Arista Networks (NYSE:ANET) Shares Gap Down After Analyst Downgrade

Arista Networks, Inc. (NYSE:ANET) gapped down before the market opened on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $140.00 to $110.00. The stock had previously closed at $73.20, but opened at $69.13. JPMorgan Chase & Co. currently has an overweight rating on the stock. Arista Networks shares last traded at $72.41, with a volume of 1,052,791 shares traded.

ANET has been the topic of several other research reports. Evercore ISI decreased their target price on Arista Networks from $130.00 to $100.00 and set an “outperform” rating on the stock in a report on Tuesday. Piper Sandler decreased their price objective on shares of Arista Networks from $108.00 to $76.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Barclays reaffirmed an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Citigroup decreased their price target on shares of Arista Networks from $121.00 to $92.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Rosenblatt Securities reaffirmed a “sell” rating and set a $80.00 price objective on shares of Arista Networks in a report on Tuesday, February 18th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks has an average rating of “Moderate Buy” and a consensus price target of $106.07.

Insider Transactions at Arista Networks

In other news, CEO Jayshree Ullal sold 138,351 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $93.88, for a total value of $12,988,391.88. Following the completion of the transaction, the chief executive officer now owns 92,641 shares of the company’s stock, valued at $8,697,137.08. The trade was a 59.89 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the sale, the director now directly owns 139,784 shares in the company, valued at $10,840,249.20. The trade was a 5.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 411,031 shares of company stock worth $39,364,943 in the last three months. Insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Several large investors have recently modified their holdings of the business. Caitlin John LLC grew its position in shares of Arista Networks by 174.7% in the 4th quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC lifted its stake in Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock valued at $27,000 after buying an additional 191 shares in the last quarter. Cranbrook Wealth Management LLC boosted its holdings in shares of Arista Networks by 300.0% in the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock valued at $29,000 after buying an additional 198 shares during the period. Trust Co. of Vermont raised its holdings in shares of Arista Networks by 300.0% during the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock worth $29,000 after acquiring an additional 198 shares during the period. Finally, New Millennium Group LLC lifted its position in Arista Networks by 300.0% in the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock valued at $29,000 after acquiring an additional 195 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Trading Down 1.1 %

The stock’s 50 day moving average is $85.15 and its two-hundred day moving average is $99.44. The stock has a market capitalization of $89.67 billion, a price-to-earnings ratio of 32.03, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.02. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. On average, research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

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.