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 business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $347.00, for a total transaction 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 approximately $555,477,600. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

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 transaction 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 transaction 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 transaction 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 transaction 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 transaction 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 transaction 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 transaction of $388,155.00.
• On Tuesday, April 9th, Jayshree Ullal sold 4,042 shares of Arista Networks stock. The shares were sold at an average price of $299.99, for a total transaction of $1,212,559.58.
• On Wednesday, April 3rd, Jayshree Ullal sold 24,000 shares of Arista Networks stock. The shares were sold at an average price of $291.12, for a total transaction of $6,986,880.00.

Arista Networks Stock Up 2.4 %

ANET opened at $365.42 on Thursday. The stock has a market cap of $114.51 billion, a price-to-earnings ratio of 50.89, a PEG ratio of 3.09 and a beta of 1.11. Arista Networks, Inc. has a twelve month low of $149.10 and a twelve month high of $365.42. The company’s 50-day moving average price is $307.75 and its two-hundred day moving average price is $281.44.

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

Arista Networks announced that its board has authorized a share buyback program on Tuesday, May 7th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the technology company to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

ANET has been the subject of several research reports. Piper Sandler increased their price objective on shares of Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a research note on Wednesday, May 8th. Citigroup increased their price objective on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $320.00 price target on shares of Arista Networks in a research note on Wednesday, May 8th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $311.50.

Institutional Trading of Arista Networks

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Beese Fulmer Investment Management Inc. bought a new stake in Arista Networks during the 2nd quarter worth approximately $11,599,000. M&R Capital Management Inc. increased its holdings in shares of Arista Networks by 11.8% in the 2nd quarter. M&R Capital Management Inc. now owns 4,418 shares of the technology company’s stock worth $1,548,000 after buying an additional 468 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its holdings in shares of Arista Networks by 24.8% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 654 shares of the technology company’s stock worth $229,000 after buying an additional 130 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of Arista Networks by 39.3% in the 2nd quarter. GAMMA Investing LLC now owns 3,264 shares of the technology company’s stock worth $1,144,000 after buying an additional 921 shares during the last quarter. Finally, Capital Market Strategies LLC increased its holdings in shares of Arista Networks by 34.2% in the 2nd quarter. Capital Market Strategies LLC now owns 1,231 shares of the technology company’s stock worth $431,000 after buying an additional 314 shares during the last quarter. Institutional investors own 82.47% of the company’s stock.

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.