Insider Selling: Arista Networks, Inc. (NYSE:ANET) CEO Sells 527,302 Shares of Stock

Key Points

• Jayshree Ullal, CEO of Arista Networks, sold 527,302 shares of stock at an average price of $115.59, totaling approximately $60.95 million, which decreased her position by 7.85%.
• Arista Networks reported a net margin of 40.72% and $2 billion in quarterly revenue, exceeding analyst estimates and showing a 27.6% year-over-year growth.
• The company has authorized a $1.50 billion share buyback program, indicating management's belief that their shares are undervalued.

Arista Networks, Inc. (NYSE:ANET - Get Free Report) CEO Jayshree Ullal sold 527,302 shares of the business's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $115.59, for a total value of $60,950,838.18. Following the completion of the sale, the chief executive officer directly owned 6,186,850 shares in the company, valued at approximately $715,137,991.50. The trade was a 7.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

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

• On Friday, July 25th, Jayshree Ullal sold 60,698 shares of Arista Networks stock. The shares were sold at an average price of $115.02, for a total value of $6,981,483.96.
• On Monday, June 30th, Jayshree Ullal sold 748,444 shares of Arista Networks stock. The shares were sold at an average price of $102.43, for a total value of $76,663,118.92.
• 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 stock was 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 stock was sold at an average price of $101.99, for a total value of $22,743.77.
• On Thursday, June 26th, Jayshree Ullal sold 104,707 shares of Arista Networks stock. The stock was sold at an average price of $102.03, for a total transaction of $10,683,255.21.
• On Thursday, June 26th, Jayshree Ullal sold 13,075 shares of Arista Networks stock. The stock was sold at an average price of $102.03, for a total value of $1,334,042.25.

Arista Networks Stock Performance

Shares of ANET stock traded up $3.59 on Wednesday, reaching $122.21. 9,823,025 shares of the company's stock traded hands, compared to its average volume of 10,530,221. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.57. The business's 50 day moving average price is $99.74 and its two-hundred day moving average price is $94.84. The company has a market capitalization of $153.49 billion, a P/E ratio of 51.73, a price-to-earnings-growth ratio of 3.42 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same period last year, the business posted $0.50 EPS. The business's quarterly revenue was up 27.6% on a year-over-year basis. Research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.

Institutional Investors Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quarry LP lifted its position in shares of Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after buying an additional 206 shares during the last quarter. Dunhill Financial LLC boosted its position in Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after acquiring an additional 212 shares during the last quarter. McIlrath & Eck LLC bought a new stake in Arista Networks during the fourth quarter valued at $35,000. Aster Capital Management DIFC Ltd bought a new stake in Arista Networks during the fourth quarter valued at $37,000. Finally, REAP Financial Group LLC boosted its position in Arista Networks by 108.0% during the second quarter. REAP Financial Group LLC now owns 337 shares of the technology company's stock valued at $34,000 after acquiring an additional 175 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ANET has been the topic of several recent research reports. KeyCorp assumed coverage on Arista Networks in a research report on Thursday, June 26th. They issued an "overweight" rating and a $115.00 price objective on the stock. Evercore ISI lifted their price objective on Arista Networks from $105.00 to $110.00 and gave the company an "outperform" rating in a research report on Monday, June 23rd. BNP Paribas Exane downgraded Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective for the company. in a research report on Wednesday, June 11th. KGI Securities downgraded Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Finally, The Goldman Sachs Group cut their target price on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Six investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks currently has an average rating of "Moderate Buy" and an average price target of $111.40.

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.

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