Jayshree Ullal Sells 104,707 Shares of Arista Networks, Inc. (NYSE:ANET) Stock

Arista Networks, Inc. (NYSE:ANET - Get Free Report) CEO Jayshree Ullal sold 104,707 shares of the stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $102.03, for a total value of $10,683,255.21. Following the sale, the chief executive officer directly owned 38,776 shares in the company, valued at approximately $3,956,315.28. This trade represents a 72.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

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

• 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 transaction of $1,334,042.25.

Arista Networks Trading Up 3.1%

Shares of ANET stock traded up $3.13 during trading on Monday, hitting $102.52. The company's stock had a trading volume of 12,513,204 shares, compared to its average volume of 9,087,120. The company has a market cap of $128.76 billion, a PE ratio of 43.39, a P/E/G ratio of 2.90 and a beta of 1.37. The business has a fifty day moving average of $89.99 and a 200-day moving average of $95.50. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. Arista Networks'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 EPS. As a group, research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

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

Institutional Trading of Arista Networks

Several institutional investors and hedge funds have recently made changes to their positions in the stock. DSG Capital Advisors LLC purchased a new position in Arista Networks in the 4th quarter worth approximately $5,984,000. Ibex Wealth Advisors boosted its holdings in Arista Networks by 14.4% in the first quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company's stock valued at $4,501,000 after acquiring an additional 7,329 shares in the last quarter. Unified Investment Management bought a new stake in shares of Arista Networks during the 4th quarter valued at about $630,000. Berkshire Capital Holdings Inc. grew its holdings in shares of Arista Networks by 257.6% during the 4th quarter. Berkshire Capital Holdings Inc. now owns 76,950 shares of the technology company's stock worth $8,505,000 after acquiring an additional 55,430 shares during the period. Finally, Bradyco Inc. bought a new position in Arista Networks in the fourth quarter worth $836,000. Hedge funds and other institutional investors own 82.47% of the company's stock.

Analysts Set New Price Targets

ANET has been the topic of several recent analyst reports. UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and raised their target price for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Piper Sandler restated a "neutral" rating and set a $89.00 target price (up from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Morgan Stanley raised their target price on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Redburn Atlantic began coverage on Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price target for the company. Finally, JPMorgan Chase & Co. reduced their price target on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research note 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 company's stock. According to data from MarketBeat, Arista Networks currently has an average rating of "Moderate Buy" and a consensus target price of $109.33.

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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