Arista Networks, Inc. (NYSE:ANET) Director Charles H. Giancarlo Sells 8,000 Shares

Arista Networks, Inc. (NYSE:ANET - Get Free Report) Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total transaction of $794,880.00. Following the sale, the director owned 65,784 shares of the company's stock, valued at approximately $6,536,298.24. The trade was a 10.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Arista Networks Price Performance

NYSE ANET traded up $1.32 on Friday, hitting $102.45. The company had a trading volume of 5,296,699 shares, compared to its average volume of 9,105,538. The company's fifty day moving average price is $92.93 and its 200-day moving average price is $95.33. The company has a market capitalization of $128.66 billion, a PE 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 earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The business had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter in the previous year, the company earned $0.50 earnings per share. The company's quarterly revenue was up 27.6% on a year-over-year basis. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its Board of Directors has approved a share repurchase plan on Tuesday, May 6th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the technology company to buy up to 1.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ANET. KGI Securities lowered shares of Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Redburn Atlantic initiated coverage on Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price target on the stock. JPMorgan Chase & Co. decreased their price objective on Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Citigroup upped their target price on Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Finally, Barclays decreased their price target on Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $109.33.

Hedge Funds Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently made changes to their positions in ANET. HBW Advisory Services LLC purchased a new stake in shares of Arista Networks during the second quarter worth approximately $345,000. Doliver Advisors LP grew its holdings in shares of Arista Networks by 5.6% during the second quarter. Doliver Advisors LP now owns 4,260 shares of the technology company's stock worth $436,000 after buying an additional 225 shares in the last quarter. Park National Corp OH raised its position in shares of Arista Networks by 8.4% in the second quarter. Park National Corp OH now owns 378,614 shares of the technology company's stock valued at $38,736,000 after buying an additional 29,455 shares during the last quarter. Harbor Investment Advisory LLC lifted its stake in shares of Arista Networks by 669.6% in the second quarter. Harbor Investment Advisory LLC now owns 862 shares of the technology company's stock worth $88,000 after buying an additional 750 shares in the last quarter. Finally, Kera Capital Partners Inc. lifted its stake in shares of Arista Networks by 4.2% in the second quarter. Kera Capital Partners Inc. now owns 67,684 shares of the technology company's stock worth $6,925,000 after buying an additional 2,703 shares in the last quarter. Hedge funds and other 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.