Arista Networks (NYSE:ANET) Trading Down 0.9% Following Insider Selling

Arista Networks, Inc. (NYSE:ANET)’s share price traded down 0.9% on Wednesday after an insider sold shares in the company. The stock traded as low as $113.45 and last traded at $114.28. 1,252,604 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 5,547,499 shares. The stock had previously closed at $115.29.

Specifically, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $118.47, for a total value of $9,477,600.00. Following the completion of the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,537,266.72. The trade was a 86.04 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $111.51, for a total transaction of $892,080.00. Following the transaction, the director now owns 163,784 shares in the company, valued at approximately $18,263,553.84. This trade represents a 4.66 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ANET shares. Piper Sandler reiterated a “neutral” rating and issued a $105.25 price objective (up from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Rosenblatt Securities increased their price target on Arista Networks from $66.25 to $80.00 and gave the company a “sell” rating in a report on Friday, November 8th. Barclays decreased their price target on shares of Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a report on Wednesday, December 4th. StockNews.com cut Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Finally, Evercore ISI lifted their price target on Arista Networks from $100.00 to $106.25 and gave the stock an “outperform” rating in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $102.42.

Arista Networks Price Performance

The firm has a 50 day simple moving average of $106.48 and a 200-day simple moving average of $95.91. The stock has a market capitalization of $144.19 billion, a price-to-earnings ratio of 55.03, a price-to-earnings-growth ratio of 3.21 and a beta of 1.08.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Thursday, November 7th. The technology company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.08. The firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.76 billion. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 earnings per share. On average, sell-side analysts forecast that Arista Networks, Inc. will post 1.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arista Networks

Several hedge funds have recently added to or reduced their stakes in the company. Anchor Investment Management LLC acquired a new position in shares of Arista Networks during the 2nd quarter worth about $35,000. MidAtlantic Capital Management Inc. bought a new position in shares of Arista Networks during the third quarter worth $44,000. ORG Partners LLC grew its holdings in shares of Arista Networks by 179.7% in the 4th quarter. ORG Partners LLC now owns 400 shares of the technology company’s stock valued at $44,000 after buying an additional 257 shares during the period. HM Payson & Co. increased its position in shares of Arista Networks by 28.2% in the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after buying an additional 29 shares in the last quarter. Finally, True Wealth Design LLC raised its stake in Arista Networks by 2,133.3% during the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock worth $51,000 after buying an additional 128 shares during the period. Institutional investors own 82.47% of the company’s stock.

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.