Arista Networks, Inc. (NYSE:ANET) Insider Sells $206,094.00 in Stock

Arista Networks, Inc. (NYSE:ANET) insider John F. Mccool sold 588 shares of Arista Networks stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $206,094.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Arista Networks Stock Performance

NYSE ANET opened at $317.44 on Thursday. The stock has a 50 day moving average price of $332.84 and a 200-day moving average price of $299.27. Arista Networks, Inc. has a one year low of $168.25 and a one year high of $376.50. The company has a market capitalization of $99.47 billion, a P/E ratio of 44.21, a P/E/G ratio of 2.70 and a beta of 1.11.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. The business had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.41 earnings per share. As a group, equities analysts predict that Arista Networks, Inc. will post 7.29 EPS for the current fiscal year.

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

Analyst Ratings Changes

ANET has been the subject of several research analyst reports. Wells Fargo & Company raised their target price on Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Jefferies Financial Group lifted their price objective on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Barclays increased their target price on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. UBS Group lifted their price target on shares of Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Finally, Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $353.38.

Institutional Investors Weigh In On Arista Networks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ANET. FCG Investment Co increased its holdings in Arista Networks by 2.3% during the 2nd quarter. FCG Investment Co now owns 1,271 shares of the technology company’s stock worth $445,000 after purchasing an additional 29 shares during the period. Old Port Advisors raised its holdings in shares of Arista Networks by 3.5% in the 1st quarter. Old Port Advisors now owns 955 shares of the technology company’s stock valued at $277,000 after purchasing an additional 32 shares in the last quarter. Fortitude Family Office LLC lifted its position in shares of Arista Networks by 33.3% in the 2nd quarter. Fortitude Family Office LLC now owns 132 shares of the technology company’s stock worth $46,000 after purchasing an additional 33 shares during the period. Resonant Capital Advisors LLC boosted its stake in shares of Arista Networks by 4.1% during the second quarter. Resonant Capital Advisors LLC now owns 870 shares of the technology company’s stock valued at $305,000 after purchasing an additional 34 shares in the last quarter. Finally, Modera Wealth Management LLC increased its holdings in Arista Networks by 2.1% during the second quarter. Modera Wealth Management LLC now owns 1,782 shares of the technology company’s stock valued at $625,000 after buying an additional 37 shares during the period. Institutional investors 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.