Arista Networks Stock to Split on Wednesday, December 4th (NYSE:ANET)

Shares of Arista Networks, Inc. (NYSE:ANET) are scheduled to split on the morning of Wednesday, December 4th. The 4-1 split was announced on Thursday, November 7th. The newly created shares will be distributed to shareholders after the closing bell on Tuesday, December 3rd.

Arista Networks Stock Performance

Shares of ANET opened at $399.79 on Tuesday. Arista Networks has a fifty-two week low of $210.69 and a fifty-two week high of $431.97. The company has a market capitalization of $125.91 billion, a price-to-earnings ratio of 48.05, a price-to-earnings-growth ratio of 3.28 and a beta of 1.08. The firm has a 50-day simple moving average of $394.02 and a 200-day simple moving average of $354.66.

Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, November 7th. The technology company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.08 by $0.32. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the prior year, the firm earned $1.63 earnings per share. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. Equities research analysts forecast that Arista Networks will post 7.75 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ANET. Wells Fargo & Company raised their price objective on shares of Arista Networks from $390.00 to $460.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Piper Sandler restated a “neutral” rating and issued a $421.00 price objective (up previously from $345.00) on shares of Arista Networks in a research report on Friday, November 8th. Rosenblatt Securities raised their price objective on shares of Arista Networks from $265.00 to $320.00 and gave the company a “sell” rating in a research report on Friday, November 8th. Jefferies Financial Group increased their target price on shares of Arista Networks from $340.00 to $380.00 and gave the company a “buy” rating in a report on Wednesday, July 31st. Finally, Citigroup increased their target price on shares of Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $395.19.

Insiders Place Their Bets

In related news, SVP Kenneth Duda sold 1,689 shares of Arista Networks stock in a transaction on Friday, September 6th. The shares were sold at an average price of $321.28, for a total transaction of $542,641.92. Following the transaction, the senior vice president now owns 182,600 shares in the company, valued at approximately $58,665,728. The trade was a 0.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John F. Mccool sold 1,585 shares of Arista Networks stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $394.33, for a total transaction of $625,013.05. Following the transaction, the insider now owns 72 shares in the company, valued at $28,391.76. The trade was a 95.65 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 75,771 shares of company stock valued at $29,995,584. Company insiders own 3.54% of the company’s stock.

Institutional Investors Weigh In On Arista Networks

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its position in shares of Arista Networks by 3.8% in the 3rd quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock worth $4,313,229,000 after purchasing an additional 411,109 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Arista Networks by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 5,871,481 shares of the technology company’s stock worth $2,246,705,000 after purchasing an additional 236,151 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Arista Networks by 22.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock valued at $1,021,228,000 after buying an additional 492,615 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Arista Networks by 4.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,283,573 shares of the technology company’s stock valued at $876,481,000 after buying an additional 99,790 shares during the last quarter. Finally, Legal & General Group Plc grew its position in shares of Arista Networks by 0.9% during the 2nd quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock valued at $769,560,000 after buying an additional 20,278 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

About Arista Networks

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.