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

Arista Networks, Inc. (NYSE:ANET) shares traded down 0.9% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $113.45 and last traded at $114.28. 1,252,604 shares changed hands during mid-day 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 company’s stock in a transaction that occurred on Monday, January 6th. The stock was 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 in the company, valued at $1,537,266.72. This represents a 86.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred 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 sale, the director now owns 163,784 shares of the company’s stock, valued at approximately $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.

Analyst Ratings Changes

ANET has been the topic of several recent research reports. Evercore ISI upped their price objective on Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. UBS Group increased their price target 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. Citigroup lifted their price objective on shares of Arista Networks from $96.25 to $115.00 and gave the company a “buy” rating in a report on Tuesday, October 8th. Barclays lowered their target price on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 4th. Finally, Piper Sandler restated a “neutral” rating and issued a $105.25 price target (up previously from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $102.42.

Arista Networks Price Performance

The company’s 50 day moving average price is $106.48 and its 200 day moving average price is $95.91. The firm has a market cap of $144.19 billion, a PE ratio of 55.03, a price-to-earnings-growth ratio of 3.21 and a beta of 1.08.

Arista Networks (NYSE:ANET) last released its earnings results on Thursday, November 7th. The technology company reported $0.60 EPS 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 during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period in the previous year, the firm posted $0.41 EPS. Arista Networks’s revenue for the quarter was up 20.0% on a year-over-year basis. Sell-side analysts expect that Arista Networks, Inc. will post 1.96 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Ameriprise Financial Inc. boosted its stake in Arista Networks by 97.2% in the second quarter. Ameriprise Financial Inc. now owns 1,794,586 shares of the technology company’s stock valued at $628,966,000 after acquiring an additional 884,703 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Arista Networks by 39,841.1% in the 3rd quarter. International Assets Investment Management LLC now owns 875,110 shares of the technology company’s stock valued at $3,358,850,000 after purchasing an additional 872,919 shares during the period. 1832 Asset Management L.P. grew its stake in Arista Networks by 4,160.9% during the 2nd quarter. 1832 Asset Management L.P. now owns 515,700 shares of the technology company’s stock worth $180,743,000 after buying an additional 503,597 shares during the last quarter. Wellington Management Group LLP grew its stake in Arista Networks by 22.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,660,695 shares of the technology company’s stock worth $1,021,228,000 after buying an additional 492,615 shares during the last quarter. Finally, State Street Corp increased its position in Arista Networks by 3.8% during the third quarter. State Street Corp now owns 11,237,635 shares of the technology company’s stock worth $4,313,229,000 after buying an additional 411,109 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

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.