Arista Networks (NYSE:ANET) Trading Down 7.5% After Insider Selling

Arista Networks, Inc. (NYSE:ANET) dropped 7.5% during trading on Monday following insider selling activity. The stock traded as low as $76.09 and last traded at $77.10. Approximately 5,139,480 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 8,694,235 shares. The stock had previously closed at $83.36.

Specifically, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $84.85, for a total transaction of $6,788,000.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares in the company, valued at $1,101,013.60. This trade represents a 86.04 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $89.03, for a total value of $712,240.00. Following the transaction, the director now owns 147,784 shares of the company’s stock, valued at $13,157,209.52. This represents a 5.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, SVP Marc Taxay sold 51,848 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $88.59, for a total value of $4,593,214.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

ANET has been the subject of a number of recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $145.00 price objective on shares of Arista Networks in a research note on Wednesday, February 19th. StockNews.com lowered Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, December 12th. Citigroup raised their price objective on Arista Networks from $115.00 to $121.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. UBS Group raised Arista Networks from a “neutral” rating to a “buy” rating and boosted their target price for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. Finally, Piper Sandler restated a “neutral” rating and issued a $108.00 price target (up from $106.00) on shares of Arista Networks in a research report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.00.

Arista Networks Stock Up 1.9 %

The firm has a 50 day moving average of $107.62 and a 200-day moving average of $102.03. The company has a market cap of $99.72 billion, a P/E ratio of 35.62, a PEG ratio of 3.10 and a beta of 1.08.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. On average, research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Arista Networks

Large investors have recently modified their holdings of the business. MidAtlantic Capital Management Inc. bought a new position in Arista Networks in the third quarter worth approximately $44,000. True Wealth Design LLC increased its holdings in shares of Arista Networks by 2,133.3% in the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock valued at $51,000 after acquiring an additional 128 shares during the period. Anchor Investment Management LLC raised its position in shares of Arista Networks by 35.0% in the 3rd quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock worth $52,000 after acquiring an additional 35 shares in the last quarter. Meeder Asset Management Inc. lifted its stake in shares of Arista Networks by 52.5% during the 3rd quarter. Meeder Asset Management Inc. now owns 183 shares of the technology company’s stock worth $70,000 after purchasing an additional 63 shares during the last quarter. Finally, Caitlin John LLC boosted its position in Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock valued at $26,000 after purchasing an additional 152 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

About Arista Networks

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.