Arista Networks (ANET) Stock Price Down 6%
Arista Networks Inc (NYSE:ANET) shares dropped 6% during trading on Wednesday . The company traded as low as $271.14 and last traded at $272.29. Approximately 1,809,203 shares changed hands during trading, an increase of 62% from the average daily volume of 1,115,456 shares. The stock had previously closed at $289.82.
ANET has been the topic of a number of research analyst reports. Zacks Investment Research upgraded shares of Arista Networks from a “hold” rating to a “buy” rating and set a $303.00 price objective on the stock in a research note on Tuesday, July 10th. Credit Suisse Group set a $303.00 price objective on shares of Arista Networks and gave the company a “buy” rating in a research note on Friday, June 29th. KeyCorp reissued a “buy” rating and set a $310.00 target price on shares of Arista Networks in a report on Friday, August 3rd. DA Davidson increased their target price on shares of Arista Networks from $300.00 to $312.00 and gave the stock a “buy” rating in a report on Friday, August 3rd. Finally, Argus increased their target price on shares of Arista Networks to $320.00 and gave the stock a “buy” rating in a report on Monday, August 6th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $280.59.
The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.87 and a current ratio of 3.17. The firm has a market capitalization of $20.37 billion, a price-to-earnings ratio of 57.96, a PEG ratio of 1.99 and a beta of 1.46.
In related news, insider Jayshree Ullal sold 76,659 shares of the stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $306.41, for a total value of $23,489,084.19. Following the sale, the insider now owns 3,809 shares of the company’s stock, valued at approximately $1,167,115.69. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Andreas Bechtolsheim sold 50,000 shares of the stock in a transaction dated Wednesday, June 13th. The stock was sold at an average price of $278.74, for a total transaction of $13,937,000.00. Following the completion of the sale, the insider now directly owns 16,772 shares in the company, valued at approximately $4,675,027.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 266,820 shares of company stock worth $78,771,211. Corporate insiders own 24.95% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. Three Peaks Capital Management LLC acquired a new position in Arista Networks during the 1st quarter valued at about $101,000. Group One Trading L.P. acquired a new position in Arista Networks during the 1st quarter valued at about $102,000. OLD Mutual Customised Solutions Proprietary Ltd. acquired a new position in Arista Networks during the 2nd quarter valued at about $129,000. Signet Financial Management LLC acquired a new position in Arista Networks during the 2nd quarter valued at about $142,000. Finally, Cerebellum GP LLC acquired a new position in Arista Networks during the 2nd quarter valued at about $159,000. 54.77% of the stock is currently owned by hedge funds and other institutional investors.
About Arista Networks (NYSE:ANET)
Arista Networks, Inc provides cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of its extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.
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