Arista Networks (NYSE:ANET) Stock Price Down 0.4% Following Analyst Downgrade

Shares of Arista Networks, Inc. (NYSE:ANET) traded down 0.4% during mid-day trading on Tuesday after Evercore ISI lowered their price target on the stock from $130.00 to $100.00. Evercore ISI currently has an outperform rating on the stock. Arista Networks traded as low as $72.41 and last traded at $73.31. 2,127,752 shares changed hands during trading, a decline of 77% from the average session volume of 9,129,934 shares. The stock had previously closed at $73.59.

ANET has been the topic of several other research reports. Citigroup dropped their price objective 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. Piper Sandler cut their price target on Arista Networks from $108.00 to $76.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Erste Group Bank downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 17th. Morgan Stanley cut their target price on Arista Networks from $118.00 to $73.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th. Finally, Rosenblatt Securities reissued a “sell” rating and set a $80.00 target price on shares of Arista Networks in a research note on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $104.29.

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $115.61, for a total value of $9,248,800.00. Following the completion of the sale, the senior vice president now owns 12,976 shares in the company, valued at approximately $1,500,155.36. This represents a 86.04 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 3rd. The stock was sold at an average price of $112.02, for a total transaction of $896,160.00. Following the transaction, the director now owns 155,784 shares in the company, valued at approximately $17,450,923.68. The trade was a 4.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 411,031 shares of company stock worth $39,364,943. Corporate insiders own 3.54% of the company’s stock.

Institutional Trading of Arista Networks

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

Arista Networks Price Performance

The firm has a market capitalization of $92.48 billion, a PE ratio of 33.07, a price-to-earnings-growth ratio of 3.10 and a beta of 1.30. The company has a fifty day moving average of $87.90 and a 200-day moving average of $99.99.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The firm had revenue of $1.93 billion for 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%. Equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS 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.