Arista Networks (NYSE:ANET) Trading 2.2% Higher - What's Next?

Arista Networks, Inc. (NYSE:ANET - Get Free Report)'s stock price rose 2.2% during trading on Monday . The company traded as high as $116.04 and last traded at $114.83. Approximately 2,608,847 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 8,805,212 shares. The stock had previously closed at $112.37.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ANET. StockNews.com lowered shares of Arista Networks from a "buy" rating to a "hold" rating in a report on Thursday. Piper Sandler reaffirmed a "neutral" rating and set a $105.25 price target (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Evercore ISI boosted their price objective on Arista Networks from $100.00 to $106.25 and gave the stock an "outperform" rating in a research note on Tuesday, October 1st. Citigroup raised their target price on Arista Networks from $96.25 to $115.00 and gave the company a "buy" rating in a research note on Tuesday, October 8th. Finally, The Goldman Sachs Group lifted their price target on Arista Networks from $97.50 to $107.50 and gave the company a "buy" rating in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $98.88.

Arista Networks Trading Up 3.7 %

The stock has a 50 day moving average price of $101.48 and a two-hundred day moving average price of $91.57. The company has a market cap of $146.81 billion, a price-to-earnings ratio of 56.03, a P/E/G ratio of 3.21 and a beta of 1.10.

Arista Networks (NYSE:ANET - Get Free Report) last issued its 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. The firm had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.76 billion. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The company's revenue was up 20.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.41 earnings per share. On average, equities analysts forecast that Arista Networks, Inc. will post 1.96 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $95.63, for a total value of $765,040.00. Following the completion of the transaction, the director now directly owns 187,784 shares of the company's stock, valued at approximately $17,957,783.92. This represents a 4.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John F. Mccool sold 288 shares of Arista Networks stock in a transaction dated 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. In the last quarter, insiders have sold 353,476 shares of company stock valued at $36,841,998. 3.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ANET. Ameriprise Financial Inc. increased its stake in Arista Networks by 97.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company's stock valued at $628,966,000 after buying an additional 884,703 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Arista Networks by 39,841.1% in the third quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company's stock valued at $3,358,850,000 after acquiring an additional 872,919 shares during the last quarter. 1832 Asset Management L.P. raised its holdings in Arista Networks by 4,160.9% during the second quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company's stock worth $180,743,000 after acquiring an additional 503,597 shares in the last quarter. Wellington Management Group LLP boosted its position in Arista Networks by 22.7% during the third quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company's stock valued at $1,021,228,000 after purchasing an additional 492,615 shares during the last quarter. Finally, State Street Corp grew its stake in Arista Networks by 3.8% in the third quarter. State Street Corp now owns 11,237,635 shares of the technology company's stock valued at $4,313,229,000 after purchasing an additional 411,109 shares in the last quarter. 82.47% of the stock is currently 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.