Arista Networks, Inc. (NYSE:ANET – Get Free Report) shares gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $311.42, but opened at $338.00. Arista Networks shares last traded at $336.30, with a volume of 520,865 shares changing hands.
The technology company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.38. The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. The firm’s revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.41 EPS.
Arista Networks announced that its board has initiated a stock 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 reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
Analyst Ratings Changes
View Our Latest Research Report on Arista Networks
Insider Buying and Selling at Arista Networks
In other news, Director Yvonne Wassenaar sold 223 shares of Arista Networks stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total transaction of $70,543.82. Following the completion of the transaction, the director now directly owns 2,976 shares in the company, valued at $941,427.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Jayshree Ullal sold 1,500 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $258.77, for a total transaction of $388,155.00. Following the transaction, the chief executive officer now directly owns 17,681 shares in the company, valued at $4,575,312.37. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Yvonne Wassenaar sold 223 shares of the business’s stock in a transaction dated Tuesday, May 21st. The shares were sold at an average price of $316.34, for a total transaction of $70,543.82. Following the completion of the transaction, the director now owns 2,976 shares in the company, valued at $941,427.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 206,616 shares of company stock valued at $68,045,190. Corporate insiders own 3.54% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the business. Benjamin Edwards Inc. bought a new position in shares of Arista Networks in the 1st quarter worth about $26,000. Beacon Capital Management LLC increased its stake in shares of Arista Networks by 500.0% in the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after acquiring an additional 65 shares in the last quarter. Financial Synergies Wealth Advisors Inc. increased its stake in Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after purchasing an additional 96 shares in the last quarter. Byrne Asset Management LLC bought a new stake in Arista Networks during the 2nd quarter valued at about $33,000. Finally, Rakuten Securities Inc. bought a new stake in Arista Networks during the 4th quarter valued at about $35,000. 82.47% of the stock is currently owned by institutional investors.
Arista Networks Trading Up 7.0 %
The firm has a market capitalization of $104.41 billion, a P/E ratio of 46.41, a price-to-earnings-growth ratio of 2.82 and a beta of 1.11. The business’s 50 day simple moving average is $330.57 and its two-hundred day simple moving average is $296.56.
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.
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