Arista Networks Inc (NYSE:ANET) shares dropped 19% on Friday . The stock traded as low as $247.52 and last traded at $249.49. Approximately 8,870,316 shares were traded during mid-day trading, an increase of 635% from the average daily volume of 1,206,198 shares. The stock had previously closed at $307.96.
A number of research analysts have recently commented on the company. Oppenheimer increased their price objective on Arista Networks from $200.00 to $270.00 and gave the company an “outperform” rating in a report on Monday, January 8th. BidaskClub raised Arista Networks from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 31st. Citigroup reaffirmed a “buy” rating and issued a $275.00 target price on shares of Arista Networks in a report on Monday, December 18th. They noted that the move was a valuation call. Royal Bank of Canada raised Arista Networks from a “sector perform” rating to an “outperform” rating in a report on Wednesday, November 8th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $270.00 target price on shares of Arista Networks in a report on Thursday, December 14th. Fifteen analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $245.77.
The stock has a market capitalization of $18,237.97, a price-to-earnings ratio of 46.72, a P/E/G ratio of 1.92 and a beta of 1.47. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.07 and a current ratio of 3.66.
In other Arista Networks news, insider Andreas Bechtolsheim sold 39,680 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $241.92, for a total transaction of $9,599,385.60. Following the transaction, the insider now owns 73,102 shares of the company’s stock, valued at $17,684,835.84. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Marc Taxay sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $275.31, for a total value of $550,620.00. Following the transaction, the senior vice president now directly owns 12,294 shares in the company, valued at approximately $3,384,661.14. The disclosure for this sale can be found here. Insiders have sold 333,126 shares of company stock worth $79,827,040 in the last quarter. 28.09% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Hermes Investment Management Ltd. acquired a new position in Arista Networks during the third quarter worth approximately $7,316,000. Sapphire Star Partners LP increased its position in Arista Networks by 56.9% during the third quarter. Sapphire Star Partners LP now owns 3,452 shares of the technology company’s stock worth $654,000 after buying an additional 1,252 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in Arista Networks by 8.0% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 142,562 shares of the technology company’s stock worth $27,031,000 after buying an additional 10,593 shares during the last quarter. Oregon Public Employees Retirement Fund acquired a new position in Arista Networks during the third quarter worth approximately $2,785,000. Finally, CIBC Asset Management Inc increased its position in Arista Networks by 28.7% during the third quarter. CIBC Asset Management Inc now owns 2,802 shares of the technology company’s stock worth $531,000 after buying an additional 624 shares during the last quarter. 58.15% of the stock is currently owned by hedge funds and other institutional investors.
Arista Networks Company Profile
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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