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

Arista Networks, Inc. (NYSE:ANET) was down 1.1% during trading on Thursday 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 $71.09. Approximately 1,699,099 shares changed hands during trading, a decline of 81% from the average daily volume of 9,095,561 shares. The stock had previously closed at $71.87.

Several other brokerages also recently commented on ANET. UBS Group upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and raised their target price for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. The Goldman Sachs Group restated a “buy” rating on shares of Arista Networks in a report on Monday, March 3rd. Evercore ISI reduced their target price on shares of Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a research note on Tuesday. Piper Sandler dropped their price target on Arista Networks from $108.00 to $76.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Finally, Needham & Company LLC restated a “buy” rating and issued a $145.00 price target on shares of Arista Networks in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $106.07.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the sale, the director now owns 139,784 shares in the company, valued at $10,840,249.20. This trade represents a 5.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the transaction, the senior vice president now owns 12,976 shares in the company, valued at $1,500,155.36. This represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 411,031 shares of company stock worth $39,364,943 over the last ninety days. 3.54% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Cornerstone Wealth Management LLC raised its stake in Arista Networks by 62.4% in the 1st quarter. Cornerstone Wealth Management LLC now owns 3,710 shares of the technology company’s stock valued at $287,000 after acquiring an additional 1,426 shares during the period. Mezzasalma Advisors LLC raised its position in shares of Arista Networks by 1.7% in the first quarter. Mezzasalma Advisors LLC now owns 102,352 shares of the technology company’s stock valued at $7,930,000 after purchasing an additional 1,691 shares during the period. Optivise Advisory Services LLC acquired a new stake in shares of Arista Networks during the 1st quarter worth about $234,000. Prosperity Wealth Management Inc. boosted its holdings in shares of Arista Networks by 10.0% during the 1st quarter. Prosperity Wealth Management Inc. now owns 21,459 shares of the technology company’s stock worth $1,663,000 after buying an additional 1,943 shares during the period. Finally, Boomfish Wealth Group LLC grew its stake in Arista Networks by 5.2% in the 1st quarter. Boomfish Wealth Group LLC now owns 30,251 shares of the technology company’s stock valued at $2,344,000 after buying an additional 1,493 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Performance

The company’s fifty day simple moving average is $84.23 and its two-hundred day simple moving average is $99.27. The stock has a market capitalization of $89.67 billion, a P/E ratio of 32.03, a PEG ratio of 3.10 and a beta of 1.30.

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