Marc Taxay Sells 624 Shares of Arista Networks, Inc. (NYSE:ANET) Stock

Arista Networks, Inc. (NYSE:ANET) SVP Marc Taxay sold 624 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $354.71, for a total value of $221,339.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Marc Taxay also recently made the following trade(s):

• On Monday, June 3rd, Marc Taxay sold 4,493 shares of Arista Networks stock. The shares were sold at an average price of $295.47, for a total value of $1,327,546.71.
• On Wednesday, May 1st, Marc Taxay sold 1,044 shares of Arista Networks stock. The shares were sold at an average price of $254.54, for a total value of $265,739.76.

Arista Networks Stock Up 2.4 %

Shares of ANET opened at $365.42 on Thursday. The business has a 50-day simple moving average of $307.75 and a two-hundred day simple moving average of $281.44. Arista Networks, Inc. has a 12-month low of $149.10 and a 12-month high of $365.42. The stock has a market cap of $114.51 billion, a PE ratio of 50.89, a PEG ratio of 3.15 and a beta of 1.11.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The firm had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. On average, equities research analysts expect that Arista Networks, Inc. will post 7.05 EPS for the current year.

Arista Networks announced that its board has approved a share repurchase plan on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Piper Sandler upped their target price on Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. upped their target price on Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Citigroup upped their target price on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Evercore ISI upped their target price on Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a research report on Monday, May 20th. Finally, Morgan Stanley upped their target price on Arista Networks from $300.00 to $325.00 and gave the company an “overweight” rating in a research report on Wednesday, June 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat, Arista Networks has a consensus rating of “Moderate Buy” and an average price target of $311.50.

Institutional Investors Weigh In On Arista Networks

A number of institutional investors have recently made changes to their positions in ANET. Benjamin Edwards Inc. bought a new stake in shares of Arista Networks during the 1st quarter valued at about $26,000. Financial Synergies Wealth Advisors Inc. boosted its position in shares of Arista Networks by 872.7% during the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after purchasing an additional 96 shares in the last quarter. Alaska Permanent Fund Corp bought a new stake in shares of Arista Networks during the 1st quarter valued at about $37,000. Riverview Trust Co bought a new stake in shares of Arista Networks during the 1st quarter valued at about $40,000. Finally, Koesten Hirschmann & Crabtree INC. bought a new stake in shares of Arista Networks during the 1st quarter valued at about $42,000. Institutional investors own 82.47% of the company’s stock.

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.