Arista Networks (ANET) Shares Down 6.1%

Shares of Arista Networks Inc (NYSE:ANET) fell 6.1% during mid-day trading on Thursday . The stock traded as low as $264.38 and last traded at $264.52. 1,150,582 shares traded hands during mid-day trading, an increase of 34% from the average session volume of 857,092 shares. The stock had previously closed at $281.62.

Several brokerages have recently issued reports on ANET. Zacks Investment Research cut Arista Networks from a “buy” rating to a “hold” rating in a research note on Wednesday. JMP Securities increased their price objective on Arista Networks from $230.00 to $315.00 and gave the company a “market perform” rating in a research note on Friday, January 26th. Loop Capital began coverage on Arista Networks in a research note on Monday, January 29th. They issued a “hold” rating and a $250.00 price objective on the stock. Goldman Sachs Group began coverage on Arista Networks in a research note on Wednesday. They issued a “buy” rating and a $320.00 price objective on the stock. Finally, Deutsche Bank cut Arista Networks from a “buy” rating to a “hold” rating and set a $245.00 price objective on the stock. in a research note on Tuesday, January 23rd. Fifteen research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $223.31.

The company has a current ratio of 3.66, a quick ratio of 3.07 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $20,530.00, a P/E ratio of 56.55, a price-to-earnings-growth ratio of 2.04 and a beta of 1.47.

In other Arista Networks news, SVP Marc Taxay sold 2,000 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $230.09, for a total value of $460,180.00. Following the sale, the senior vice president now directly owns 12,335 shares in the company, valued at $2,838,160.15. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Kenneth Duda sold 127,576 shares of the firm’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $235.15, for a total value of $29,999,496.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 458,126 shares of company stock worth $108,380,024. 28.09% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of ANET. ProShare Advisors LLC purchased a new position in shares of Arista Networks during the second quarter worth about $233,000. PNC Financial Services Group Inc. grew its holdings in shares of Arista Networks by 20.5% during the second quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock worth $111,000 after purchasing an additional 126 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Arista Networks by 0.4% during the second quarter. Dimensional Fund Advisors LP now owns 211,624 shares of the technology company’s stock worth $31,700,000 after purchasing an additional 858 shares during the last quarter. Voya Investment Management LLC grew its holdings in shares of Arista Networks by 30.2% during the second quarter. Voya Investment Management LLC now owns 20,398 shares of the technology company’s stock worth $3,055,000 after purchasing an additional 4,726 shares during the last quarter. Finally, Janus Henderson Group PLC purchased a new position in shares of Arista Networks during the second quarter worth about $20,802,000. 58.11% of the stock is currently owned by institutional investors.

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About Arista Networks

Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.

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