Arista Networks (NYSE:ANET) Stock Price Down 5.1% on Insider Selling

Arista Networks Inc (NYSE:ANET)’s share price traded down 5.1% during mid-day trading on Thursday after an insider sold shares in the company. The stock traded as low as $212.50 and last traded at $216.82. 981,451 shares changed hands during mid-day trading, an increase of 22% from the average session volume of 807,159 shares. The stock had previously closed at $228.52.

Specifically, COO Anshul Sadana sold 15,558 shares of Arista Networks stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $240.25, for a total value of $3,737,809.50. Following the completion of the transaction, the chief operating officer now owns 4,172 shares in the company, valued at $1,002,323. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kenneth Duda sold 10,000 shares of Arista Networks stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $232.51, for a total transaction of $2,325,100.00. Following the completion of the transaction, the senior vice president now owns 16,302 shares of the company’s stock, valued at approximately $3,790,378.02. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 74,739 shares of company stock valued at $17,422,277. Company insiders own 23.77% of the company’s stock.

A number of research analysts recently weighed in on ANET shares. Oppenheimer restated a “hold” rating on shares of Arista Networks in a report on Wednesday, August 5th. Wolfe Research began coverage on shares of Arista Networks in a report on Friday, July 24th. They issued a “market perform” rating for the company. Morgan Stanley lifted their price target on shares of Arista Networks from $215.00 to $230.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 5th. Citigroup lifted their price target on shares of Arista Networks from $245.00 to $290.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Rosenblatt Securities lifted their price target on shares of Arista Networks from $235.00 to $240.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 5th. Twenty equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $218.12.

The firm’s 50-day moving average is $229.27 and its 200 day moving average is $214.35. The stock has a market cap of $16.48 billion, a PE ratio of 22.46, a P/E/G ratio of 3.18 and a beta of 1.05.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, August 4th. The technology company reported $2.11 EPS for the quarter, beating the consensus estimate of $1.95 by $0.16. Arista Networks had a net margin of 34.67% and a return on equity of 22.29%. The firm had revenue of $540.60 million during the quarter, compared to the consensus estimate of $530.56 million. During the same quarter in the prior year, the firm earned $2.44 EPS. Arista Networks’s revenue for the quarter was down 11.1% on a year-over-year basis. Equities research analysts anticipate that Arista Networks Inc will post 7.47 EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Arista Networks by 0.6% in the 1st quarter. BlackRock Inc. now owns 3,984,397 shares of the technology company’s stock valued at $807,039,000 after buying an additional 22,299 shares during the period. State Street Corp increased its stake in Arista Networks by 3.3% in the 1st quarter. State Street Corp now owns 2,241,440 shares of the technology company’s stock valued at $454,004,000 after buying an additional 71,892 shares during the period. Capital World Investors increased its stake in Arista Networks by 207.8% in the 1st quarter. Capital World Investors now owns 2,020,071 shares of the technology company’s stock valued at $409,165,000 after buying an additional 1,363,694 shares during the period. First Trust Advisors LP increased its stake in Arista Networks by 58.6% in the 2nd quarter. First Trust Advisors LP now owns 1,459,250 shares of the technology company’s stock valued at $306,486,000 after buying an additional 539,240 shares during the period. Finally, Geode Capital Management LLC increased its stake in Arista Networks by 2.0% in the 1st quarter. Geode Capital Management LLC now owns 988,530 shares of the technology company’s stock valued at $199,900,000 after buying an additional 19,320 shares during the period. Hedge funds and other institutional investors own 62.49% of the company’s stock.

Arista Networks Company Profile (NYSE:ANET)

Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.

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