Arista Networks, Inc. (NYSE:ANET) CEO Jayshree Ullal Sells 1,785,165 Shares

Key Points

• Arista Networks, Inc. CEO Jayshree Ullal sold 1,785,165 shares at an average price of $136.22, amounting to $243.17 million, reducing her ownership by 23.86%.
• The company's recent quarterly earnings report showed $2.20 billion in revenue, surpassing estimates, with earnings per share (EPS) of $0.73.
• Arista Networks has initiated a $1.50 billion share buyback program, indicating the board's belief that the stock is currently undervalued.

Arista Networks, Inc. (NYSE:ANET - Get Free Report) CEO Jayshree Ullal sold 1,785,165 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $136.22, for a total value of $243,175,176.30. Following the transaction, the chief executive officer owned 5,698,074 shares in the company, valued at $776,191,640.28. This trade represents a 23.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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

• On Thursday, July 31st, Jayshree Ullal sold 880,180 shares of Arista Networks stock. The stock was sold at an average price of $124.79, for a total value of $109,837,662.20.
• On Wednesday, July 30th, Jayshree Ullal sold 288,820 shares of Arista Networks stock. The shares were sold at an average price of $122.19, for a total value of $35,290,915.80.
• On Tuesday, July 29th, Jayshree Ullal sold 588,000 shares of Arista Networks stock. The shares were sold at an average price of $119.15, for a total value of $70,060,200.00.
• On Monday, July 28th, Jayshree Ullal sold 527,302 shares of Arista Networks stock. The stock was sold at an average price of $115.59, for a total value of $60,950,838.18.
• On Friday, July 25th, Jayshree Ullal sold 60,698 shares of Arista Networks stock. The stock was sold at an average price of $115.02, for a total value of $6,981,483.96.
• On Monday, June 30th, Jayshree Ullal sold 748,444 shares of Arista Networks stock. The stock was sold at an average price of $102.43, for a total value of $76,663,118.92.
• On Monday, June 30th, Jayshree Ullal sold 93,468 shares of Arista Networks stock. The stock was sold at an average price of $102.43, for a total value of $9,573,927.24.
• On Friday, June 27th, Jayshree Ullal sold 1,793 shares of Arista Networks stock. The stock was sold at an average price of $101.99, for a total transaction of $182,868.07.
• On Friday, June 27th, Jayshree Ullal sold 223 shares of Arista Networks stock. The shares were sold at an average price of $101.99, for a total transaction of $22,743.77.
• On Thursday, June 26th, Jayshree Ullal sold 104,707 shares of Arista Networks stock. The shares were sold at an average price of $102.03, for a total transaction of $10,683,255.21.

Arista Networks Stock Performance

Arista Networks stock traded down $0.13 during trading on Friday, reaching $139.15. 9,762,075 shares of the company's stock were exchanged, compared to its average volume of 10,029,182. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $141.01. The firm has a market cap of $174.89 billion, a price-to-earnings ratio of 54.73, a PEG ratio of 3.61 and a beta of 1.37. The company's 50-day moving average is $104.55 and its two-hundred day moving average is $95.41.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.65 by $0.08. The business had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.11 billion. Arista Networks had a net margin of 40.90% and a return on equity of 31.05%. The business's revenue was up 30.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.53 earnings per share. Analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has approved a share buyback program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Institutional Trading of Arista Networks

Several hedge funds and other institutional investors have recently bought and sold shares of ANET. HighMark Wealth Management LLC lifted its holdings in Arista Networks by 179.7% in the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after acquiring an additional 230 shares during the last quarter. Quarry LP raised its position in shares of Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares during the period. Dunhill Financial LLC lifted its holdings in shares of Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares during the last quarter. Cloud Capital Management LLC acquired a new position in Arista Networks during the 1st quarter valued at approximately $30,000. Finally, Saudi Central Bank acquired a new position in Arista Networks during the 1st quarter valued at approximately $33,000. 82.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on ANET shares. BNP Paribas Exane downgraded Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective for the company. in a research report on Wednesday, June 11th. Needham & Company LLC lifted their price objective on Arista Networks from $130.00 to $155.00 and gave the stock a "buy" rating in a research report on Wednesday. Barclays restated an "overweight" rating and set a $151.00 price objective (up from $119.00) on shares of Arista Networks in a research report on Thursday. The Goldman Sachs Group lifted their target price on shares of Arista Networks from $115.00 to $155.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Wedbush began coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating for the company. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Arista Networks presently has an average rating of "Moderate Buy" and a consensus price target of $138.07.

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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