Short Interest in Arista Networks, Inc. (NYSE:ANET) Rises By 17.3%

Arista Networks, Inc. (NYSE:ANET) saw a large increase in short interest in February. As of February 27th, there was short interest totaling 14,940,850 shares, an increase of 17.3% from the February 12th total of 12,739,253 shares. Approximately 1.2% of the company’s shares are sold short. Based on an average trading volume of 8,121,315 shares, the days-to-cover ratio is presently 1.8 days. Based on an average trading volume of 8,121,315 shares, the days-to-cover ratio is presently 1.8 days. Approximately 1.2% of the company’s shares are sold short.

Insider Buying and Selling at Arista Networks

In other news, Director Yvonne Wassenaar sold 1,815 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $132.44, for a total value of $240,378.60. Following the completion of the transaction, the director owned 12,574 shares of the company’s stock, valued at approximately $1,665,300.56. This trade represents a 12.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $140.43, for a total transaction of $1,123,440.00. Following the completion of the transaction, the director owned 9,784 shares of the company’s stock, valued at $1,373,967.12. This trade represents a 44.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 196,237 shares of company stock valued at $25,865,760 in the last three months. 3.54% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arista Networks

Institutional investors and hedge funds have recently made changes to their positions in the business. Walkner Condon Financial Advisors LLC increased its position in Arista Networks by 0.4% in the 3rd quarter. Walkner Condon Financial Advisors LLC now owns 18,509 shares of the technology company’s stock valued at $2,697,000 after acquiring an additional 70 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its position in Arista Networks by 0.4% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 16,085 shares of the technology company’s stock worth $2,133,000 after acquiring an additional 70 shares during the period. AdvisorNet Financial Inc grew its stake in shares of Arista Networks by 56.7% in the 3rd quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after purchasing an additional 72 shares during the last quarter. United Asset Strategies Inc. grew its stake in shares of Arista Networks by 1.2% in the 4th quarter. United Asset Strategies Inc. now owns 6,311 shares of the technology company’s stock valued at $827,000 after purchasing an additional 72 shares during the last quarter. Finally, Crown Wealth Group LLC increased its holdings in shares of Arista Networks by 2.4% in the third quarter. Crown Wealth Group LLC now owns 3,175 shares of the technology company’s stock valued at $463,000 after purchasing an additional 75 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Up 1.3%

NYSE ANET traded up $1.80 on Monday, hitting $135.37. 7,879,562 shares of the stock were exchanged, compared to its average volume of 6,742,056. Arista Networks has a fifty-two week low of $59.43 and a fifty-two week high of $164.94. The company has a 50-day moving average price of $134.82 and a 200-day moving average price of $137.34. The company has a market cap of $170.09 billion, a PE ratio of 49.05, a PEG ratio of 2.37 and a beta of 1.46.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.07. The business had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.38 billion. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. The company’s revenue was up 28.9% on a year-over-year basis. During the same period last year, the business earned $0.66 EPS. As a group, equities research analysts predict that Arista Networks will post 2.2 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have commented on ANET. Evercore reissued an “outperform” rating and issued a $200.00 price target on shares of Arista Networks in a research report on Friday, February 13th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $188.00 price objective (up from $165.00) on shares of Arista Networks in a research report on Friday, February 13th. Piper Sandler reiterated an “overweight” rating and issued a $175.00 price objective (up from $159.00) on shares of Arista Networks in a research note on Friday, February 13th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Arista Networks in a report on Monday, December 29th. Finally, Rosenblatt Securities boosted their target price on Arista Networks from $140.00 to $165.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 10th. Eighteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $176.47.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.