Insider Selling: Arista Networks, Inc. (NYSE:ANET) CEO Sells $7,218,305.82 in Stock

Arista Networks, Inc. (NYSE:ANET) CEO Jayshree Ullal sold 23,958 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $301.29, for a total transaction of $7,218,305.82. Following the transaction, the chief executive officer now directly owns 10,000 shares of the company’s stock, valued at approximately $3,012,900. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

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

• On Monday, May 13th, Jayshree Ullal sold 20,000 shares of Arista Networks stock. The shares were sold at an average price of $312.07, for a total value of $6,241,400.00.
• On Thursday, May 2nd, Jayshree Ullal sold 1,500 shares of Arista Networks stock. The shares were sold at an average price of $258.77, for a total value of $388,155.00.
• On Tuesday, April 9th, Jayshree Ullal sold 4,042 shares of Arista Networks stock. The shares were sold at an average price of $299.99, for a total transaction of $1,212,559.58.
• On Wednesday, April 3rd, Jayshree Ullal sold 24,000 shares of Arista Networks stock. The shares were sold at an average price of $291.12, for a total transaction of $6,986,880.00.
• On Monday, April 1st, Jayshree Ullal sold 24,000 shares of Arista Networks stock. The stock was sold at an average price of $292.28, for a total value of $7,014,720.00.
• On Wednesday, March 27th, Jayshree Ullal sold 23,000 shares of Arista Networks stock. The shares were sold at an average price of $296.24, for a total value of $6,813,520.00.
• On Monday, March 25th, Jayshree Ullal sold 22,000 shares of Arista Networks stock. The stock was sold at an average price of $301.45, for a total value of $6,631,900.00.
• On Friday, March 22nd, Jayshree Ullal sold 22,000 shares of Arista Networks stock. The stock was sold at an average price of $303.00, for a total transaction of $6,666,000.00.
• On Wednesday, March 20th, Jayshree Ullal sold 21,000 shares of Arista Networks stock. The shares were sold at an average price of $289.06, for a total transaction of $6,070,260.00.
• On Monday, March 18th, Jayshree Ullal sold 20,000 shares of Arista Networks stock. The stock was sold at an average price of $282.41, for a total transaction of $5,648,200.00.

Arista Networks Stock Down 1.8 %

NYSE ANET opened at $320.21 on Friday. Arista Networks, Inc. has a twelve month low of $133.42 and a twelve month high of $329.04. The business has a 50-day moving average price of $283.10 and a 200-day moving average price of $256.53. The firm has a market cap of $100.34 billion, a price-to-earnings ratio of 44.60, a price-to-earnings-growth ratio of 2.80 and a beta of 1.13.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.38. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The firm’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.25 EPS. Research analysts expect that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has authorized a share buyback program on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the technology company to buy up to 1.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 target price on shares of Arista Networks in a research report on Wednesday, May 8th. Barclays upped their price target on shares of Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research report on Thursday, May 9th. KeyCorp raised their price objective on shares of Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Finally, Wells Fargo & Company upped their target price on shares of Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $293.00.

Hedge Funds Weigh In On Arista Networks

Several institutional investors have recently bought and sold shares of ANET. Hancock Whitney Corp lifted its stake in Arista Networks by 2.8% in the 1st quarter. Hancock Whitney Corp now owns 36,461 shares of the technology company’s stock worth $10,573,000 after purchasing an additional 977 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Arista Networks by 62.1% in the first quarter. Tidal Investments LLC now owns 33,672 shares of the technology company’s stock worth $9,763,000 after buying an additional 12,906 shares in the last quarter. Motley Fool Asset Management LLC grew its holdings in Arista Networks by 13.3% during the 1st quarter. Motley Fool Asset Management LLC now owns 10,403 shares of the technology company’s stock valued at $3,017,000 after buying an additional 1,218 shares in the last quarter. California State Teachers Retirement System increased its stake in Arista Networks by 1.1% in the 1st quarter. California State Teachers Retirement System now owns 423,394 shares of the technology company’s stock worth $122,776,000 after acquiring an additional 4,517 shares during the last quarter. Finally, BTG Pactual Global Asset Management Ltd purchased a new stake in shares of Arista Networks during the 1st quarter worth approximately $922,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

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.