Arista Networks, Inc. (NYSE:ANET) CEO Sells $8,675,000.00 in Stock

Arista Networks, Inc. (NYSE:ANET) CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $347.00, for a total value of $8,675,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,600,800 shares of the company’s stock, valued at $555,477,600. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

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

• On Monday, July 1st, Jayshree Ullal sold 25,000 shares of Arista Networks stock. The stock was sold at an average price of $357.00, for a total value of $8,925,000.00.
• On Tuesday, June 4th, Jayshree Ullal sold 832 shares of Arista Networks stock. The stock was sold at an average price of $293.14, for a total value of $243,892.48.
• On Wednesday, May 22nd, Jayshree Ullal sold 17,759 shares of Arista Networks stock. The stock was sold at an average price of $319.15, for a total value of $5,667,784.85.
• On Wednesday, May 15th, Jayshree Ullal sold 25,000 shares of Arista Networks stock. The stock was sold at an average price of $317.00, for a total value of $7,925,000.00.
• On Monday, May 13th, Jayshree Ullal sold 20,000 shares of Arista Networks stock. The stock was sold at an average price of $312.07, for a total value of $6,241,400.00.
• On Friday, May 10th, Jayshree Ullal sold 23,958 shares of Arista Networks stock. The stock was sold at an average price of $301.29, for a total value of $7,218,305.82.
• On Thursday, May 2nd, Jayshree Ullal sold 1,500 shares of Arista Networks stock. The stock was sold at an average price of $258.77, for a total value of $388,155.00.
• On Tuesday, April 9th, Jayshree Ullal sold 4,042 shares of Arista Networks stock. The stock was sold at an average price of $299.99, for a total value of $1,212,559.58.
• On Wednesday, April 3rd, Jayshree Ullal sold 24,000 shares of Arista Networks stock. The stock was sold at an average price of $291.12, for a total value of $6,986,880.00.

Arista Networks Stock Up 2.4 %

Shares of ANET opened at $365.42 on Thursday. The stock has a 50 day moving average price of $307.75 and a 200 day moving average price of $281.44. The company has a market capitalization of $114.51 billion, a price-to-earnings ratio of 50.89, a price-to-earnings-growth ratio of 3.09 and a beta of 1.11. Arista Networks, Inc. has a 52-week low of $149.10 and a 52-week high of $365.42.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. The firm had revenue of $1.57 billion during the quarter, compared to the consensus estimate of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. On average, equities analysts anticipate that Arista Networks, Inc. will post 7.05 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has authorized a share buyback plan on Tuesday, May 7th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the technology company to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Arista Networks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after buying an additional 1,596,040 shares during the last quarter. Capital World Investors lifted its stake in Arista Networks by 0.5% in the fourth quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock valued at $2,387,211,000 after buying an additional 55,312 shares during the last quarter. WCM Investment Management LLC lifted its stake in Arista Networks by 0.8% in the first quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock valued at $884,270,000 after buying an additional 25,196 shares during the last quarter. GQG Partners LLC purchased a new stake in Arista Networks in the first quarter valued at approximately $881,848,000. Finally, Norges Bank purchased a new stake in Arista Networks in the fourth quarter valued at approximately $586,051,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ANET shares. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research report on Friday, June 14th. Piper Sandler raised their target price on Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Rosenblatt Securities restated a “sell” rating and set a $210.00 target price on shares of Arista Networks in a report on Friday, April 12th. Bank of America raised their target price on Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Finally, Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and raised their target price for the company from $240.00 to $320.00 in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $311.50.

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.