stake in Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after buying an additional 191 shares in the last quarter. New Millennium Group LLC boosted its stake in Arista Networks by 300.0% in the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 195 shares in the last quarter. Finally, Quarry LP increased its holdings in shares of Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 206 shares during the period. 82.47% of the stock is owned by institutional investors.

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.