Arista Networks, Inc. (NYSE:ANET) Director Charles H. Giancarlo Sells 2,000 Shares

Arista Networks, Inc. (NYSE:ANET) Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $342.28, for a total transaction of $684,560.00. Following the sale, the director now directly owns 50,946 shares of the company’s stock, valued at approximately $17,437,796.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Arista Networks Stock Down 1.3 %

Shares of NYSE ANET traded down $4.16 during mid-day trading on Monday, reaching $315.18. 2,640,656 shares of the company were exchanged, compared to its average volume of 2,500,337. The company’s 50-day simple moving average is $332.16 and its 200-day simple moving average is $298.32. The stock has a market capitalization of $99.01 billion, a P/E ratio of 42.99, a P/E/G ratio of 2.70 and a beta of 1.11. Arista Networks, Inc. has a twelve month low of $168.25 and a twelve month high of $376.50.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The business had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period last year, the firm earned $1.41 earnings per share. Arista Networks’s revenue for the quarter was up 15.9% compared to the same quarter last year. As a group, equities research analysts expect that Arista Networks, Inc. will post 7.29 EPS for the current year.

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

Hedge Funds Weigh In On Arista Networks

Several hedge funds have recently bought and sold shares of ANET. GQG Partners LLC bought a new position in Arista Networks in the 1st quarter valued at about $881,848,000. Norges Bank bought a new position in Arista Networks in the 4th quarter valued at about $586,051,000. Swedbank AB bought a new position in Arista Networks in the 1st quarter valued at about $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 valued at $6,946,338,000 after buying an additional 1,596,040 shares during the period. 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 valued at $187,215,000 after buying an additional 471,099 shares during the period. 82.47% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Evercore ISI increased their price objective on shares of Arista Networks from $340.00 to $400.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 16th. Citigroup increased their target price on shares of Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Piper Sandler increased their target price on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a report on Monday, July 15th. UBS Group increased their target price on shares of Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Finally, KeyCorp increased their target price on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $353.38.

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.