Arista Networks (NYSE:ANET) Trading 2.7% Higher Following Strong Earnings

Arista Networks, Inc. (NYSE:ANET) traded up 2.7% during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $112.12 and last traded at $109.72. 5,910,278 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 8,939,321 shares. The stock had previously closed at $106.87.

The technology company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The firm had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group boosted their target price on shares of Arista Networks from $135.00 to $145.00 and gave the company a “buy” rating in a report on Wednesday. Evercore ISI boosted their price objective on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Needham & Company LLC reiterated a “buy” rating and set a $145.00 price objective on shares of Arista Networks in a research note on Wednesday. Piper Sandler reiterated a “neutral” rating and set a $108.00 price objective (up from $106.00) on shares of Arista Networks in a research note on Wednesday. Finally, Rosenblatt Securities reiterated a “sell” rating and set a $80.00 price objective on shares of Arista Networks in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and an average price target of $113.79.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $412.65, for a total transaction of $825,300.00. Following the transaction, the director now directly owns 42,946 shares of the company’s stock, valued at approximately $17,721,666.90. The trade was a 4.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kelly Bodnar Battles sold 1,488 shares of the company’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $107.13, for a total transaction of $159,409.44. Following the completion of the sale, the director now directly owns 8,128 shares in the company, valued at $870,752.64. This represents a 15.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 259,944 shares of company stock valued at $30,214,186. Corporate insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

Institutional investors have recently added to or reduced their stakes in the stock. MidAtlantic Capital Management Inc. acquired a new stake in Arista Networks in the third quarter valued at $44,000. HM Payson & Co. raised its holdings in Arista Networks by 28.2% in the third quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after acquiring an additional 29 shares in the last quarter. True Wealth Design LLC raised its holdings in Arista Networks by 2,133.3% in the third quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock valued at $51,000 after acquiring an additional 128 shares in the last quarter. Anchor Investment Management LLC raised its holdings in Arista Networks by 35.0% in the third quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock valued at $52,000 after acquiring an additional 35 shares in the last quarter. Finally, Transcendent Capital Group LLC increased its stake in Arista Networks by 75.0% during the third quarter. Transcendent Capital Group LLC now owns 175 shares of the technology company’s stock valued at $67,000 after purchasing an additional 75 shares during the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Stock Down 6.5 %

The firm’s 50 day simple moving average is $114.08 and its two-hundred day simple moving average is $101.54. The stock has a market cap of $130.79 billion, a P/E ratio of 49.91, a price-to-earnings-growth ratio of 2.87 and a beta of 1.09.

Arista Networks Company Profile

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.