On September 14, Arista Networks fell 3.03% overnight, trading at $193.55/share, with turnover of $1.8136 million.

The decline came amid broad-based weakness across the communication equipment sector. Among peers, Nokia fell 5.84%, Lumentum Holdings fell 5.24%, Applied Optoelectronics fell 5.06%, Ciena fell 4.39%, and Cisco fell 1.11%. Notably, Nokia saw continued bearish sentiment in the options market, with large-scale sell-side dominated trades and concentrated selling of out-of-the-money calls, reflecting institutional caution toward the sector after a period of significant cumulative gains.

Arista Networks had recently rallied on multiple tailwinds, including its upcoming inclusion in the S&P 100 Index effective September 21, and a series of analyst target price increases from Goldman Sachs, UBS, Morgan Stanley, Evercore ISI, and BNP Paribas, with consensus targets well above current levels. The overnight pullback may reflect profit-taking pressure following these gains.

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