Insider Selling: Arista Networks, Inc. (NYSE:ANET) SVP Sells 30,000 Shares of Stock

Arista Networks, Inc. (NYSE:ANET - Get Free Report) SVP Kenneth Duda sold 30,000 shares of the stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total value of $2,766,900.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,196,776.48. The trade was a 69.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Kenneth Duda also recently made the following trade(s):

• On Tuesday, June 17th, Kenneth Duda sold 26,000 shares of Arista Networks stock. The stock was sold at an average price of $92.23, for a total value of $2,397,980.00.
• On Tuesday, May 6th, Kenneth Duda sold 80,000 shares of Arista Networks stock. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00.
• On Monday, April 7th, Kenneth Duda sold 30 shares of Arista Networks stock. The stock was sold at an average price of $70.40, for a total value of $2,112.00.

Arista Networks Trading Down 4.5%

NYSE ANET traded down $4.06 during trading hours on Friday, hitting $86.18. The company's stock had a trading volume of 18,543,923 shares, compared to its average volume of 9,041,438. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The company has a market capitalization of $108.23 billion, a PE ratio of 36.48, a price-to-earnings-growth ratio of 2.65 and a beta of 1.37. The company's 50-day simple moving average is $87.24 and its two-hundred day simple moving average is $96.11.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating 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 business had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same quarter last year, the firm earned $0.50 EPS. The firm's revenue for the quarter was up 27.6% compared to the same quarter last year. Research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of recent analyst reports. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and increased their price target for the stock from $112.00 to $115.00 in a report on Wednesday, March 5th. Erste Group Bank downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. BNP Paribas Exane downgraded Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price target for the company. in a report on Wednesday, June 11th. Finally, BNP Paribas downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 11th. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $107.38.

Hedge Funds Weigh In On Arista Networks

Large investors have recently added to or reduced their stakes in the business. Brighton Jones LLC increased its position in shares of Arista Networks by 321.7% during the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock valued at $863,000 after acquiring an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in Arista Networks during the fourth quarter worth $202,000. Bank Pictet & Cie Europe AG lifted its holdings in Arista Networks by 433.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock worth $1,200,000 after acquiring an additional 8,822 shares during the period. Allworth Financial LP lifted its holdings in Arista Networks by 338.4% during the fourth quarter. Allworth Financial LP now owns 10,281 shares of the technology company's stock worth $1,136,000 after acquiring an additional 7,936 shares during the period. Finally, D.A. Davidson & CO. lifted its holdings in Arista Networks by 285.5% during the fourth quarter. D.A. Davidson & CO. now owns 19,882 shares of the technology company's stock worth $2,198,000 after acquiring an additional 14,724 shares during the period. Institutional investors own 82.47% of the company's stock.

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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