Arista Networks, Inc. (NYSE:ANET – Get Rating) saw strong trading volume on Tuesday following a stronger than expected earnings report. 1,623,940 shares traded hands during trading, a decline of 30% from the previous session’s volume of 2,304,891 shares. The stock last traded at $138.99 and had previously closed at $136.00.
The technology company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.20. Arista Networks had a net margin of 29.63% and a return on equity of 27.23%. The company had revenue of $1.28 billion for the quarter, compared to analysts’ expectations of $1.20 billion. During the same quarter in the previous year, the firm posted $0.66 earnings per share. Arista Networks’ revenue for the quarter was up 54.7% on a year-over-year basis.
Wall Street Analyst Weigh In
A number of analysts have commented on ANET shares. KeyCorp cut their price target on shares of Arista Networks from $170.00 to $161.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 1st. Deutsche Bank Aktiengesellschaft upped their price target on shares of Arista Networks from $135.00 to $140.00 in a research report on Thursday, November 3rd. Morgan Stanley upped their price target on shares of Arista Networks from $130.00 to $140.00 and gave the company an “equal weight” rating in a research report on Tuesday. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, February 9th. Finally, Cowen upped their price target on shares of Arista Networks from $212.00 to $225.00 and gave the company an “outperform” rating in a research report on Tuesday. Six equity research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, Arista Networks has an average rating of “Moderate Buy” and an average price target of $172.70.
Insider Buying and Selling
In related news, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction dated Friday, February 10th. The shares were sold at an average price of $133.58, for a total value of $2,671,600.00. Following the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $433,333.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Arista Networks news, SVP Kenneth Duda sold 20,000 shares of the stock in a transaction dated Friday, February 10th. The shares were sold at an average price of $133.58, for a total value of $2,671,600.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $433,333.52. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Ita M. Brennan sold 9,500 shares of the stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $139.65, for a total transaction of $1,326,675.00. Following the completion of the sale, the chief financial officer now owns 32,731 shares of the company’s stock, valued at approximately $4,570,884.15. The disclosure for this sale can be found here. Insiders have sold 88,887 shares of company stock worth $11,465,765 in the last quarter. Insiders own 19.59% of the company’s stock.
Institutional Investors Weigh In On Arista Networks
Several institutional investors and hedge funds have recently added to or reduced their stakes in ANET. Cibc World Market Inc. increased its stake in Arista Networks by 135.9% in the 1st quarter. Cibc World Market Inc. now owns 34,026 shares of the technology company’s stock valued at $4,729,000 after buying an additional 19,602 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Arista Networks by 1.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,261,171 shares of the technology company’s stock valued at $175,274,000 after acquiring an additional 19,738 shares during the period. Prudential PLC bought a new position in shares of Arista Networks during the 1st quarter valued at approximately $676,000. Sequoia Financial Advisors LLC bought a new position in shares of Arista Networks during the 1st quarter valued at approximately $224,000. Finally, Vanguard Group Inc. grew its position in shares of Arista Networks by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 25,268,588 shares of the technology company’s stock valued at $3,511,828,000 after acquiring an additional 353,253 shares during the period. Hedge funds and other institutional investors own 64.30% of the company’s stock.
Arista Networks Trading Up 4.0 %
The stock’s 50-day moving average price is $123.44 and its two-hundred day moving average price is $122.47. The stock has a market capitalization of $43.23 billion, a P/E ratio of 33.13, a P/E/G ratio of 1.67 and a beta of 1.26.
About Arista Networks
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Arista Networks, Inc engages in the development, marketing, and sale of cloud networking solutions. Its cloud networking solutions consist of Extensible Operating System (EOS), a set of network applications and Ethernet switching, and routing platforms. The company was founded by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda in October 2004 and is headquartered in Santa Clara, CA.
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