Arista Networks, Inc. (NYSE:ANET) CEO Jayshree Ullal Sells 748,444 Shares

Arista Networks, Inc. (NYSE:ANET - Get Free Report) CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $102.43, for a total value of $76,663,118.92. Following the transaction, the chief executive officer owned 30,000 shares in the company, valued at approximately $3,072,900. This represents a 96.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

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

• 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.
• 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 value 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 value of $10,683,255.21.
• On Thursday, June 26th, Jayshree Ullal sold 13,075 shares of Arista Networks stock. The stock was sold at an average price of $102.03, for a total value of $1,334,042.25.

Arista Networks Trading Up 1.3%

NYSE:ANET traded up $1.32 during mid-day trading on Friday, reaching $102.45. The company's stock had a trading volume of 5,296,699 shares, compared to its average volume of 9,105,538. The firm's fifty day moving average price is $92.93 and its two-hundred day moving average price is $95.33. The stock has a market cap of $128.66 billion, a P/E ratio of 43.36, a PEG ratio of 2.99 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.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion during 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 business's quarterly revenue was up 27.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.50 EPS. Analysts predict 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 buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ANET. HighMark Wealth Management LLC boosted its stake in Arista Networks by 179.7% in the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after purchasing an additional 230 shares during the period. Quarry LP boosted its stake in Arista Networks by 381.5% in 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 Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares during the period. Cloud Capital Management LLC bought a new position in Arista Networks in the 1st quarter worth approximately $30,000. Finally, Saudi Central Bank bought a new position in Arista Networks in the 1st quarter worth approximately $33,000. 82.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ANET has been the subject of a number of research reports. Rosenblatt Securities increased their price target on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Needham & Company LLC initiated coverage on Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating for the company. Morgan Stanley increased their price target on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Redburn Atlantic began coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating and a $112.00 target price for the company. Finally, Citigroup lifted their price target on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Seven 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 presently has a consensus rating of "Moderate Buy" and an average target price of $109.33.

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.