Arista Networks (NYSE:ANET) Stock Price Down 0.9% on Insider Selling

Arista Networks, Inc. (NYSE:ANET) traded down 0.9% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $113.45 and last traded at $114.28. 1,252,604 shares traded hands during trading, a decline of 77% from the average session volume of 5,547,499 shares. The stock had previously closed at $115.29.

Specifically, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $118.47, for a total value of $9,477,600.00. Following the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at $1,537,266.72. The trade was a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $111.51, for a total transaction of $892,080.00. Following the completion of the sale, the director now owns 163,784 shares in the company, valued at $18,263,553.84. The trade was a 4.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

ANET has been the subject of several recent research reports. The Goldman Sachs Group increased their price target on Arista Networks from $97.50 to $107.50 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Barclays decreased their target price on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, December 4th. Rosenblatt Securities upped their price target on shares of Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research report on Friday, November 8th. Evercore ISI boosted their price objective on shares of Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a research note on Tuesday, October 1st. Finally, Piper Sandler reiterated a “neutral” rating and set a $105.25 price target (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and a consensus target price of $102.42.

Arista Networks Price Performance

The stock has a 50-day moving average of $106.48 and a 200-day moving average of $95.91. The firm has a market cap of $144.19 billion, a price-to-earnings ratio of 55.03, a P/E/G ratio of 3.21 and a beta of 1.08.

Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The business had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the firm posted $0.41 earnings per share. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. On average, equities analysts expect that Arista Networks, Inc. will post 1.96 EPS for the current fiscal year.

Institutional Trading of Arista Networks

Several large investors have recently bought and sold shares of the business. State Street Corp raised its position in Arista Networks by 3.8% in the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock valued at $4,313,229,000 after purchasing an additional 411,109 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Arista Networks by 4.2% in the 3rd quarter. Geode Capital Management LLC now owns 5,871,481 shares of the technology company’s stock worth $2,246,705,000 after acquiring an additional 236,151 shares in the last quarter. Wellington Management Group LLP boosted its stake in Arista Networks by 22.7% during the third quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock worth $1,021,228,000 after acquiring an additional 492,615 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Arista Networks by 4.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,283,573 shares of the technology company’s stock worth $876,481,000 after buying an additional 99,790 shares during the period. Finally, Legal & General Group Plc raised its position in shares of Arista Networks by 0.9% during the second quarter. Legal & General Group Plc now owns 2,195,733 shares of the technology company’s stock worth $769,560,000 after purchasing an additional 20,278 shares during the period. 82.47% of the stock is 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.