Arista Networks, Inc. (NYSE:ANET) CEO Sells $8,925,000.00 in Stock

Arista Networks, Inc. (NYSE:ANET) CEO Jayshree Ullal sold 25,000 shares of Arista Networks stock in a transaction on Monday, July 1st. The stock was sold at an average price of $357.00, for a total value of $8,925,000.00. Following the sale, the chief executive officer now owns 1,595,800 shares in the company, valued at $569,700,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Jayshree Ullal also recently made the following trade(s):

• On Thursday, June 27th, Jayshree Ullal sold 25,000 shares of Arista Networks stock. The stock was sold at an average price of $347.00, for a total value of $8,675,000.00.
• On Tuesday, June 4th, Jayshree Ullal sold 832 shares of Arista Networks stock. The shares were sold at an average price of $293.14, for a total transaction of $243,892.48.
• On Wednesday, May 22nd, Jayshree Ullal sold 17,759 shares of Arista Networks stock. The shares were sold at an average price of $319.15, for a total transaction of $5,667,784.85.
• On Wednesday, May 15th, Jayshree Ullal sold 25,000 shares of Arista Networks stock. The stock was sold at an average price of $317.00, for a total transaction of $7,925,000.00.
• On Monday, May 13th, Jayshree Ullal sold 20,000 shares of Arista Networks stock. The shares were sold at an average price of $312.07, for a total value of $6,241,400.00.
• On Friday, May 10th, Jayshree Ullal sold 23,958 shares of Arista Networks stock. The shares were sold at an average price of $301.29, for a total value of $7,218,305.82.
• On Thursday, May 2nd, Jayshree Ullal sold 1,500 shares of Arista Networks stock. The stock was sold at an average price of $258.77, for a total value of $388,155.00.
• On Tuesday, April 9th, Jayshree Ullal sold 4,042 shares of Arista Networks stock. The shares were sold at an average price of $299.99, for a total value of $1,212,559.58.

Arista Networks Trading Up 2.4 %

Shares of NYSE:ANET opened at $365.42 on Friday. The stock has a 50 day moving average of $309.96 and a 200 day moving average of $282.02. The company has a market cap of $114.51 billion, a PE ratio of 50.89, a price-to-earnings-growth ratio of 3.15 and a beta of 1.11. Arista Networks, Inc. has a 12-month low of $149.10 and a 12-month high of $365.42.

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

Arista Networks declared that its Board of Directors has approved a share repurchase program on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Arista Networks

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Arista Networks by 5.7% in the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after buying an additional 1,596,040 shares in the last quarter. Capital World Investors boosted its stake in shares of Arista Networks by 0.5% during the 4th quarter. Capital World Investors now owns 10,136,348 shares of the technology company’s stock worth $2,387,211,000 after purchasing an additional 55,312 shares during the period. WCM Investment Management LLC boosted its stake in shares of Arista Networks by 0.8% during the 1st quarter. WCM Investment Management LLC now owns 3,049,416 shares of the technology company’s stock worth $884,270,000 after purchasing an additional 25,196 shares during the period. GQG Partners LLC purchased a new position in shares of Arista Networks during the 1st quarter worth about $881,848,000. Finally, Norges Bank purchased a new position in shares of Arista Networks during the 4th quarter worth about $586,051,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ANET shares. The Goldman Sachs Group lifted their target price on shares of Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and increased their target price for the stock from $240.00 to $320.00 in a research report on Friday, May 3rd. Citigroup lifted their price target on Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Erste Group Bank restated a “buy” rating on shares of Arista Networks in a research note on Friday, June 14th. Finally, Barclays increased their target price on Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday, May 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and an average price target of $311.50.

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.