Insider Selling: Arista Networks, Inc. (NYSE:ANET) Director Sells 8,000 Shares of Stock

Arista Networks, Inc. (NYSE:ANET) Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total value of $892,080.00. Following the transaction, the director now directly owns 163,784 shares of the company’s stock, valued at approximately $18,263,553.84. This represents a 4.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Arista Networks Stock Up 3.2 %

Shares of ANET stock traded up $3.74 during trading hours on Monday, hitting $118.94. 10,094,572 shares of the company were exchanged, compared to its average volume of 6,611,462. Arista Networks, Inc. has a 1 year low of $58.75 and a 1 year high of $119.53. The firm has a fifty day moving average of $104.73 and a 200 day moving average of $94.95. The firm has a market cap of $149.84 billion, a PE ratio of 57.18, a PEG ratio of 3.21 and a beta of 1.08.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter last year, the business earned $0.41 EPS. Arista Networks’s revenue for the quarter was up 20.0% on a year-over-year basis. Analysts expect that Arista Networks, Inc. will post 1.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

ANET has been the subject of several research reports. Wells Fargo & Company lifted their price target on Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Citigroup increased their price target on shares of Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Barclays cut their price objective on Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a research report on Wednesday, December 4th. Finally, Piper Sandler reiterated a “neutral” rating and set a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $100.70.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ANET. Ameriprise Financial Inc. lifted its stake in shares of Arista Networks by 97.2% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after purchasing an additional 884,703 shares in the last quarter. International Assets Investment Management LLC lifted its position in Arista Networks by 39,841.1% during the third quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock valued at $3,358,850,000 after buying an additional 872,919 shares in the last quarter. 1832 Asset Management L.P. lifted its position in Arista Networks by 4,160.9% during the second quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock valued at $180,743,000 after buying an additional 503,597 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Arista Networks by 22.7% in the third quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock worth $1,021,228,000 after acquiring an additional 492,615 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Arista Networks by 3.8% in the 3rd quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock valued at $4,313,229,000 after acquiring an additional 411,109 shares during the period. Institutional investors and hedge funds 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.