Jayshree Ullal Sells 880,180 Shares of Arista Networks, Inc. (NYSE:ANET) Stock

Key Points

• CEO Jayshree Ullal sold 880,180 shares of Arista Networks at an average price of $124.79, totaling over $109 million, indicating a 12.90% decrease in her stake.
• Arista Networks reported a quarterly earnings per share of $0.65, exceeding estimates, with revenues of $2 billion, a year-over-year increase of 27.6%.
• The company has initiated a $1.50 billion share repurchase program, suggesting management believes the stock is undervalued.

Arista Networks, Inc. (NYSE:ANET - Get Free Report) CEO Jayshree Ullal sold 880,180 shares of Arista Networks stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $124.79, for a total transaction of $109,837,662.20. Following the completion of the transaction, the chief executive officer directly owned 5,944,405 shares of the company's stock, valued at $741,802,299.95. The trade was a 12.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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

• On Wednesday, July 30th, Jayshree Ullal sold 288,820 shares of Arista Networks stock. The shares were sold at an average price of $122.19, for a total transaction of $35,290,915.80.
• On Tuesday, July 29th, Jayshree Ullal sold 588,000 shares of Arista Networks stock. The stock was sold at an average price of $119.15, for a total transaction of $70,060,200.00.
• On Monday, July 28th, Jayshree Ullal sold 527,302 shares of Arista Networks stock. The shares were sold at an average price of $115.59, for a total transaction of $60,950,838.18.
• On Friday, July 25th, Jayshree Ullal sold 60,698 shares of Arista Networks stock. The stock was sold at an average price of $115.02, for a total transaction of $6,981,483.96.
• 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 transaction 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 transaction 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 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 transaction of $1,334,042.25.

Arista Networks Stock Performance

Arista Networks stock traded up $2.66 during mid-day trading on Monday, reaching $120.23. The stock had a trading volume of 9,503,632 shares, compared to its average volume of 8,831,898. The firm has a market capitalization of $151.00 billion, a PE ratio of 50.89, a price-to-earnings-growth ratio of 3.42 and a beta of 1.37. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.57. The stock's 50-day simple moving average is $101.48 and its 200-day simple moving average is $94.81.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business's revenue was up 27.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.50 earnings per share. On average, research 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 initiated a share repurchase program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On Arista Networks

Hedge funds and other institutional investors have recently modified their holdings of the company. Brighton Jones LLC raised its position in shares of Arista Networks by 321.7% in 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 in the last quarter. Revolve Wealth Partners LLC bought a new position in Arista Networks during the 4th quarter valued at approximately $202,000. Bank Pictet & Cie Europe AG increased its position in Arista Networks by 433.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock valued at $1,200,000 after buying an additional 8,822 shares in the last quarter. World Investment Advisors increased its position in Arista Networks by 555.0% during the 4th quarter. World Investment Advisors now owns 6,851 shares of the technology company's stock valued at $757,000 after buying an additional 5,805 shares in the last quarter. Finally, Pitcairn Co. increased its position in Arista Networks by 258.7% during the 4th quarter. Pitcairn Co. now owns 3,465 shares of the technology company's stock valued at $383,000 after buying an additional 2,499 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on ANET shares. Wolfe Research initiated coverage on shares of Arista Networks in a report on Tuesday, July 8th. They issued an "outperform" rating on the stock. Evercore ISI raised their price objective on shares of Arista Networks from $105.00 to $110.00 and gave the company an "outperform" rating in a research report on Monday, June 23rd. Rosenblatt Securities increased their price target on shares of Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 7th. Wedbush began coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set an "outperform" rating on the stock. Finally, Erste Group Bank raised shares of Arista Networks from a "hold" rating to a "buy" rating in a research report on Wednesday, July 23rd. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $114.00.

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.

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.