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

Arista Networks, Inc. (NYSE:ANET) shares fell 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. 1,699,099 shares were traded during trading, a decline of 81% from the average session volume of 9,095,561 shares. The stock had previously closed at $71.87.

ANET has been the subject of several other reports. UBS Group raised shares of Arista Networks from a “neutral” rating to a “buy” rating and increased their price target for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. The Goldman Sachs Group reiterated a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. Erste Group Bank cut Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. Morgan Stanley dropped their price objective on Arista Networks from $118.00 to $73.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Finally, Evercore ISI reduced their target price on Arista Networks from $130.00 to $100.00 and set an “outperform” rating for the company in a report on Tuesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and an average price target of $106.07.

Insiders Place Their Bets

In other Arista Networks news, 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 transaction of $620,400.00. Following the completion of the transaction, the director now owns 139,784 shares of the company’s stock, valued at approximately $10,840,249.20. This trade represents a 5.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $84.85, for a total value of $6,788,000.00. Following the completion of the sale, the senior vice president now owns 12,976 shares in the company, valued at $1,101,013.60. This represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 411,031 shares of company stock worth $39,364,943. Insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

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

Arista Networks Trading Down 1.1 %

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. The business has a 50 day simple moving average of $85.15 and a 200-day simple moving average of $99.44.

Arista Networks (NYSE:ANET) last announced 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 net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $1.93 billion for the quarter, compared to analyst estimates of $1.90 billion. Research analysts predict 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.