Arista Networks (NYSE:ANET – Get Free Report) announced its quarterly earnings results on Tuesday. The technology company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.72 by $0.38, Briefing.com reports. The company 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 37.64% and a return on equity of 31.12%. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.41 earnings per share. Arista Networks updated its Q3 2024 guidance to EPS.
Arista Networks Stock Performance
NYSE:ANET traded up $27.57 on Wednesday, hitting $338.99. The stock had a trading volume of 1,406,042 shares, compared to its average volume of 2,456,674. The stock has a market cap of $106.23 billion, a P/E ratio of 46.41, a price-to-earnings-growth ratio of 2.82 and a beta of 1.11. Arista Networks has a 1 year low of $150.72 and a 1 year high of $376.50. The firm’s fifty day simple moving average is $330.57 and its two-hundred day simple moving average is $296.56.
Insider Buying and Selling at Arista Networks
In other Arista Networks news, CEO Jayshree Ullal sold 25,000 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $317.00, for a total value of $7,925,000.00. Following the completion of the sale, the chief executive officer now owns 1,615,800 shares in the company, valued at approximately $512,208,600. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Jayshree Ullal sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $317.00, for a total transaction of $7,925,000.00. Following the completion of the sale, the chief executive officer now owns 1,615,800 shares in the company, valued at approximately $512,208,600. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kelly Bodnar Battles sold 356 shares of Arista Networks stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $274.91, for a total transaction of $97,867.96. Following the completion of the transaction, the director now owns 2,570 shares of the company’s stock, valued at $706,518.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 206,616 shares of company stock worth $68,045,190. Insiders own 3.54% of the company’s stock.
Analyst Ratings Changes
View Our Latest Report on Arista Networks
Arista Networks announced that its board has approved a stock buyback plan on Tuesday, May 7th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
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.
See Also
- Five stocks we like better than Arista Networks
- High Flyers: 3 Natural Gas Stocks for March 2022
- Joby Aviation Stock: The Case for Upside Just Got Stronger
- The How And Why of Investing in Oil Stocks
- Conviction Firms for Microsoft’s Double-Digit Stock Upside
- Dividend Capture Strategy: What You Need to Know
- 5 Aggressive Growth Stocks for Long-Term Investors
Receive News & Ratings for Arista Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arista Networks and related companies with MarketBeat.com's FREE daily email newsletter.