Arista Networks (NYSE:ANET) Stock Price Down 2.1% After Insider Selling

Arista Networks, Inc. (NYSE:ANET) was down 2.1% on Thursday following insider selling activity. The company traded as low as $91.75 and last traded at $94.38. Approximately 3,385,007 shares changed hands during trading, a decline of 68% from the average daily volume of 10,452,272 shares. The stock had previously closed at $96.38.

Specifically, insider John F. Mccool sold 17,433 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $93.14, for a total transaction of $1,623,709.62. Following the sale, the insider now owns 17,433 shares of the company’s stock, valued at approximately $1,623,709.62. This trade represents a 50.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jayshree Ullal sold 138,351 shares of the firm’s stock in a transaction on Monday, February 24th. The stock was sold at an average price of $93.88, for a total value of $12,988,391.88. Following the sale, the chief executive officer now directly owns 92,641 shares in the company, valued at $8,697,137.08. The trade was a 59.89 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

ANET has been the topic of several research analyst reports. Rosenblatt Securities reaffirmed a “sell” rating and set a $80.00 price objective on shares of Arista Networks in a research note on Tuesday, February 18th. Barclays raised their price objective on Arista Networks from $125.00 to $126.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Evercore ISI raised their price objective on Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. The Goldman Sachs Group raised their price objective on Arista Networks from $135.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Finally, Piper Sandler reissued a “neutral” rating and issued a $108.00 price target (up previously from $106.00) on shares of Arista Networks in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $113.79.

Arista Networks Price Performance

The business has a 50-day moving average of $111.80 and a 200-day moving average of $102.08. The firm has a market cap of $117.41 billion, a price-to-earnings ratio of 41.94, a P/E/G ratio of 3.10 and a beta of 1.09.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, February 18th. The technology company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $1.90 billion. As a group, equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Arista Networks

Hedge funds and other institutional investors have recently bought and sold shares of the business. Caitlin John LLC grew its holdings in Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company’s stock worth $26,000 after purchasing an additional 152 shares during the period. Capital Advisors Ltd. LLC grew its holdings in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company’s stock worth $27,000 after purchasing an additional 191 shares during the period. Cranbrook Wealth Management LLC grew its holdings in Arista Networks by 300.0% during the fourth quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares during the period. Trust Co. of Vermont grew its holdings in Arista Networks by 300.0% during the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company’s stock worth $29,000 after purchasing an additional 198 shares during the period. Finally, New Millennium Group LLC boosted its holdings in shares of Arista Networks by 300.0% during the fourth quarter. New Millennium Group LLC now owns 260 shares of the technology company’s stock worth $29,000 after acquiring an additional 195 shares during the period. 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.