Arista Networks (NYSE:ANET) Trading Down 0.4% Following Insider Selling

Shares of Arista Networks, Inc. (NYSE:ANET) traded down 0.4% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $105.48 and last traded at $106.85. 802,075 shares traded hands during trading, a decline of 91% from the average session volume of 8,814,710 shares. The stock had previously closed at $107.23.

Specifically, insider John F. Mccool sold 288 shares of the business’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $108.70, for a total value of $31,305.60. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $108.29, for a total value of $8,663,200.00. Following the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,405,171.04. This represents a 86.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of brokerages recently commented on ANET. Piper Sandler reissued a “neutral” rating and issued a $105.25 price target (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Rosenblatt Securities increased their target price on Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a research note on Friday, November 8th. The Goldman Sachs Group lifted their price target on shares of Arista Networks from $97.50 to $107.50 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Citigroup increased their price objective on shares of Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, October 8th. Finally, UBS Group raised their price objective on shares of Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and an average target price of $98.88.

Arista Networks Trading Up 5.2 %

The firm has a market capitalization of $141.58 billion, a price-to-earnings ratio of 53.23, a PEG ratio of 3.21 and a beta of 1.10. The business has a 50-day moving average price of $100.85 and a two-hundred day moving average price of $90.84.

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

Institutional Trading of Arista Networks

Hedge funds have recently bought and sold shares of the company. GW Henssler & Associates Ltd. increased its stake in shares of Arista Networks by 3.6% in the third quarter. GW Henssler & Associates Ltd. now owns 63,244 shares of the technology company’s stock valued at $24,274,000 after purchasing an additional 2,219 shares during the period. Deepwater Asset Management LLC bought a new position in Arista Networks in the 2nd quarter worth approximately $15,084,000. Sumitomo Life Insurance Co. increased its position in Arista Networks by 69.8% in the 3rd quarter. Sumitomo Life Insurance Co. now owns 9,028 shares of the technology company’s stock valued at $3,465,000 after acquiring an additional 3,711 shares during the period. Walkner Condon Financial Advisors LLC bought a new stake in Arista Networks during the 3rd quarter valued at $2,318,000. Finally, Greenleaf Trust boosted its position in Arista Networks by 20.1% during the 3rd quarter. Greenleaf Trust now owns 13,224 shares of the technology company’s stock worth $5,076,000 after acquiring an additional 2,216 shares during the period. 82.47% of the stock is currently owned by 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.