Arista Networks (NYSE:ANET) Shares Gap Down on Insider Selling

Arista Networks, Inc. (NYSE:ANET - Get Free Report) gapped down before the market opened on Friday after an insider sold shares in the company. The stock had previously closed at $296.58, but opened at $280.27. Arista Networks shares last traded at $277.59, with a volume of 1,010,161 shares.

Specifically, Director Charles H. Giancarlo sold 2,000 shares of the company's stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $286.52, for a total value of $573,040.00. Following the transaction, the director now directly owns 60,946 shares in the company, valued at $17,462,247.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Charles H. Giancarlo sold 2,000 shares of the company's stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $286.52, for a total value of $573,040.00. Following the transaction, the director now directly owns 60,946 shares in the company, valued at $17,462,247.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Yvonne Wassenaar sold 186 shares of the company's stock in a transaction that occurred on Friday, January 19th. The stock was sold at an average price of $261.41, for a total transaction of $48,622.26. Following the completion of the transaction, the director now owns 2,678 shares in the company, valued at $700,055.98. The disclosure for this sale can be found here. Insiders have sold a total of 341,036 shares of company stock worth $97,012,921 over the last ninety days. Company insiders own 18.99% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ANET shares. Morgan Stanley increased their price objective on Arista Networks from $230.00 to $272.00 and gave the company an "overweight" rating in a research note on Tuesday, January 2nd. Evercore ISI reissued an "outperform" rating and set a $300.00 price objective on shares of Arista Networks in a research note on Wednesday, March 27th. Piper Sandler increased their price objective on Arista Networks from $254.00 to $268.00 and gave the company a "neutral" rating in a research note on Tuesday, February 13th. Melius Research raised Arista Networks from a "hold" rating to a "buy" rating and set a $300.00 price objective for the company in a research note on Monday, January 8th. Finally, KeyCorp increased their price objective on Arista Networks from $232.00 to $287.00 and gave the company an "overweight" rating in a research note on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $275.59.

Arista Networks Stock Down 8.5 %

The business has a fifty day simple moving average of $281.81 and a 200-day simple moving average of $241.33. The firm has a market cap of $84.86 billion, a P/E ratio of 41.74, a P/E/G ratio of 2.49 and a beta of 1.09.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.70 by $0.38. The business had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. Arista Networks had a return on equity of 31.44% and a net margin of 35.62%. The firm's quarterly revenue was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.25 earnings per share. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 6.63 EPS for the current fiscal year.

Hedge Funds Weigh In On Arista Networks

Institutional investors have recently added to or reduced their stakes in the company. NBC Securities Inc. increased its holdings in shares of Arista Networks by 21.5% during the first quarter. NBC Securities Inc. now owns 215 shares of the technology company's stock valued at $62,000 after acquiring an additional 38 shares in the last quarter. BOKF NA increased its holdings in shares of Arista Networks by 0.6% during the fourth quarter. BOKF NA now owns 6,900 shares of the technology company's stock valued at $1,625,000 after acquiring an additional 38 shares in the last quarter. Sandy Spring Bank increased its holdings in shares of Arista Networks by 33.6% during the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company's stock valued at $37,000 after acquiring an additional 39 shares in the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Arista Networks by 6.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 694 shares of the technology company's stock valued at $163,000 after acquiring an additional 39 shares in the last quarter. Finally, Harbour Investments Inc. increased its holdings in shares of Arista Networks by 31.0% during the fourth quarter. Harbour Investments Inc. now owns 165 shares of the technology company's stock valued at $39,000 after acquiring an additional 39 shares in the last quarter. Institutional investors own 82.47% of the company's stock.

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.