Arista Networks (NYSE:ANET) Trading Up 1.6%

Arista Networks, Inc. (NYSE:ANET)’s share price was up 1.6% on Wednesday . The stock traded as high as $260.90 and last traded at $255.29. Approximately 832,968 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 2,445,690 shares. The stock had previously closed at $251.18.

Analyst Ratings Changes

Several analysts recently weighed in on ANET shares. Barclays boosted their price objective on Arista Networks from $272.00 to $311.00 and gave the company an “overweight” rating in a report on Tuesday, February 13th. Morgan Stanley lifted their target price on Arista Networks from $230.00 to $272.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. Evercore ISI restated an “outperform” rating and issued a $300.00 target price on shares of Arista Networks in a research note on Wednesday, March 27th. Rosenblatt Securities restated a “sell” rating and issued a $210.00 target price on shares of Arista Networks in a research note on Friday, April 12th. Finally, JMP Securities restated a “market outperform” rating and issued a $325.00 target price on shares of Arista Networks in a research note on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $275.59.

Arista Networks Stock Performance

The firm’s 50 day simple moving average is $279.29 and its 200-day simple moving average is $246.19. The company has a market capitalization of $79.65 billion, a price-to-earnings ratio of 38.85, a P/E/G ratio of 2.10 and a beta of 1.09.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, beating the consensus estimate of $1.70 by $0.38. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The business had revenue of $1.54 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the company posted $1.25 EPS. Arista Networks’s revenue was up 20.8% on a year-over-year basis. As a group, equities analysts anticipate that Arista Networks, Inc. will post 6.7 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Kenneth Duda sold 20,000 shares of the business’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $290.05, for a total transaction of $5,801,000.00. Following the transaction, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $940,922.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $290.05, for a total value of $5,801,000.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares in the company, valued at $940,922.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jayshree Ullal sold 733 shares of the company’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $268.15, for a total transaction of $196,553.95. Following the sale, the chief executive officer now owns 74,031 shares of the company’s stock, valued at $19,851,412.65. The disclosure for this sale can be found here. Insiders have sold a total of 334,227 shares of company stock worth $95,828,875 in the last ninety days. Corporate insiders own 18.99% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ANET. International Assets Investment Management LLC raised its position in shares of Arista Networks by 6.7% during the third quarter. International Assets Investment Management LLC now owns 2,427 shares of the technology company’s stock valued at $441,000 after buying an additional 153 shares during the last quarter. Arkadios Wealth Advisors raised its position in Arista Networks by 7.5% in the third quarter. Arkadios Wealth Advisors now owns 1,474 shares of the technology company’s stock worth $271,000 after purchasing an additional 103 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new position in Arista Networks in the third quarter worth about $204,000. DAVENPORT & Co LLC raised its position in Arista Networks by 6.1% in the third quarter. DAVENPORT & Co LLC now owns 6,179 shares of the technology company’s stock worth $1,137,000 after purchasing an additional 354 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its position in Arista Networks by 74.7% in the third quarter. Exchange Traded Concepts LLC now owns 14,070 shares of the technology company’s stock worth $2,588,000 after purchasing an additional 6,014 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

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.