Arista Networks, Inc. (NYSE:ANET) SVP Sells $4,700,048.48 in Stock

Arista Networks, Inc. (NYSE:ANET) SVP Kenneth Duda sold 14,416 shares of the company’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $326.03, for a total value of $4,700,048.48. Following the sale, the senior vice president now owns 252,382 shares in the company, valued at approximately $82,284,103.46. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

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

• 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 value of $5,801,000.00.
• On Monday, March 11th, Kenneth Duda sold 20,000 shares of Arista Networks stock. The stock was sold at an average price of $269.15, for a total value of $5,383,000.00.

Arista Networks Trading Down 0.2 %

Shares of ANET stock opened at $316.50 on Thursday. The business’s 50 day moving average is $286.42 and its two-hundred day moving average is $260.16. Arista Networks, Inc. has a twelve month low of $139.18 and a twelve month high of $329.04. The company has a market capitalization of $99.18 billion, a P/E ratio of 44.08, a price-to-earnings-growth ratio of 2.89 and a beta of 1.13.

Arista Networks announced that its board has approved a stock repurchase plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows 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 board of directors believes its shares are undervalued.

Institutional Trading of Arista Networks

Several hedge funds have recently modified their holdings of the business. Koesten Hirschmann & Crabtree INC. acquired a new stake in shares of Arista Networks in the 1st quarter valued at approximately $42,000. Atria Investments Inc raised its holdings in shares of Arista Networks by 9.5% in the first quarter. Atria Investments Inc now owns 13,786 shares of the technology company’s stock worth $3,998,000 after acquiring an additional 1,196 shares during the last quarter. Swedbank AB acquired a new position in shares of Arista Networks in the first quarter worth $521,767,000. Virtu Financial LLC purchased a new stake in Arista Networks during the first quarter valued at about $3,403,000. Finally, Plato Investment Management Ltd grew its position in Arista Networks by 5,204.0% during the first quarter. Plato Investment Management Ltd now owns 5,357 shares of the technology company’s stock valued at $1,553,000 after acquiring an additional 5,256 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ANET. Piper Sandler raised their target price on Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. The Goldman Sachs Group raised their target price on Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Barclays raised their target price on Arista Networks from $311.00 to $320.00 and gave the stock an “overweight” rating in a research report on Thursday, May 9th. JPMorgan Chase & Co. raised their target price 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, Oppenheimer reissued a “market perform” rating on shares of Arista Networks in a research report on Tuesday, February 13th. One analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and an average price target of $295.22.

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.