Arista Networks, Inc. (NYSE:ANET) CEO Jayshree Ullal Sells 288,820 Shares

Key Points

• Jayshree Ullal, CEO of Arista Networks, sold 288,820 shares at an average price of $122.19, impacting their ownership by a 4.54% decrease to approximately 6.06 million shares.
• The company's stock recently traded down to $117.56, significantly below its 52-week high of $133.57, reflecting a broader market sentiment shift.
• Arista Networks has initiated a $1.50 billion share repurchase plan, suggesting confidence in its financial health and that its shares are undervalued according to its Board of Directors.

Arista Networks, Inc. (NYSE:ANET - Get Free Report) CEO Jayshree Ullal sold 288,820 shares of Arista Networks stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $122.19, for a total transaction of $35,290,915.80. Following the completion of the transaction, the chief executive officer directly owned 6,065,859 shares of the company's stock, valued at approximately $741,187,311.21. This trade represents a 4.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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

• 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 transaction 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 transaction 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 transaction 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 transaction 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 stock was 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.
• On Thursday, June 26th, Jayshree Ullal sold 13,075 shares of Arista Networks stock. The shares were sold at an average price of $102.03, for a total transaction of $1,334,042.25.

Arista Networks Stock Performance

Shares of NYSE:ANET traded down $5.66 during trading on Friday, reaching $117.56. The stock had a trading volume of 11,553,581 shares, compared to its average volume of 8,253,870. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.57. The stock has a market cap of $147.65 billion, a price-to-earnings ratio of 49.76, a P/E/G ratio of 3.58 and a beta of 1.37. The firm's fifty day moving average is $100.95 and its 200 day moving average is $95.10.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The firm had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the previous year, the company posted $0.50 earnings per share. The company's quarterly revenue was up 27.6% on a year-over-year basis. On average, research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a share repurchase plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

ANET has been the topic of several research reports. JPMorgan Chase & Co. lifted their price target on shares of Arista Networks from $110.00 to $130.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Piper Sandler reaffirmed a "neutral" rating and set a $89.00 price target (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. The Goldman Sachs Group decreased their price target on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. KGI Securities lowered shares of Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Finally, KeyCorp began coverage on shares of Arista Networks in a report on Thursday, June 26th. They set an "overweight" rating and a $115.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $114.00.

Institutional Investors Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently made changes to their positions in ANET. Vanguard Group Inc. raised its holdings in shares of Arista Networks by 1.8% in the first quarter. Vanguard Group Inc. now owns 97,856,933 shares of the technology company's stock valued at $7,581,955,000 after purchasing an additional 1,771,982 shares during the last quarter. FMR LLC raised its holdings in shares of Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after purchasing an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC raised its holdings in shares of Arista Networks by 277.5% in the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock valued at $3,016,207,000 after purchasing an additional 20,059,303 shares during the last quarter. Alliancebernstein L.P. raised its holdings in shares of Arista Networks by 9.0% in the first quarter. Alliancebernstein L.P. now owns 22,959,214 shares of the technology company's stock valued at $1,778,880,000 after purchasing an additional 1,889,198 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of Arista Networks in the first quarter valued at about $933,626,000. 82.47% of the stock is owned by institutional investors.

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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