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.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, August 2nd. The technology company reported $1.93 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.50 by $0.43. Arista Networks had a net margin of 28.07% and a return on equity of 28.51%. The business had revenue of $519.85 million for the quarter, compared to analysts’ expectations of $509.62 million. During the same quarter last year, the company earned $1.34 EPS. The company’s revenue for the quarter was up 28.3% compared to the same quarter last year. research analysts predict that Arista Networks Inc will post 6.43 earnings per share for the current year.

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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