Arista Networks (NYSE:ANET) Trading Down 0.1% Following Insider Selling

Arista Networks, Inc. (NYSE:ANET - Get Free Report)'s stock price fell 0.1% during trading on Monday after an insider sold shares in the company. The stock traded as low as $89.44 and last traded at $90.97. 1,456,342 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 9,144,939 shares. The stock had previously closed at $91.02.

Specifically, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $88.58, for a total transaction of $708,640.00. Following the transaction, the director now directly owns 131,784 shares in the company, valued at $11,673,426.72. This trade represents a 5.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

ANET has been the subject of several research reports. Citigroup increased their price objective on Arista Networks from $92.00 to $97.00 and gave the company a "buy" rating in a research report on Wednesday. Piper Sandler reiterated a "neutral" rating and set a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and upped their price objective for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Finally, Evercore ISI dropped their price target on Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $106.07.

Arista Networks Trading Down 1.8 %

The firm has a 50-day simple moving average of $78.92 and a two-hundred day simple moving average of $97.40. The stock has a market cap of $107.59 billion, a P/E ratio of 38.60, a PEG ratio of 3.10 and a beta of 1.38.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS 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 analysts' expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business's revenue for the quarter was up 27.6% on a year-over-year basis. During the same period last year, the firm earned $0.50 earnings per share. Sell-side analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

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

Institutional Investors Weigh In On Arista Networks

A number of large investors have recently bought and sold shares of ANET. Stock Yards Bank & Trust Co. bought a new stake in Arista Networks during the fourth quarter worth $242,000. GHE LLC lifted its stake in Arista Networks by 319.0% in the 4th quarter. GHE LLC now owns 28,368 shares of the technology company's stock valued at $3,136,000 after purchasing an additional 21,597 shares during the last quarter. Colonial River Investments LLC boosted its position in Arista Networks by 327.6% in the fourth quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company's stock valued at $1,077,000 after buying an additional 7,466 shares in the last quarter. Unified Investment Management bought a new stake in shares of Arista Networks during the fourth quarter worth $630,000. Finally, Berkshire Capital Holdings Inc. increased its holdings in shares of Arista Networks by 257.6% during the fourth quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock worth $8,505,000 after buying an additional 55,430 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

About Arista Networks

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.