Arista Networks, Inc. (NYSE:ANET) SVP Sells $220,114.00 in Stock

Arista Networks, Inc. (NYSE:ANET) SVP Marc Taxay sold 628 shares of Arista Networks stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $350.50, for a total transaction of $220,114.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Marc Taxay also recently made the following trade(s):

• On Monday, July 1st, Marc Taxay sold 624 shares of Arista Networks stock. The stock was sold at an average price of $354.71, for a total transaction of $221,339.04.
• On Monday, June 3rd, Marc Taxay sold 4,493 shares of Arista Networks stock. The stock was sold at an average price of $295.47, for a total transaction of $1,327,546.71.

Arista Networks Price Performance

ANET opened at $317.44 on Thursday. The firm has a fifty day moving average price of $332.84 and a 200 day moving average price of $299.27. Arista Networks, Inc. has a 1 year low of $168.25 and a 1 year high of $376.50. The stock has a market cap 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 posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The firm had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the previous year, the business posted $1.41 EPS. The business’s revenue was up 15.9% compared to the same quarter last year. Equities analysts expect that Arista Networks, Inc. will post 7.29 EPS for the current year.

Arista Networks declared that its board has initiated a stock repurchase plan on Tuesday, May 7th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently commented on ANET shares. Citigroup lifted their target price on shares of Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. JPMorgan Chase & Co. lifted their target price on shares of Arista Networks from $335.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. Needham & Company LLC reiterated a “buy” rating and issued a $375.00 target price on shares of Arista Networks in a research note on Wednesday, July 31st. KeyCorp lifted their target price on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Finally, Jefferies Financial Group lifted their target price on shares of Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $353.38.

Hedge Funds Weigh In On Arista Networks

Several large investors have recently made changes to their positions in ANET. GQG Partners LLC purchased a new stake in Arista Networks in the 1st quarter worth $881,848,000. Norges Bank purchased a new stake in Arista Networks in the 4th quarter worth $586,051,000. Swedbank AB purchased a new stake in Arista Networks in the 1st quarter worth $521,767,000. Vanguard Group Inc. increased its holdings in Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after acquiring an additional 1,596,040 shares in the last quarter. Finally, TD Asset Management Inc increased its holdings in Arista Networks by 145.5% in the 4th quarter. TD Asset Management Inc now owns 794,935 shares of the technology company’s stock worth $187,215,000 after acquiring an additional 471,099 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.