Arista Networks, Inc. (NYSE:ANET) Insider sells $912,528.50 worth of stock

VaselineAugust 24, 2024

0 3 minutes read

Arista Networks, Inc. (NYSE:ANET – Get Your Free Report) John F. Mccool sold 2,575 shares of Arista Networks stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $354.38, for a total transaction of $912,528.50. Following the transaction, the insider now directly owns 72 shares in the company, valued at $25,515.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible via this link.

Arista Networks Stock Performance

Shares of Arista Networks opened at $355.13 on Friday. The company has a 50 day simple moving average of $343.38 and a two hundred day simple moving average of $305.90. Arista Networks, Inc. it has a 52-week low of $168.25 and a 52-week high of $376.50. The stock has a market cap of $111.28 billion, a PE ratio of 49.46, a price-to-earnings-growth ratio of 2.70 and a beta of 1.11.

Arista Networks (NYSE:ANET – Get Your Free Report ) last posted its earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $1.72 by $0.38. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.66 billion. In the same quarter last year, the company earned $1.41 EPS. The company’s quarterly revenue was up 15.9% compared to the same quarter last year. As a group, equities research analysts forecast that Arista Networks, Inc. will post 7.29 EPS for the current fiscal year.

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

Analysts on Wall Street are forecasting an increase

Several equities analysts recently issued reports on the company. Barclays upped their target price on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. KeyCorp upped their target price on shares of Arista Networks from $349.00 to $432.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Erste Group Bank reissued a “buy” rating on shares of Arista Networks in a report on Friday, June 14th. Citigroup boosted their price objective on shares of Arista Networks from $330.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Finally, Morgan Stanley boosted their price target on Arista Networks from $325.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, July 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have given a buy rating to the company’s stock. Arista Networks has a consensus rating of “Moderate Buy” and a consensus price target of $353.38, according to MarketBeat .

Get the latest analysis on Arista Networks

Arista Networks Institutional Trading

Institutional investors have recently made changes to their positions in the stock. Benjamin Edwards Inc. acquired a new stake in Arista Networks in the 1st quarter valued at approximately $26,000. Beacon Capital Management LLC grew its position in Arista Networks by 500.0% in the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after acquiring an additional 65 shares in the last quarter. LGT Financial Advisors LLC purchased a new position in Arista Networks in the second quarter valued at about $27,000. Financial Synergies Wealth Advisors Inc. grew its stake in Arista Networks by 872.7% in the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after buying an additional 96 shares during the period. Finally, Byrne Asset Management LLC bought a new position in shares of Arista Networks in the second quarter valued at approximately $33,000. Hedge funds and other institutional investors own 82.47% of the company’s shares.

About Arista Networks

(Get a free report)

Arista Networks, Inc is engaged 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, Middle East, Africa and Asia-Pacific. Its cloud networking solutions consist of the Extensible Operating System (EOS), a stateful publish-subscribe network operating system delivered in combination with a set of network applications.