Arista Networks (NYSE:ANET) Stock Price Down 4.4% Following Insider Selling

Arista Networks, Inc. (NYSE:ANET - Get Free Report) was down 4.4% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $98.42 and last traded at $97.86. Approximately 2,107,657 shares traded hands during trading, a decline of 77% from the average daily volume of 9,060,900 shares. The stock had previously closed at $102.31.

Specifically, CEO Jayshree Ullal sold 1,793 shares of the company's stock in a transaction that occurred on Friday, June 27th. The shares were sold at an average price of $101.99, for a total transaction of $182,868.07. Following the sale, the chief executive officer directly owned 38,756 shares in the company, valued at approximately $3,952,724.44. This represents a 4.42% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 104,707 shares of the business's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $102.03, for a total transaction of $10,683,255.21. Following the sale, the chief executive officer directly owned 38,776 shares in the company, valued at $3,956,315.28. The trade was a 72.98% decrease in their position. The disclosure for this sale can be found here. In other news, CEO Jayshree Ullal sold 13,075 shares of the firm's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $102.03, for a total value of $1,334,042.25. Following the completion of the transaction, the chief executive officer directly owned 103,608 shares of the company's stock, valued at $10,571,124.24. This trade represents a 11.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. KGI Securities cut Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Barclays cut their price objective on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Needham & Company LLC started coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating on the stock. The Goldman Sachs Group lowered their target price on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Seven equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Arista Networks currently has a consensus rating of "Moderate Buy" and a consensus target price of $109.33.

Arista Networks Price Performance

The company has a 50 day simple moving average of $91.90 and a 200-day simple moving average of $95.50. The stock has a market cap of $126.94 billion, a P/E 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 released its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The company had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the previous year, the company posted $0.50 EPS. Arista Networks's quarterly revenue was up 27.6% compared to the same quarter last year. As a group, research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its board has authorized a stock repurchase program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in shares. This repurchase authorization allows the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Institutional Trading of Arista Networks

Institutional investors have recently added to or reduced their stakes in the business. Brighton Jones LLC grew its position in Arista Networks by 321.7% during the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock worth $863,000 after acquiring an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC purchased a new stake in shares of Arista Networks during the fourth quarter valued at approximately $202,000. Bank Pictet & Cie Europe AG grew its holdings in shares of Arista Networks by 433.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock worth $1,200,000 after purchasing an additional 8,822 shares during the last quarter. Fisher Asset Management LLC grew its holdings in shares of Arista Networks by 307.8% in the fourth quarter. Fisher Asset Management LLC now owns 27,392 shares of the technology company's stock worth $3,028,000 after purchasing an additional 20,675 shares during the last quarter. Finally, Norden Group LLC purchased a new position in shares of Arista Networks in the fourth quarter worth $270,000. 82.47% of the stock is currently 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.