Arista Networks (NYSE:ANET) Announces Quarterly Earnings Results

Arista Networks (NYSE:ANET) released its earnings results on Thursday. The technology company reported $0.82 EPS for the quarter, beating analysts’ consensus estimates of $0.75 by $0.07, FiscalAI reports. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The company had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.38 billion.

Arista Networks Stock Down 3.5%

Shares of ANET traded down $4.87 during trading hours on Thursday, reaching $135.79. 14,360,008 shares of the company traded hands, compared to its average volume of 8,437,183. The stock has a market capitalization of $171.00 billion, a PE ratio of 51.63, a price-to-earnings-growth ratio of 2.42 and a beta of 1.42. Arista Networks has a fifty-two week low of $59.43 and a fifty-two week high of $164.94. The stock has a fifty day simple moving average of $132.65 and a 200 day simple moving average of $136.71.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Morgan Stanley decreased their price objective on shares of Arista Networks from $171.00 to $159.00 and set an “overweight” rating on the stock in a report on Wednesday, December 17th. Piper Sandler raised Arista Networks from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $145.00 to $159.00 in a research note on Monday, January 5th. Barclays restated an “overweight” rating and issued a $183.00 price target (up previously from $179.00) on shares of Arista Networks in a report on Wednesday, November 5th. 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 report on Tuesday. Finally, Erste Group Bank lowered Arista Networks from a “buy” rating to a “hold” rating in a report on Monday, November 10th. Seventeen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $166.00.

Insider Activity at Arista Networks

In other news, insider Kenneth Duda sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The shares were sold at an average price of $123.16, for a total value of $3,694,800.00. Following the completion of the transaction, the insider owned 12,976 shares of the company’s stock, valued at $1,598,124.16. The trade was a 69.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the company’s 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 transaction, the director directly owned 9,784 shares in the company, valued at $1,373,967.12. The trade was a 44.98% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 216,464 shares of company stock valued at $27,553,548. 3.39% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of ANET. Quarry LP purchased a new stake in shares of Arista Networks in the third quarter worth about $33,000. AlphaCentric Advisors LLC purchased a new stake in shares of Arista Networks during the 4th quarter valued at about $38,000. Swiss RE Ltd. acquired a new position in Arista Networks during the 4th quarter worth approximately $50,000. Wealth Watch Advisors INC acquired a new position in Arista Networks during the 3rd quarter worth approximately $96,000. Finally, Darwin Wealth Management LLC purchased a new position in Arista Networks in the 2nd quarter worth approximately $112,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.