Arista Networks, Inc. (NYSE:ANET) SVP Sells $556,483.60 in Stock

Arista Networks, Inc. (NYSE:ANET) SVP Kenneth Duda sold 1,592 shares of Arista Networks stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $349.55, for a total transaction of $556,483.60. Following the completion of the transaction, the senior vice president now directly owns 186,600 shares in the company, valued at approximately $65,226,030. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Kenneth Duda also recently made the following trade(s):

• On Monday, July 8th, Kenneth Duda sold 20,000 shares of Arista Networks stock. The shares were sold at an average price of $370.70, for a total value of $7,414,000.00.
• On Thursday, June 13th, Kenneth Duda sold 20,000 shares of Arista Networks stock. The stock was sold at an average price of $325.88, for a total value of $6,517,600.00.

Arista Networks Trading Up 2.0 %

Arista Networks stock opened at $353.38 on Friday. Arista Networks, Inc. has a 1-year low of $168.25 and a 1-year high of $376.50. The firm’s fifty day simple moving average is $343.73 and its 200-day simple moving average is $307.90. The company has a market capitalization of $110.74 billion, a P/E ratio of 49.22, a P/E/G ratio of 2.70 and a beta of 1.11.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.38. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business’s revenue was up 15.9% compared to the same quarter last year. During the same period last year, the company earned $1.41 earnings per share. On average, equities research analysts predict that Arista Networks, Inc. will post 7.29 earnings per share for the current year.

Arista Networks announced that its Board of Directors has initiated a share repurchase program on Tuesday, May 7th that authorizes the company to buyback $1.20 billion in shares. This buyback authorization authorizes the technology company to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Arista Networks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ANET. Beacon Capital Management LLC boosted its holdings in shares of Arista Networks by 500.0% during the 2nd quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock worth $27,000 after buying an additional 65 shares during the period. LGT Financial Advisors LLC bought a new stake in Arista Networks during the second quarter valued at about $27,000. Benjamin Edwards Inc. acquired a new stake in shares of Arista Networks in the first quarter valued at about $26,000. Byrne Asset Management LLC bought a new position in shares of Arista Networks in the second quarter worth about $33,000. Finally, Sugarloaf Wealth Management LLC acquired a new position in shares of Arista Networks during the 2nd quarter worth about $35,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

ANET has been the topic of a number of analyst reports. Jefferies Financial Group lifted their price target on Arista Networks from $340.00 to $380.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Barclays boosted their price target on shares of Arista Networks from $320.00 to $341.00 and gave the company an “overweight” rating in a report on Wednesday, July 31st. UBS Group raised their price objective on shares of Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Evercore ISI boosted their target price on shares of Arista Networks from $340.00 to $400.00 and gave the company an “outperform” rating in a research note on Tuesday, July 16th. Finally, Piper Sandler raised their target price on Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, Arista Networks has a consensus rating of “Moderate Buy” and a consensus 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.