Arista Networks (NYSE:ANET) Stock Price Down 0.9% Following Insider Selling

Arista Networks, Inc. (NYSE:ANET - Get Free Report) traded down 0.9% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $311.67 and last traded at $316.55. 774,571 shares were traded during mid-day trading, a decline of 69% from the average session volume of 2,511,149 shares. The stock had previously closed at $319.39.

Specifically, CEO Jayshree Ullal sold 87,418 shares of the company's stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the completion of the transaction, the chief executive officer now owns 17,681 shares in the company, valued at $4,929,639.61. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, SVP Kenneth Duda sold 20,000 shares of the company's stock in a transaction on Monday, March 11th. The stock was sold at an average price of $269.15, for a total value of $5,383,000.00. Following the sale, the senior vice president now directly owns 3,244 shares of the company's stock, valued at $873,122.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jayshree Ullal sold 87,418 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $278.81, for a total value of $24,373,012.58. Following the completion of the transaction, the chief executive officer now owns 17,681 shares of the company's stock, valued at approximately $4,929,639.61. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 400,434 shares of company stock valued at $116,932,547. 3.54% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Evercore ISI lifted their price target on shares of Arista Networks from $320.00 to $340.00 and gave the company an "outperform" rating in a research report on Monday. JPMorgan Chase & Co. lifted their price objective on Arista Networks from $297.00 to $315.00 and gave the company an "overweight" rating in a research note on Thursday, April 11th. Jefferies Financial Group upgraded 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. The Goldman Sachs Group upped their price target on shares of Arista Networks from $313.00 to $356.00 and gave the stock a "buy" rating in a research note on Friday, March 22nd. Finally, Barclays lifted their target price on shares of Arista Networks from $311.00 to $320.00 and gave the stock an "overweight" rating in a report on Thursday, May 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $295.22.

Arista Networks Trading Down 0.8 %

The firm has a market cap of $99.33 billion, a PE ratio of 44.15, a PEG ratio of 2.89 and a beta of 1.13. The company's 50 day moving average price is $285.70 and its two-hundred day moving average price is $259.76.

Arista Networks declared that its board has authorized a share buyback program on Tuesday, May 7th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Institutional Trading of Arista Networks

A number of hedge funds and other institutional investors have recently modified their holdings of ANET. Benjamin Edwards Inc. bought a new stake in Arista Networks during the first quarter valued at about $26,000. Larson Financial Group LLC bought a new stake in Arista Networks during the 3rd quarter valued at approximately $28,000. First Command Advisory Services Inc. purchased a new position in Arista Networks in the 3rd quarter worth approximately $29,000. Financial Synergies Wealth Advisors Inc. boosted its stake in Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company's stock worth $31,000 after purchasing an additional 96 shares during the period. Finally, NBC Securities Inc. purchased a new stake in Arista Networks during the 3rd quarter valued at approximately $33,000. 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.