Arista Networks, Inc. (NYSE:ANET) Director Sells $936,080.00 in Stock

Key Points

• Arista Networks' Director, Charles H. Giancarlo, sold 8,000 shares of the company's stock for approximately $936,080, reducing his ownership stake by 12.16%.
• The company's stock recently traded at $118.08 with a market cap of $148.30 billion and a notable P/E ratio of 49.98.
• Arista Networks has initiated a $1.50 billion share repurchase plan, indicating the board's belief that the stock is undervalued.

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 Friday, August 1st. The stock was sold at an average price of $117.01, for a total transaction of $936,080.00. Following the transaction, the director directly owned 57,784 shares in the company, valued at $6,761,305.84. This trade represents a 12.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Arista Networks Price Performance

Shares of NYSE:ANET traded down $2.27 during trading on Tuesday, hitting $118.08. The company's stock had a trading volume of 14,469,511 shares, compared to its average volume of 10,594,379. The company has a 50-day moving average of $102.06 and a 200-day moving average of $94.82. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.57. The firm has a market cap of $148.30 billion, a price-to-earnings ratio of 49.98, a P/E/G ratio of 3.42 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, August 5th. The technology company reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. As a group, research analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its board has authorized a share repurchase plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Piper Sandler reaffirmed a "neutral" rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Needham & Company LLC assumed coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating on the stock. Erste Group Bank upgraded shares of Arista Networks from a "hold" rating to a "buy" rating in a research note on Wednesday, July 23rd. Citigroup upped their target price on shares of Arista Networks from $112.00 to $123.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Finally, BNP Paribas Exane cut shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price on the stock. in a research note on Wednesday, June 11th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Arista Networks has a consensus rating of "Moderate Buy" and an average target price of $114.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ANET. HighMark Wealth Management LLC lifted its position in Arista Networks by 179.7% in the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after buying an additional 230 shares during the last quarter. Quarry LP raised its holdings in shares of Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 206 shares in the last quarter. Dunhill Financial LLC raised its holdings 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 purchasing an additional 212 shares in the last quarter. Cloud Capital Management LLC bought a new stake in shares of Arista Networks in the 1st quarter valued at about $30,000. Finally, Saudi Central Bank bought a new position in Arista Networks in the first quarter worth about $33,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

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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