Insider Selling: Arista Networks, Inc. (NYSE:ANET) Director Sells $328,170.00 in Stock

Arista Networks, Inc. (NYSE:ANETGet Free Report) Director Daniel Scheinman sold 1,000 shares of Arista Networks stock in a transaction on Friday, June 14th. The stock was sold at an average price of $328.17, for a total value of $328,170.00. Following the transaction, the director now owns 37,732 shares in the company, valued at approximately $12,382,510.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Arista Networks Stock Performance

Shares of ANET opened at $340.27 on Friday. The stock has a 50-day simple moving average of $293.94 and a 200-day simple moving average of $273.98. The stock has a market capitalization of $106.63 billion, a PE ratio of 47.39, a PEG ratio of 3.08 and a beta of 1.08. Arista Networks, Inc. has a 1 year low of $148.32 and a 1 year high of $345.89.

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

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ANET. Piper Sandler raised their price objective on Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Jefferies Financial Group raised Arista Networks from a “hold” rating to a “buy” rating and raised their price objective for the stock from $240.00 to $320.00 in a research report on Friday, May 3rd. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. JPMorgan Chase & Co. raised their price objective on Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Finally, KeyCorp raised their price objective on Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $306.78.

Check Out Our Latest Research Report on ANET

Institutional Investors Weigh In On Arista Networks

Several institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. lifted 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 buying an additional 3,763 shares during the last quarter. Lebenthal Global Advisors LLC purchased a new stake in Arista Networks in the fourth quarter valued at approximately $662,000. AXQ Capital LP purchased a new stake in Arista Networks in the third quarter valued at approximately $791,000. US Bancorp DE lifted its stake in Arista Networks by 6.3% in the fourth quarter. US Bancorp DE now owns 42,809 shares of the technology company’s stock valued at $10,082,000 after buying an additional 2,535 shares during the last quarter. Finally, Advisor Resource Council increased its holdings in shares of Arista Networks by 507.9% in the fourth quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock valued at $1,653,000 after purchasing an additional 5,866 shares during the period. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Arista Networks Company Profile

(Get Free Report)

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.

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Insider Buying and Selling by Quarter for Arista Networks (NYSE:ANET)

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