Arista Networks, Inc. (NYSE:ANET) CEO Jayshree Ullal Sells 588,000 Shares

Key Points

• Arista Networks CEO Jayshree Ullal sold a total of 588,000 shares on July 29, 2023, for a total value of $70,060,200, reducing her holdings by 8.78%.
• The company's recent stock performance shows a 52-week high of $133.57 and a low of $59.43, with a current price of $123.47.
• Arista Networks declared a stock buyback program allowing for the reacquisition of up to $1.5 billion in shares, suggesting that company leadership believes the stock is undervalued.

Arista Networks, Inc. (NYSE:ANET - Get Free Report) CEO Jayshree Ullal sold 588,000 shares of the stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $119.15, for a total transaction of $70,060,200.00. Following the completion of the sale, the chief executive officer owned 6,105,713 shares of the company's stock, valued at $727,495,703.95. This trade represents a 8.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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

• On Monday, July 28th, Jayshree Ullal sold 527,302 shares of Arista Networks stock. The shares were 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 shares were 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 Trading Down 4.6%

Shares of NYSE ANET traded down $5.66 on Friday, reaching $117.56. 11,553,581 shares of the company traded hands, compared to its average volume of 10,575,626. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.57. The company has a 50 day moving average of $100.95 and a 200 day moving average of $95.10. The stock has a market capitalization of $147.65 billion, a PE ratio of 49.76, a P/E/G ratio of 3.55 and a beta of 1.40.

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

Arista Networks announced that its board has initiated a share repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. DSG Capital Advisors LLC purchased a new position in Arista Networks during the 4th quarter valued at about $5,984,000. Ibex Wealth Advisors grew its stake in Arista Networks by 14.4% during the 1st quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock valued at $4,501,000 after acquiring an additional 7,329 shares in the last quarter. Sowell Financial Services LLC purchased a new position in Arista Networks during the 1st quarter valued at about $629,000. Legal & General Group Plc grew its stake in Arista Networks by 227.7% during the 4th quarter. Legal & General Group Plc now owns 7,814,613 shares of the technology company's stock valued at $863,749,000 after acquiring an additional 5,429,857 shares in the last quarter. Finally, Motley Fool Asset Management LLC grew its stake in Arista Networks by 357.3% during the 4th quarter. Motley Fool Asset Management LLC now owns 65,087 shares of the technology company's stock valued at $7,194,000 after acquiring an additional 50,855 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ANET has been the subject of a number of recent research reports. BNP Paribas downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. JPMorgan Chase & Co. raised their price objective on shares of Arista Networks from $110.00 to $130.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Redburn Atlantic assumed coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price objective on the stock. Barclays cut their price objective on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. Finally, The Goldman Sachs Group cut their price objective 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. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat.com, Arista Networks currently has a consensus rating of "Moderate Buy" and an average price target of $114.00.

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.