Jayshree Ullal Sells 60,698 Shares of Arista Networks, Inc. (NYSE:ANET) Stock

Key Points

• Jayshree Ullal, CEO of Arista Networks, sold 60,698 shares at $115.02 for a total of approximately $6.98 million, reducing her ownership stake by 0.96%.
• Arista Networks reported a 27.6% increase in revenue year-over-year, reaching $2 billion, with earnings per share of $0.65, which exceeded analysts' expectations.
• The company's board authorized a $1.50 billion share buyback plan, reflecting confidence in the stock's value amidst a market capitalization of $149.09 billion.

Arista Networks, Inc. (NYSE:ANET - Get Free Report) CEO Jayshree Ullal sold 60,698 shares of Arista Networks stock in a transaction dated Friday, July 25th. The stock was sold at an average price of $115.02, for a total value of $6,981,483.96. Following the completion of the transaction, the chief executive officer directly owned 6,259,611 shares of the company's stock, valued at approximately $719,980,457.22. This represents a 0.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

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

• On Monday, June 30th, Jayshree Ullal sold 748,444 shares of Arista Networks stock. The stock was 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 value of $9,573,927.24.
• On Friday, June 27th, Jayshree Ullal sold 1,793 shares of Arista Networks stock. The shares were sold at an average price of $101.99, for a total value 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 shares were sold at an average price of $102.03, for a total value of $10,683,255.21.
• On Thursday, June 26th, Jayshree Ullal sold 13,075 shares of Arista Networks stock. The shares were sold at an average price of $102.03, for a total value of $1,334,042.25.

Arista Networks Price Performance

ANET traded up $1.16 on Tuesday, reaching $118.71. 9,913,497 shares of the stock were exchanged, compared to its average volume of 7,578,333. The company's 50-day moving average price is $99.28 and its 200 day moving average price is $94.67. The firm has a market capitalization of $149.09 billion, a PE ratio of 50.25, a PEG ratio of 3.42 and a beta of 1.40. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.57.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS 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 firm 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 earnings per share. The company's revenue was up 27.6% compared to the same quarter last year. As a group, equities analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks declared that its board has authorized a share buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

Hedge Funds Weigh In On Arista Networks

Several institutional investors and hedge funds have recently modified their holdings of ANET. HighMark Wealth Management LLC boosted its position in Arista Networks by 179.7% in the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after purchasing an additional 230 shares in the last quarter. Quarry LP grew its position in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after buying an additional 206 shares during the period. Dunhill Financial LLC increased its holdings in Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after buying an additional 212 shares in the last quarter. Cloud Capital Management LLC purchased a new stake in shares of Arista Networks during the 1st quarter worth about $30,000. Finally, Saudi Central Bank acquired a new stake in shares of Arista Networks during the 1st quarter valued at about $33,000. Institutional investors and hedge funds own 82.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ANET. Piper Sandler reiterated a "neutral" rating and issued a $89.00 price target (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. The Goldman Sachs Group lowered their target price on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. BNP Paribas Exane cut shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price target on the stock. in a report on Wednesday, June 11th. Wolfe Research began coverage on shares of Arista Networks in a report on Tuesday, July 8th. They set an "outperform" rating for the company. Finally, Evercore ISI raised their target price on shares of Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a research report on Monday, June 23rd. Six investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $111.40.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.