Insider Selling: Arista Networks, Inc. (NYSE:ANET) SVP Sells $6,517,600.00 in Stock

Arista Networks, Inc. (NYSE:ANET) SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $325.88, for a total transaction of $6,517,600.00. Following the completion of the transaction, the senior vice president now owns 3,244 shares of the company’s stock, valued at $1,057,154.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Kenneth Duda also recently made the following trade(s):

• On Thursday, May 16th, Kenneth Duda sold 14,416 shares of Arista Networks stock. The stock was sold at an average price of $326.03, for a total transaction of $4,700,048.48.
• On Wednesday, April 10th, Kenneth Duda sold 20,000 shares of Arista Networks stock. The stock was sold at an average price of $290.05, for a total transaction of $5,801,000.00.

Arista Networks Trading Up 0.1 %

Shares of ANET opened at $340.34 on Thursday. Arista Networks, Inc. has a twelve month low of $148.32 and a twelve month high of $344.13. The company has a market cap of $106.65 billion, a P/E ratio of 47.40, a P/E/G ratio of 3.08 and a beta of 1.08. The company’s fifty day simple moving average is $293.06 and its 200-day simple moving average is $273.51.

Arista Networks (NYSE:ANET) last announced its earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.24. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The business had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.55 billion. Analysts predict that Arista Networks, Inc. will post 7.05 earnings per share for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Barclays boosted their target price on shares of Arista Networks from $311.00 to $320.00 and gave the stock an “overweight” rating in a report on Thursday, May 9th. Rosenblatt Securities reissued a “sell” rating and issued a $210.00 target price on shares of Arista Networks in a report on Friday, April 12th. Piper Sandler boosted their target price on shares of Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. The Goldman Sachs Group boosted their target price on shares of Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, JPMorgan Chase & Co. upped their price target on shares of Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $298.17.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after buying an additional 1,596,040 shares during the period. Capital World Investors increased its stake in Arista Networks by 0.5% in the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after buying an additional 55,312 shares during the period. WCM Investment Management LLC increased its stake in Arista Networks by 0.8% in the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock worth $884,270,000 after buying an additional 25,196 shares during the period. GQG Partners LLC purchased a new position in Arista Networks in the 1st quarter worth about $881,848,000. Finally, Norges Bank purchased a new position in Arista Networks in the 4th quarter worth about $586,051,000. 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.