Arista Networks, Inc. (NYSE:ANET) Director Sells $70,543.82 in Stock

Arista Networks, Inc. (NYSE:ANET) Director Yvonne Wassenaar sold 223 shares of the stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total transaction of $70,543.82. Following the transaction, the director now directly owns 2,976 shares in the company, valued at approximately $941,427.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Arista Networks Price Performance

ANET opened at $306.55 on Friday. Arista Networks, Inc. has a 12 month low of $148.32 and a 12 month high of $329.04. The stock’s 50 day moving average price is $287.34 and its 200 day moving average price is $261.43. The stock has a market cap of $96.06 billion, a P/E ratio of 42.69, a P/E/G ratio of 2.73 and a beta of 1.13.

Arista Networks declared that its Board of Directors has approved a share repurchase plan on Tuesday, May 7th that allows the company to buyback $1.20 billion in outstanding shares. This buyback authorization allows the technology company to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Arista Networks

Hedge funds and other institutional investors have recently modified their holdings of the stock. GQG Partners LLC bought a new stake in shares of Arista Networks during the 1st quarter worth about $881,848,000. FMR LLC raised its holdings in Arista Networks by 32.2% during the third quarter. FMR LLC now owns 10,318,633 shares of the technology company’s stock worth $1,897,906,000 after purchasing an additional 2,515,864 shares in the last quarter. Norges Bank acquired a new stake in Arista Networks in the fourth quarter worth approximately $586,051,000. Swedbank AB bought a new position in Arista Networks during the 1st quarter valued at $521,767,000. Finally, Vanguard Group Inc. increased its position in shares of Arista Networks by 5.7% during the 4th quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock valued at $6,946,338,000 after purchasing an additional 1,596,040 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ANET. Barclays increased their target price on Arista Networks from $311.00 to $320.00 and gave the stock an “overweight” rating in a report on Thursday, May 9th. Wells Fargo & Company raised their price objective on Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Oppenheimer reiterated a “market perform” rating on shares of Arista Networks in a research note on Tuesday, February 13th. KeyCorp raised their price target on shares of Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Finally, Jefferies Financial Group raised shares of Arista Networks from a “hold” rating to a “buy” rating and boosted their price objective for the company from $240.00 to $320.00 in a research report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $295.22.

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.