Arista Networks (NYSE:ANET – Get Free Report) posted its quarterly earnings data on Tuesday. The technology company reported $2.10 EPS for the quarter, topping the consensus estimate of $1.72 by $0.38, Briefing.com reports. The firm had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 31.81%. Arista Networks’s revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.41 EPS. Arista Networks updated its Q3 2024 guidance to EPS.
Arista Networks Price Performance
ANET stock traded down $7.91 during midday trading on Thursday, hitting $338.64. 4,257,336 shares of the stock traded hands, compared to its average volume of 2,498,004. Arista Networks has a 1-year low of $168.25 and a 1-year high of $376.50. The stock’s fifty day simple moving average is $331.17 and its 200-day simple moving average is $296.91. The firm has a market cap of $106.12 billion, a P/E ratio of 49.20, a PEG ratio of 2.74 and a beta of 1.11.
Arista Networks announced that its Board of Directors has initiated a share buyback program on Tuesday, May 7th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the technology company to repurchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
Analyst Upgrades and Downgrades
View Our Latest Stock Analysis on Arista Networks
Insiders Place Their Bets
In other Arista Networks news, CEO Jayshree Ullal sold 23,958 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $301.29, for a total value of $7,218,305.82. Following the sale, the chief executive officer now directly owns 10,000 shares of the company’s stock, valued at $3,012,900. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Arista Networks news, CEO Jayshree Ullal sold 23,958 shares of the stock in a transaction 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 $3,012,900. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Kenneth Duda sold 20,000 shares of Arista Networks stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $325.88, for a total transaction of $6,517,600.00. Following the completion of the sale, the senior vice president now owns 3,244 shares in the company, valued at approximately $1,057,154.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 205,116 shares of company stock worth $67,657,035. Company insiders own 3.54% of the company’s stock.
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.
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