Arista Networks (NYSE:ANET) Trading Up 1.8% - Here's What Happened

Arista Networks, Inc. (NYSE:ANET - Get Free Report) rose 1.8% during trading on Wednesday . The company traded as high as $117.25 and last traded at $117.00. Approximately 1,761,618 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 5,621,485 shares. The stock had previously closed at $114.91.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. StockNews.com cut shares of Arista Networks from a "buy" rating to a "hold" rating in a research report on Thursday, December 12th. Piper Sandler reiterated a "neutral" rating and issued a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Barclays decreased their price target on Arista Networks from $495.00 to $125.00 and set an "overweight" rating on the stock in a research note on Wednesday, December 4th. Morgan Stanley lifted their price objective on Arista Networks from $102.50 to $118.00 and gave the company an "overweight" rating in a research note on Tuesday, December 17th. Finally, Wells Fargo & Company raised their target price on Arista Networks from $97.50 to $115.00 and gave the company an "overweight" rating in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $102.42.

Arista Networks Stock Up 1.0 %

The stock has a market cap of $146.22 billion, a PE ratio of 55.80, a price-to-earnings-growth ratio of 3.21 and a beta of 1.08. The firm has a fifty day moving average of $107.03 and a 200 day moving average of $96.46.

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

Insider Transactions at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the business's stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $99.12, for a total value of $147,887.04. Following the completion of the sale, the director now owns 8,768 shares in the company, valued at approximately $869,084.16. The trade was a 14.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John F. Mccool sold 288 shares of the firm's stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $108.70, for a total transaction of $31,305.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 345,316 shares of company stock worth $37,761,976. 3.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ANET. GW Henssler & Associates Ltd. grew its holdings in shares of Arista Networks by 3.6% during the third quarter. GW Henssler & Associates Ltd. now owns 63,244 shares of the technology company's stock worth $24,274,000 after buying an additional 2,219 shares during the last quarter. Deepwater Asset Management LLC purchased a new stake in Arista Networks during the 2nd quarter valued at approximately $15,084,000. Sumitomo Life Insurance Co. lifted its position in Arista Networks by 69.8% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 9,028 shares of the technology company's stock worth $3,465,000 after acquiring an additional 3,711 shares during the period. Walkner Condon Financial Advisors LLC purchased a new position in shares of Arista Networks in the 3rd quarter valued at approximately $2,318,000. Finally, Greenleaf Trust increased its holdings in shares of Arista Networks by 20.1% in the third quarter. Greenleaf Trust now owns 13,224 shares of the technology company's stock valued at $5,076,000 after purchasing an additional 2,216 shares during the period. 82.47% of the stock is owned by hedge funds and other 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.