Arista Networks, Inc. (NYSE:ANET) CEO Jayshree Ullal Sells 345,856 Shares

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 the company's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $139.93, for a total value of $48,395,630.08. Following the transaction, the chief executive officer directly owned 5,650,346 shares in the company, valued at approximately $790,652,915.78. This represents a 5.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

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

• On Friday, August 8th, Jayshree Ullal sold 192,979 shares of Arista Networks stock. The shares were sold at an average price of $139.67, for a total value of $26,953,376.93.
• 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 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 shares were 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 shares were 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 value of $182,868.07.

Arista Networks Stock Down 1.1%

NYSE ANET traded down $1.52 on Thursday, reaching $136.49. The stock had a trading volume of 7,275,431 shares, compared to its average volume of 9,958,118. The firm has a market capitalization of $171.55 billion, a price-to-earnings ratio of 53.68, a P/E/G ratio of 3.24 and a beta of 1.37. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $141.99. The stock has a fifty day moving average price of $109.18 and a two-hundred day moving average price of $95.98.

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

Arista Networks announced that its board has authorized a share repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its shares are undervalued.

Institutional Trading of Arista Networks

Large investors have recently modified their holdings of the stock. Bare Financial Services Inc increased its position in shares of Arista Networks by 2,118.2% during the second quarter. Bare Financial Services Inc now owns 244 shares of the technology company's stock worth $25,000 after acquiring an additional 233 shares during the period. HighMark Wealth Management LLC increased its position in shares of Arista Networks by 179.7% during 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 period. Quarry LP increased its position in shares of Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 206 shares during the period. Dunhill Financial LLC increased its position in shares of Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after acquiring an additional 212 shares during the period. Finally, Cloud Capital Management LLC purchased a new stake in shares of Arista Networks during the first quarter worth $30,000. Hedge funds and other institutional investors own 82.47% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. 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. The Goldman Sachs Group lifted their price target on shares of Arista Networks from $115.00 to $155.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Redburn Atlantic began coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price target on the stock. Wolfe Research began coverage on shares of Arista Networks in a research report on Tuesday, July 8th. They set an "outperform" rating on the stock. Finally, BNP Paribas Exane lowered shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price target on the stock. in a research report on Wednesday, June 11th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $138.07.

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.