Insider Selling: Arista Networks, Inc. (NYSE:ANET) CEO Sells 1,500 Shares of Stock

Arista Networks, Inc. (NYSE:ANET) CEO Jayshree Ullal sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $258.77, for a total transaction of $388,155.00. Following the completion of the transaction, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at approximately $4,575,312.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Tuesday, April 9th, Jayshree Ullal sold 4,042 shares of Arista Networks stock. The stock was 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 stock was sold at an average price of $291.12, for a total value 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 stock was 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 value 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 value of $6,070,260.00.
• On Monday, March 18th, Jayshree Ullal sold 20,000 shares of Arista Networks stock. The shares were sold at an average price of $282.41, for a total value of $5,648,200.00.
• On Friday, March 15th, Jayshree Ullal sold 87,418 shares of Arista Networks stock. The shares were sold at an average price of $278.81, for a total value of $24,373,012.58.

Arista Networks Stock Down 1.7 %

ANET stock opened at $273.97 on Wednesday. The company’s 50-day simple moving average is $279.22 and its 200-day simple moving average is $251.25. Arista Networks, Inc. has a 52-week low of $133.42 and a 52-week high of $307.74. The firm has a market cap of $85.65 billion, a P/E ratio of 41.70, a PEG ratio of 2.33 and a beta of 1.13.

Arista Networks (NYSE:ANET) last posted its earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.38. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The business had revenue of $1.54 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the prior year, the company posted $1.25 EPS. The company’s revenue for the quarter was up 20.8% on a year-over-year basis. On average, analysts anticipate that Arista Networks, Inc. will post 6.74 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has authorized a share buyback plan on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Benjamin Edwards Inc. purchased a new position in Arista Networks in the 1st quarter valued at about $26,000. Larson Financial Group LLC purchased a new position in Arista Networks in the 3rd quarter valued at about $28,000. First Command Advisory Services Inc. purchased a new position in Arista Networks in the 3rd quarter valued at about $29,000. Financial Synergies Wealth Advisors Inc. lifted its stake in Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after buying an additional 96 shares in the last quarter. Finally, BluePath Capital Management LLC acquired a new stake in Arista Networks in the 3rd quarter valued at about $33,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ANET has been the topic of several research reports. Jefferies Financial Group raised Arista Networks from a “hold” rating to a “buy” rating and upped their target price for the company from $240.00 to $320.00 in a research report on Friday, May 3rd. Rosenblatt Securities reissued a “sell” rating and issued a $210.00 target price on shares of Arista Networks in a research report on Friday, April 12th. Barclays upped their target price on Arista Networks from $272.00 to $311.00 and gave the company an “overweight” rating in a research report on Tuesday, February 13th. The Goldman Sachs Group upped their price target on shares of Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Finally, Oppenheimer reaffirmed a “market perform” rating on shares of Arista Networks in a report on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $285.53.

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.