Arista Networks (NYSE:ANET) Stock Price Down 3.3% After Insider Selling

Shares of Arista Networks, Inc. (NYSE:ANET) traded down 3.3% during trading on Monday after an insider sold shares in the company. The company traded as low as $88.82 and last traded at $89.97. 3,048,043 shares were traded during trading, a decline of 71% from the average session volume of 10,513,504 shares. The stock had previously closed at $93.05.

Specifically, insider John F. Mccool sold 17,433 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $96.57, for a total transaction of $1,683,504.81. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John F. Mccool sold 17,433 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $93.14, for a total transaction of $1,623,709.62. Following the sale, the insider now owns 17,433 shares in the company, valued at $1,623,709.62. This trade represents a 50.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Arista Networks news, CEO Jayshree Ullal sold 138,351 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the sale, the chief executive officer now directly owns 92,641 shares in the company, valued at approximately $8,697,137.08. This trade represents a 59.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Evercore ISI raised their target price on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, January 17th. Piper Sandler restated a “neutral” rating and set a $108.00 target price (up from $106.00) on shares of Arista Networks in a report on Wednesday, February 19th. StockNews.com downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. UBS Group lifted their price objective on shares of Arista Networks from $106.00 to $112.00 and gave the company a “neutral” rating in a report on Wednesday, February 19th. Finally, Morgan Stanley lifted their price objective 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $113.79.

Arista Networks Price Performance

The firm’s 50 day moving average is $110.66 and its two-hundred day moving average is $102.25. The firm has a market capitalization of $107.53 billion, a P/E ratio of 38.41, a PEG ratio of 3.10 and a beta of 1.09.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The business had revenue of $1.93 billion during the quarter, compared to analysts’ expectations of $1.90 billion. Analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Arista Networks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dogwood Wealth Management LLC bought a new position in Arista Networks during the fourth quarter worth $57,000. GHE LLC boosted its position in Arista Networks by 319.0% during the fourth quarter. GHE LLC now owns 28,368 shares of the technology company’s stock worth $3,136,000 after purchasing an additional 21,597 shares during the period. Cim LLC boosted its position in Arista Networks by 2,047.3% during the fourth quarter. Cim LLC now owns 118,445 shares of the technology company’s stock worth $13,092,000 after purchasing an additional 112,929 shares during the period. Park Square Financial Group LLC bought a new position in Arista Networks during the fourth quarter worth $444,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Arista Networks during the fourth quarter worth $94,237,000. 82.47% of the stock is owned by institutional investors.

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.