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

Arista Networks, Inc. (NYSE:ANET) Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $352.93, for a total value of $705,860.00. Following the transaction, the director now owns 52,946 shares in the company, valued at $18,686,231.78. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Arista Networks Stock Up 2.4 %

Shares of Arista Networks stock opened at $365.42 on Friday. Arista Networks, Inc. has a 52-week low of $149.10 and a 52-week high of $365.42. The company has a market capitalization of $114.51 billion, a P/E ratio of 50.89, a P/E/G ratio of 3.15 and a beta of 1.11. The company has a 50 day moving average of $309.96 and a 200 day moving average of $282.02.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.24. The business had revenue of $1.57 billion during 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%. As a group, research analysts anticipate that Arista Networks, Inc. will post 7.05 earnings per share for the current fiscal year.

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

Analyst Upgrades and Downgrades

ANET has been the subject of several analyst reports. Morgan Stanley upped their target price on Arista Networks from $300.00 to $325.00 and gave the company an “overweight” rating in a report on Wednesday, June 12th. Piper Sandler lifted their target price on shares of Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Rosenblatt Securities restated a “sell” rating and set a $210.00 price target on shares of Arista Networks in a report on Friday, April 12th. Needham & Company LLC reiterated a “buy” rating and issued a $320.00 price objective on shares of Arista Networks in a research report on Wednesday, May 8th. Finally, UBS Group raised their target price on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $311.50.

Institutional Investors Weigh In On Arista Networks

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

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.