Arista Networks, Inc. (NYSE:ANET) CEO Sells $182,868.07 in Stock

Arista Networks, Inc. (NYSE:ANET - Get Free Report) CEO Jayshree Ullal sold 1,793 shares of the firm's stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $101.99, for a total transaction of $182,868.07. Following the transaction, the chief executive officer directly owned 38,756 shares in the company, valued at approximately $3,952,724.44. The trade was a 4.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

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

• 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 stock was sold at an average price of $102.03, for a total value 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 value of $1,334,042.25.

Arista Networks Stock Performance

Shares of ANET stock traded down $3.31 on Tuesday, reaching $99.00. 8,679,149 shares of the company's stock traded hands, compared to its average volume of 9,095,670. The company has a market capitalization of $124.34 billion, a P/E ratio of 41.90, a price-to-earnings-growth ratio of 2.98 and a beta of 1.40. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The business's 50 day moving average price is $90.69 and its two-hundred day moving average price is $95.44.

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

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

Hedge Funds Weigh In On Arista Networks

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

Analysts Set New Price Targets

ANET has been the subject of several research reports. Needham & Company LLC started coverage on Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating for the company. Erste Group Bank lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. Citigroup lifted their price objective on shares of Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. JPMorgan Chase & Co. cut their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, Barclays decreased their price target on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $109.33.

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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