Arista Networks (NYSE:ANET) Shares Up 3.6% - Still a Buy?

Arista Networks, Inc. (NYSE:ANET - Get Free Report)'s stock price traded up 3.6% during mid-day trading on Monday . The company traded as high as $76.78 and last traded at $75.30. 2,947,454 shares were traded during trading, a decline of 68% from the average session volume of 9,126,346 shares. The stock had previously closed at $72.67.

Analyst Ratings Changes

ANET has been the subject of a number of analyst reports. Wells Fargo & Company restated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Rosenblatt Securities restated a "sell" rating and set a $80.00 price objective on shares of Arista Networks in a research note on Tuesday, February 18th. Morgan Stanley decreased their price objective on shares of Arista Networks from $118.00 to $73.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. The Goldman Sachs Group reiterated a "buy" rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, Erste Group Bank lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $106.07.

Arista Networks Stock Performance

The company has a market capitalization of $89.67 billion, a P/E ratio of 32.03, a P/E/G ratio of 3.10 and a beta of 1.30. The company has a 50-day simple moving average of $85.15 and a 200 day simple moving average of $99.44.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $1.90 billion. As a group, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Insiders Place Their Bets

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction dated 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 directly 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Marc Taxay sold 51,848 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $88.59, for a total value of $4,593,214.32. The disclosure for this sale can be found here. Insiders have sold 411,031 shares of company stock worth $39,364,943 over the last 90 days. Corporate insiders own 3.54% of the company's stock.

Institutional Investors Weigh In On Arista Networks

Institutional investors and hedge funds have recently made changes to their positions in the company. Cornerstone Wealth Management LLC increased its position in Arista Networks by 62.4% in the first quarter. Cornerstone Wealth Management LLC now owns 3,710 shares of the technology company's stock worth $287,000 after purchasing an additional 1,426 shares during the period. Mezzasalma Advisors LLC grew its position in shares of Arista Networks by 1.7% during the 1st quarter. Mezzasalma Advisors LLC now owns 102,352 shares of the technology company's stock worth $7,930,000 after buying an additional 1,691 shares during the period. Optivise Advisory Services LLC bought a new stake in shares of Arista Networks during the first quarter worth approximately $234,000. Prosperity Wealth Management Inc. lifted its holdings in Arista Networks by 10.0% in the first quarter. Prosperity Wealth Management Inc. now owns 21,459 shares of the technology company's stock valued at $1,663,000 after buying an additional 1,943 shares during the period. Finally, Boomfish Wealth Group LLC grew its holdings in Arista Networks by 5.2% during the 1st quarter. Boomfish Wealth Group LLC now owns 30,251 shares of the technology company's stock worth $2,344,000 after acquiring an additional 1,493 shares during the period. Institutional investors own 82.47% of the company's stock.

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.