Insider Selling: Arista Networks, Inc. (NYSE:ANET) Director Sells $69,988.32 in Stock

Arista Networks, Inc. (NYSE:ANET) Director Kelly Bodnar Battles sold 216 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $324.02, for a total value of $69,988.32. Following the transaction, the director now owns 2,726 shares in the company, valued at approximately $883,278.52. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Arista Networks Trading Up 0.4 %

ANET stock opened at $335.81 on Friday. The firm has a 50-day moving average price of $334.21 and a 200-day moving average price of $300.26. Arista Networks, Inc. has a 12 month low of $168.25 and a 12 month high of $376.50. The stock has a market capitalization of $105.23 billion, a P/E ratio of 46.77, a price-to-earnings-growth ratio of 2.70 and a beta of 1.11.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating the consensus estimate of $1.72 by $0.38. The business had revenue of $1.69 billion during the quarter, compared to the consensus estimate of $1.66 billion. Arista Networks had a net margin of 39.01% and a return on equity of 30.50%. The firm’s revenue was up 15.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.41 EPS. As a group, equities analysts predict that Arista Networks, Inc. will post 7.29 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has authorized a share repurchase program on Tuesday, May 7th that permits the company to buyback $1.20 billion in outstanding shares. This buyback authorization permits the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock buyback 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 bought and sold shares of ANET. Stratos Wealth Partners LTD. raised its holdings in Arista Networks by 10.7% in the 4th quarter. Stratos Wealth Partners LTD. now owns 2,222 shares of the technology company’s stock valued at $523,000 after buying an additional 214 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Arista Networks by 1.6% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 60,309 shares of the technology company’s stock worth $14,203,000 after purchasing an additional 948 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Arista Networks by 140.2% in the fourth quarter. Nisa Investment Advisors LLC now owns 35,896 shares of the technology company’s stock valued at $8,454,000 after purchasing an additional 20,951 shares during the period. Bleakley Financial Group LLC raised its position in Arista Networks by 4.6% during the 4th quarter. Bleakley Financial Group LLC now owns 4,445 shares of the technology company’s stock worth $1,047,000 after purchasing an additional 194 shares during the last quarter. Finally, Valley National Advisers Inc. lifted its holdings in Arista Networks by 491.3% during the 4th quarter. Valley National Advisers Inc. now owns 272 shares of the technology company’s stock worth $64,000 after buying an additional 226 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

Analysts Set New Price Targets

ANET has been the topic of a number of recent research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $375.00 price target on shares of Arista Networks in a research report on Wednesday, July 31st. Citigroup raised 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. Evercore ISI boosted their price target on Arista Networks from $340.00 to $400.00 and gave the company an “outperform” rating in a research note on Tuesday, July 16th. Rosenblatt Securities raised their price objective on Arista Networks from $220.00 to $265.00 and gave the stock a “sell” rating in a research note on Wednesday, July 31st. Finally, Barclays upped their target price on Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price 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.