Arista Networks, Inc. (NYSE:ANET) CEO Sells $48,395,630.08 in Stock

Key Points

• Arista Networks CEO Jayshree Ullal sold 345,856 shares at an average price of $139.93, totaling approximately $48.4 million, reducing her ownership by 5.77%.
• The company reported strong quarterly earnings of $0.73 EPS, exceeding estimates by $0.08, with a 40.9% net margin and revenues of $2.20 billion.
• Arista Networks has a buyback program authorized for $1.50 billion in shares, indicating the board's belief that the stock is undervalued, alongside a current market cap of $173.01 billion.

Arista Networks, Inc. (NYSE:ANET - Get Free Report) CEO Jayshree Ullal sold 345,856 shares of Arista Networks stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $139.93, for a total value of $48,395,630.08. Following the sale, the chief executive officer directly owned 5,650,346 shares of the company's stock, valued at approximately $790,652,915.78. The trade was a 5.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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

• On Wednesday, August 6th, Jayshree Ullal sold 1,785,165 shares of Arista Networks stock. The stock was sold at an average price of $136.22, for a total value of $243,175,176.30.
• 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 stock was 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 stock was sold at an average price of $119.15, for a total transaction of $70,060,200.00.
• 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 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 shares were 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.

Arista Networks Price Performance

NYSE:ANET traded down $1.53 during trading hours on Monday, reaching $137.65. 7,832,657 shares of the company traded hands, compared to its average volume of 10,678,467. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $141.75. The stock has a market cap of $173.01 billion, a P/E ratio of 54.14, a P/E/G ratio of 3.47 and a beta of 1.37. The firm's 50-day moving average is $105.60 and its 200-day moving average is $95.06.

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

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ANET shares. Redburn Atlantic initiated coverage on Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price objective for the company. Piper Sandler upped their price target on Arista Networks from $89.00 to $143.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Evercore ISI set a $150.00 target price on Arista Networks and gave the stock an "outperform" rating in a report on Wednesday, August 6th. 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. Finally, Wolfe Research started coverage on Arista Networks in a research note on Tuesday, July 8th. They issued an "outperform" rating for the company. Six analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $138.07.

Institutional Trading of Arista Networks

Large investors have recently added to or reduced their stakes in the stock. HighMark Wealth Management LLC raised its position in shares of Arista Networks by 179.7% in the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock valued at $28,000 after purchasing an additional 230 shares during the last quarter. Quarry LP grew its holdings 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 boosted its stake 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 valued at $29,000 after buying an additional 212 shares during the period. Cloud Capital Management LLC purchased a new stake in Arista Networks in the first quarter valued at approximately $30,000. Finally, Saudi Central Bank acquired a new position in shares of Arista Networks in the first quarter valued at approximately $33,000. Institutional investors own 82.47% of the company's stock.

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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