Insider Selling: Arista Networks, Inc. (NYSE:ANET) CEO Sells 17,759 Shares of Stock

Arista Networks, Inc. (NYSE:ANET) CEO Jayshree Ullal sold 17,759 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $400.22, for a total transaction of $7,107,506.98. Following the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $7,076,289.82. The trade was a 50.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Jayshree Ullal also recently made the following trade(s):

• On Monday, November 4th, Jayshree Ullal sold 832 shares of Arista Networks stock. The shares were sold at an average price of $397.39, for a total transaction of $330,628.48.
• On Wednesday, October 2nd, Jayshree Ullal sold 836 shares of Arista Networks stock. The stock was sold at an average price of $386.68, for a total transaction of $323,264.48.
• On Tuesday, September 3rd, Jayshree Ullal sold 832 shares of Arista Networks stock. The stock was sold at an average price of $337.23, for a total value of $280,575.36.

Arista Networks Stock Down 1.6 %

ANET stock traded down $6.69 during midday trading on Monday, hitting $399.79. The company’s stock had a trading volume of 2,400,336 shares, compared to its average volume of 2,239,958. Arista Networks, Inc. has a 52-week low of $210.69 and a 52-week high of $431.97. The firm has a 50-day simple moving average of $394.02 and a 200-day simple moving average of $354.66. The firm has a market capitalization of $125.91 billion, a P/E ratio of 48.05, a PEG ratio of 3.28 and a beta of 1.08.

Shares of Arista Networks are scheduled to split on Wednesday, December 4th. The 4-1 split was announced on Thursday, November 7th. The newly issued shares will be payable to shareholders after the closing bell on Tuesday, December 3rd.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, November 7th. The technology company reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.08 by $0.32. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter last year, the company earned $1.63 EPS. Arista Networks’s revenue for the quarter was up 20.0% compared to the same quarter last year. On average, sell-side analysts expect that Arista Networks, Inc. will post 7.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ANET. GW Henssler & Associates Ltd. boosted its holdings in Arista Networks by 3.6% in the third quarter. GW Henssler & Associates Ltd. now owns 63,244 shares of the technology company’s stock valued at $24,274,000 after purchasing an additional 2,219 shares in the last quarter. Deepwater Asset Management LLC purchased a new position in shares of Arista Networks in the 2nd quarter valued at $15,084,000. Sumitomo Life Insurance Co. raised its stake in Arista Networks by 69.8% during the 3rd quarter. Sumitomo Life Insurance Co. now owns 9,028 shares of the technology company’s stock worth $3,465,000 after acquiring an additional 3,711 shares in the last quarter. Walkner Condon Financial Advisors LLC acquired a new position in Arista Networks in the third quarter valued at $2,318,000. Finally, Cetera Advisors LLC grew its holdings in shares of Arista Networks by 185.8% during the first quarter. Cetera Advisors LLC now owns 17,032 shares of the technology company’s stock worth $4,939,000 after purchasing an additional 11,073 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on ANET shares. UBS Group lifted their price target on Arista Networks from $369.00 to $425.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. Barclays increased their price objective on Arista Networks from $341.00 to $495.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Rosenblatt Securities upped their price target on Arista Networks from $265.00 to $320.00 and gave the company a “sell” rating in a research note on Friday, November 8th. Piper Sandler reiterated a “neutral” rating and set a $421.00 price target (up from $345.00) on shares of Arista Networks in a report on Friday, November 8th. Finally, The Goldman Sachs Group boosted their price objective on shares of Arista Networks from $390.00 to $430.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average target price of $395.19.

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.