Arista Networks (NYSE:ANET) Shares Down 1.1% Following Analyst Downgrade

by · The Markets Daily

Arista Networks, Inc. (NYSE:ANET – Get Free Report) traded down 1.1% during trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $140.00 to $110.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Arista Networks traded as low as $70.41 and last traded at $71.11. 8,564,418 shares changed hands during mid-day trading, a decline of 6% from the average session volume of 9,117,564 shares. The stock had previously closed at $71.87.

Other equities analysts also recently issued reports about the stock. Rosenblatt Securities reissued a “sell” rating and issued a $80.00 price target on shares of Arista Networks in a research note on Tuesday, February 18th. Piper Sandler lowered their target price on Arista Networks from $108.00 to $76.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Arista Networks in a report on Monday, March 3rd. UBS Group raised Arista Networks from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $112.00 to $115.00 in a research note on Wednesday, March 5th. Finally, Citigroup cut their target price on Arista Networks from $121.00 to $92.00 and set a “buy” rating for the company in a research note on Monday. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $106.07.

Check Out Our Latest Analysis on ANET

Insider Transactions at Arista Networks

In related news, CEO Jayshree Ullal sold 138,351 shares of the stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the transaction, the chief executive officer now owns 92,641 shares of the company’s stock, valued at approximately $8,697,137.08. This represents a 59.89 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $112.02, for a total value of $896,160.00. Following the completion of the transaction, the director now directly owns 155,784 shares of the company’s stock, valued at approximately $17,450,923.68. This represents a 4.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 411,031 shares of company stock worth $39,364,943. 3.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Arista Networks

Several large investors have recently bought and sold shares of the stock. Caitlin John LLC lifted its stake in Arista Networks by 174.7% in the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after acquiring an additional 152 shares during the last quarter. RMR Wealth Builders grew its stake in shares of Arista Networks by 0.6% during the first quarter. RMR Wealth Builders now owns 30,642 shares of the technology company’s stock worth $2,374,000 after purchasing an additional 180 shares in the last quarter. Capital Advisors Ltd. LLC raised 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. New Millennium Group LLC increased its holdings in shares of 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 during the last quarter. Finally, Fragasso Financial Advisors Inc lifted its stake in Arista Networks by 4.4% during the first quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company’s stock worth $360,000 after purchasing an additional 196 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Stock Down 1.1 %

The business’s fifty day simple moving average is $85.15 and its two-hundred day simple moving average is $99.44. The company has a market cap of $89.67 billion, a price-to-earnings ratio of 32.03, a PEG ratio of 3.10 and a beta of 1.30.

Arista Networks (NYSE:ANET – Get Free Report) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. The business had revenue of $1.93 billion during the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. Sell-side analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

About Arista Networks

(Get Free Report)

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.

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