Arista Networks (NYSE:ANET) Trading Down 8.2% After Insider Selling

Arista Networks, Inc. (NYSE:ANET)’s share price traded down 8.2% on Friday after an insider sold shares in the company. The company traded as low as $62.42 and last traded at $65.46. 6,789,404 shares changed hands during trading, a decline of 24% from the average session volume of 8,917,349 shares. The stock had previously closed at $71.27.

Specifically, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the transaction, the director now directly owns 139,784 shares in the company, valued at $10,840,249.20. This trade represents a 5.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Evercore ISI increased their target price on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Morgan Stanley increased their price objective on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 17th. Rosenblatt Securities restated a “sell” rating and issued a $80.00 target price on shares of Arista Networks in a report on Tuesday, February 18th. The Goldman Sachs Group reiterated a “buy” rating on shares of Arista Networks in a report on Monday, March 3rd. Finally, Citigroup boosted 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $114.00.

Arista Networks Trading Down 8.0 %

The stock has a fifty day moving average of $95.30 and a two-hundred day moving average of $101.39. The company has a market capitalization of $82.73 billion, a PE ratio of 29.62, a PEG ratio of 3.10 and a beta of 1.30.

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

Hedge Funds Weigh In On Arista Networks

A number of institutional investors have recently added to or reduced their stakes in the company. Anchor Investment Management LLC increased its stake 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. LRI Investments LLC grew its holdings in Arista Networks by 3.1% in the third quarter. LRI Investments LLC now owns 1,368 shares of the technology company’s stock worth $528,000 after purchasing an additional 41 shares during the period. Rehmann Capital Advisory Group increased its stake in shares of Arista Networks by 3.8% during the third quarter. Rehmann Capital Advisory Group now owns 1,177 shares of the technology company’s stock valued at $453,000 after purchasing an additional 43 shares in the last quarter. Old North State Trust LLC lifted its holdings in shares of Arista Networks by 6.9% during the third quarter. Old North State Trust LLC now owns 1,371 shares of the technology company’s stock valued at $526,000 after purchasing an additional 89 shares during the last quarter. Finally, Orion Portfolio Solutions LLC boosted its position in shares of Arista Networks by 0.8% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 12,723 shares of the technology company’s stock worth $4,883,000 after purchasing an additional 97 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.