Arista Networks (NYSE:ANET) Shares Down 1.7% on Insider Selling

Arista Networks, Inc. (NYSE:ANET) shares dropped 1.7% on Tuesday after an insider sold shares in the company. The company traded as low as $115.67 and last traded at $118.23. Approximately 1,832,974 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 8,593,952 shares. The stock had previously closed at $120.23.

Specifically, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $115.61, for a total value of $9,248,800.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at approximately $1,500,155.36. This trade represents a 86.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $112.02, for a total transaction of $896,160.00. Following the transaction, the director now owns 155,784 shares in the company, valued at $17,450,923.68. This represents a 4.88 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

ANET has been the topic of several research reports. Evercore ISI lifted their price objective on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Barclays dropped their price target on Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 4th. Rosenblatt Securities increased their price objective on Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a report on Friday, November 8th. Morgan Stanley boosted their target price on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. Finally, UBS Group upped their price target on Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $105.83.

Arista Networks Price Performance

The stock has a market capitalization of $138.08 billion, a P/E ratio of 52.70, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09. The business’s 50 day moving average price is $113.83 and its 200 day moving average price is $100.59.

Hedge Funds Weigh In On Arista Networks

A number of institutional investors and hedge funds have recently modified their holdings of the company. PAX Financial Group LLC boosted its holdings in shares of Arista Networks by 300.3% in the fourth quarter. PAX Financial Group LLC now owns 44,767 shares of the technology company’s stock worth $4,948,000 after buying an additional 33,584 shares during the last quarter. Thoroughbred Financial Services LLC raised its stake in Arista Networks by 297.5% during the 4th quarter. Thoroughbred Financial Services LLC now owns 16,220 shares of the technology company’s stock worth $1,792,000 after acquiring an additional 12,140 shares during the period. Annis Gardner Whiting Capital Advisors LLC lifted its holdings in Arista Networks by 297.2% during the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 1,291 shares of the technology company’s stock valued at $143,000 after purchasing an additional 966 shares in the last quarter. Atlas Capital Advisors Inc. increased its stake in shares of Arista Networks by 300.0% in the fourth quarter. Atlas Capital Advisors Inc. now owns 1,516 shares of the technology company’s stock worth $168,000 after purchasing an additional 1,137 shares in the last quarter. Finally, Pitcairn Co. raised its position in shares of Arista Networks by 258.7% during the 4th quarter. Pitcairn Co. now owns 3,465 shares of the technology company’s stock valued at $383,000 after purchasing an additional 2,499 shares during the period. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

About Arista Networks

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.