Arista Networks, Inc. (NYSE:ANET) CEO Sells $76,663,118.92 in Stock

Arista Networks, Inc. (NYSE:ANET - Get Free Report) CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction on Monday, June 30th. The shares were sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the completion of the transaction, the chief executive officer directly owned 30,000 shares in the company, valued at $3,072,900. The trade was a 96.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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

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

Arista Networks Trading Up 2.2%

Shares of NYSE:ANET traded up $2.16 on Wednesday, reaching $101.07. 8,322,942 shares of the company were exchanged, compared to its average volume of 9,103,713. The company has a 50-day moving average of $91.29 and a 200-day moving average of $95.46. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The firm has a market cap of $126.94 billion, a price-to-earnings ratio of 42.78, a price-to-earnings-growth ratio of 2.88 and a beta of 1.40.

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, topping the consensus estimate of $0.59 by $0.06. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The firm's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.50 earnings per share. As a group, analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its board has authorized a share repurchase program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on ANET shares. The Goldman Sachs Group dropped their target price on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Redburn Atlantic started coverage on Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 target price on the stock. Rosenblatt Securities boosted their price objective on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Wedbush started coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating on the stock. Finally, Barclays dropped their price objective on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Seven investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $109.33.

Institutional Trading of Arista Networks

Several large investors have recently bought and sold shares of the company. DSG Capital Advisors LLC acquired a new stake in Arista Networks in the 4th quarter valued at about $5,984,000. Ibex Wealth Advisors grew its stake in Arista Networks by 14.4% in 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 during the last quarter. Berkshire Capital Holdings Inc. grew its position in shares of Arista Networks by 257.6% in the fourth quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock valued at $8,505,000 after purchasing an additional 55,430 shares during the last quarter. Bradyco Inc. acquired a new stake in shares of Arista Networks in the fourth quarter valued at approximately $836,000. Finally, Sowell Financial Services LLC acquired a new stake in shares of Arista Networks in the first quarter valued at approximately $629,000. Institutional investors and hedge funds 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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