Arista Networks (NYSE:ANET) Shares Gap Down to $316.50

Arista Networks, Inc. (NYSE:ANET - Get Free Report) shares gapped down before the market opened on Thursday . The stock had previously closed at $316.50, but opened at $305.36. Arista Networks shares last traded at $297.75, with a volume of 1,278,399 shares trading hands.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Evercore ISI raised their price target on shares of Arista Networks from $320.00 to $340.00 and gave the company an "outperform" rating in a report on Monday. Jefferies Financial Group raised shares of Arista Networks from a "hold" rating to a "buy" rating and raised their price target for the company from $240.00 to $320.00 in a report on Friday, May 3rd. Piper Sandler raised their price target on shares of Arista Networks from $268.00 to $302.00 and gave the company a "neutral" rating in a report on Wednesday, May 8th. KeyCorp raised their price target on shares of Arista Networks from $306.00 to $349.00 and gave the company an "overweight" rating in a report on Wednesday, May 8th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $320.00 price target on shares of Arista Networks in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $295.22.

Arista Networks Stock Down 4.8 %

The firm's fifty day moving average price is $286.42 and its 200 day moving average price is $260.16. The stock has a market cap of $94.45 billion, a PE ratio of 41.95, a P/E/G ratio of 2.87 and a beta of 1.13.

Arista Networks declared that its board has approved a stock repurchase program on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Insider Transactions at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 14,416 shares of the business's stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $326.03, for a total transaction of $4,700,048.48. Following the transaction, the senior vice president now owns 252,382 shares in the company, valued at $82,284,103.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Arista Networks news, SVP Kenneth Duda sold 14,416 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $326.03, for a total transaction of $4,700,048.48. Following the transaction, the senior vice president now directly owns 252,382 shares in the company, valued at approximately $82,284,103.46. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Marc Taxay sold 11,650 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $286.28, for a total transaction of $3,335,162.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 394,836 shares of company stock valued at $115,437,764. 3.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Arista Networks

Several hedge funds have recently modified their holdings of ANET. Vanguard Group Inc. raised its position in shares of Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company's stock valued at $6,946,338,000 after purchasing an additional 1,596,040 shares during the last quarter. FMR LLC raised its position in shares of Arista Networks by 32.2% in the 3rd quarter. FMR LLC now owns 10,318,633 shares of the technology company's stock valued at $1,897,906,000 after purchasing an additional 2,515,864 shares during the last quarter. Capital World Investors raised its position in shares of Arista Networks by 0.5% in the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company's stock valued at $2,387,211,000 after purchasing an additional 55,312 shares during the last quarter. WCM Investment Management LLC raised its position in shares of Arista Networks by 0.8% in the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company's stock valued at $884,270,000 after purchasing an additional 25,196 shares during the last quarter. Finally, GQG Partners LLC purchased a new position in shares of Arista Networks in the 1st quarter valued at approximately $881,848,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

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.