Insider Selling: Arista Networks, Inc. (NYSE:ANET) Insider Sells 580 Shares of Stock

Arista Networks, Inc. (NYSE:ANET) insider John F. Mccool sold 580 shares of Arista Networks stock in a transaction on Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $205,731.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Arista Networks Stock Performance

ANET traded up $8.41 during mid-day trading on Wednesday, reaching $365.42. The stock had a trading volume of 1,209,628 shares, compared to its average volume of 2,498,926. The firm’s fifty day simple moving average is $307.75 and its two-hundred day simple moving average is $281.44. The stock has a market capitalization of $114.51 billion, a P/E ratio of 50.89, a P/E/G ratio of 3.09 and a beta of 1.11. Arista Networks, Inc. has a 52 week low of $149.10 and a 52 week high of $365.42.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The firm had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.55 billion. As a group, analysts expect that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks announced that its board has initiated a stock buyback plan on Tuesday, May 7th that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Arista Networks

Hedge funds and other institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. grew its stake in Arista Networks by 7.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 51,301 shares of the technology company’s stock valued at $12,082,000 after purchasing an additional 3,763 shares in the last quarter. Lebenthal Global Advisors LLC acquired a new position in shares of Arista Networks during the 4th quarter worth about $662,000. US Bancorp DE grew its holdings in Arista Networks by 6.3% during the fourth quarter. US Bancorp DE now owns 42,809 shares of the technology company’s stock worth $10,082,000 after purchasing an additional 2,535 shares during the period. Advisor Resource Council increased its position in Arista Networks by 507.9% during the fourth quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock worth $1,653,000 after buying an additional 5,866 shares during the last quarter. Finally, WCM Investment Management LLC boosted its stake in shares of Arista Networks by 0.5% during the 4th quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after acquiring an additional 16,081 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Analyst Ratings Changes

ANET has been the subject of several recent analyst reports. Bank of America increased their price objective on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, June 20th. JPMorgan Chase & Co. lifted their target price on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Evercore ISI increased their price objective on Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a research report on Monday, May 20th. Finally, Citigroup boosted their target price on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $311.50.

Arista Networks Company Profile

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.