18 Sep Specialist Jon Cartu Announced – Arista Networks Inc (NYSE:ANET) Short Interest Update
Arista Networks Inc (NYSE:ANET) saw a significant drop in short interest in August. As of August 15th, there was short interest totalling 1,419,100 shares, a drop of 22.3% from the July 15th total of 1,827,500 shares. Currently, 2.7% of the company’s stock are short sold. Based on an average daily volume of 943,600 shares, the days-to-cover ratio is currently 1.5 days.
In related news, SVP Manuel Felix Rivelo sold 151 shares of Arista Networks stock in a transaction on Friday, July 12th. The shares were sold at an average price of $275.00, for a total value of $41,525.00. Following the transaction, the senior vice president now directly owns 422 shares in the company, valued at approximately $116,050. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 10,876 shares of the business’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $224.30, for a total transaction of $2,439,486.80. Following the sale, the senior vice president now owns 1,971 shares in the company, valued at $442,095.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 49,810 shares of company stock worth $12,538,880. 23.83% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in ANET. Lenox Wealth Management Inc. acquired a new position in shares of Arista Networks in the 1st quarter valued at $26,000. Gradient Investments LLC purchased a new stake in Arista Networks in the 2nd quarter worth about $37,000. Golden State Wealth Management LLC purchased a new stake in Arista Networks in the 2nd quarter worth about $41,000. Financial Management Professionals Inc. lifted its stake in Arista Networks by 548.0% in the 2nd quarter. Financial Management Professionals Inc. now owns 162 shares of the technology company’s stock worth $42,000 after acquiring an additional 137 shares in the last quarter. Finally, Whittier Trust Co. purchased a new stake in Arista Networks in the 1st quarter worth about $44,000. Institutional investors and hedge funds own 58.74% of the company’s stock.
NYSE ANET traded up $2.15 during trading hours on Wednesday, hitting $246.60. The company had a trading volume of 712,579 shares, compared to its average volume of 896,490. Arista Networks has a fifty-two week low of $187.08 and a fifty-two week high of $331.27. The firm has a market cap of $18.81 billion, a P/E ratio of 34.88, a price-to-earnings-growth ratio of 1.47 and a beta of 1.56. The business has a fifty day simple moving average of $233.88 and a 200-day simple moving average of $268.29. The company has a quick ratio of 5.17, a current ratio of 5.77 and a debt-to-equity ratio of 0.04.
Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, August 1st. The technology company reported $2.44 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.98 by $0.46. Arista Networks had a return on equity of 28.76% and a net margin of 30.86%. The business had revenue of $608.32 million during the quarter, compared to analysts’ expectations of $606.78 million. During the same quarter last year, the business posted $1.93 earnings per share. The company’s quarterly revenue was up 17.0% on a year-over-year basis. Equities analysts forecast that Arista Networks will post 8.67 EPS for the current fiscal year.
Several brokerages have commented on ANET. Morgan Stanley decreased their target price on shares of Arista Networks from $300.00 to $275.00 and set an “equal weight” rating on the stock in a research report on Friday, June 7th. Royal Bank of Canada set a $300.00 price target on Arista Networks and gave the stock a “buy” rating in a research note on Friday, July 19th. JMP Securities reaffirmed an “outperform” rating and set a $280.00 price target (down previously from $315.00) on shares of Arista Networks in a research note on Friday, August 2nd. Needham & Company LLC cut their price target on Arista Networks to $340.00 and set a “buy” rating for the company in a research note on Monday, July 29th. Finally, Piper Jaffray Companies reissued an “overweight” rating and issued a $330.00 target price (down previously from $340.00) on shares of Arista Networks in a research note on Friday, June 7th. Eight investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $303.00.
About Arista Networks
Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company’s cloud networking solutions consist of 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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