John F. Mccool Sells 580 Shares of Arista Networks, Inc. (NYSE:ANET) Stock

Arista Networks, Inc. (NYSE:ANET) insider John F. Mccool sold 580 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 $205,731.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Arista Networks Price Performance

Shares of NYSE:ANET opened at $365.42 on Friday. The business’s 50-day moving average is $309.96 and its 200 day moving average is $282.02. Arista Networks, Inc. has a 1 year low of $149.10 and a 1 year high of $365.42. The firm 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.

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

Arista Networks declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 7th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the technology company to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on ANET shares. Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and boosted their price objective for the company from $240.00 to $320.00 in a report on Friday, May 3rd. Evercore ISI upped their target price on Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a report on Monday, May 20th. Citigroup upped their target price on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. KeyCorp upped their target price on Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. Finally, Wells Fargo & Company upped their target price on Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and an average target price of $311.50.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ANET. GQG Partners LLC acquired a new position in Arista Networks during the 1st quarter valued at about $881,848,000. Norges Bank acquired a new position in shares of Arista Networks in the fourth quarter valued at about $586,051,000. Swedbank AB acquired a new position in shares of Arista Networks in the first quarter valued at about $521,767,000. Vanguard Group Inc. increased its holdings in shares of Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. Finally, Schroder Investment Management Group increased its holdings in shares of Arista Networks by 439.3% in the third quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock valued at $231,624,000 after purchasing an additional 1,025,815 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.