Arista Networks (NYSE:ANET) Trading Down 1.1% After Analyst Downgrade

Arista Networks, Inc. (NYSE:ANET - Get Free Report) shares fell 1.1% during trading on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $140.00 to $110.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Arista Networks traded as low as $70.41 and last traded at $71.09. 1,699,099 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 9,095,561 shares. The stock had previously closed at $71.87.

Several other equities research analysts have also weighed in on the stock. The Goldman Sachs Group reiterated a "buy" rating on shares of Arista Networks in a research note on Monday, March 3rd. Rosenblatt Securities reissued a "sell" rating and set a $80.00 price target on shares of Arista Networks in a report on Tuesday, February 18th. Piper Sandler lowered their target price on Arista Networks from $108.00 to $76.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Morgan Stanley reduced their price target on shares of Arista Networks from $118.00 to $73.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Finally, Citigroup lowered their price target on Arista Networks from $121.00 to $92.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. One 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 stock. According to data from MarketBeat.com, Arista Networks currently has a consensus rating of "Moderate Buy" and an average target price of $106.07.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ANET. Stock Yards Bank & Trust Co. bought a new position in Arista Networks during the fourth quarter valued at approximately $242,000. GHE LLC lifted its stake in shares of Arista Networks by 319.0% in the 4th quarter. GHE LLC now owns 28,368 shares of the technology company's stock valued at $3,136,000 after purchasing an additional 21,597 shares during the last quarter. Colonial River Investments LLC boosted its holdings in Arista Networks by 327.6% in the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock worth $1,077,000 after purchasing an additional 7,466 shares in the last quarter. Unified Investment Management bought a new position in Arista Networks during the fourth quarter valued at about $630,000. Finally, Berkshire Capital Holdings Inc. lifted its position in shares of Arista Networks by 257.6% in the fourth quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock worth $8,505,000 after buying an additional 55,430 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Trading Down 6.1 %

The stock has a fifty day moving average price of $84.23 and a 200 day moving average price of $99.30. The firm has a market cap of $84.28 billion, a price-to-earnings ratio of 30.10, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30.

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

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.