Insider Selling: Arista Networks, Inc. (NYSE: ANET) Insider Sells 996 Shares

Arista Networks, Inc. (NYSE: ANET – Get a rating) insider John F. Mccool sold 996 shares of Arista Networks in a trade on Friday, July 1. The shares were sold at an average price of $93.14, for a total value of $92,767.44. Following the transaction, the insider now owns 166 shares of the company, valued at approximately $15,461.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, available at this hyperlink.

NYSE ANET traded at $2.48 on Wednesday, hitting $98.63. 2,055,259 shares of the company were traded, against an average volume of 2,033,693. The company has a market capitalization of $30.40 billion, a price/earnings ratio of 33.78, a P/E/ G of 1.86 and a beta of 1.28. The company’s 50-day moving average price is $101.59 and its 200-day moving average price is $119.10. Arista Networks, Inc. has a 52-week low of $85.18 and a 52-week high of $148.57.

Arista Networks (NYSE: ANET – Get a rating) last released its results on Monday, May 2. The technology company reported earnings per share of $0.78 for the quarter, beating the consensus estimate of $0.68 by $0.10. The company posted revenue of $877.07 million for the quarter, versus a consensus estimate of $854.01 million. Arista Networks had a return on equity of 21.16% and a net margin of 29.54%. In the same period a year earlier, the company had earned earnings per share of $0.57. As a group, analysts expect Arista Networks, Inc. to post EPS of 3.18 for the current year.

A number of hedge funds and other institutional investors have recently increased or reduced their stakes in ANET. Amalgamated Bank raised its position in Arista Networks shares by 3.9% in the first quarter. Amalgamated Bank now owns 60,852 shares of the technology company valued at $8,457,000 after acquiring 2,296 additional shares last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its position in Arista Networks shares by 20.2% in the first quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 15,500 shares of the technology company valued at $2,153,000 after acquiring an additional 2,600 shares last quarter. JW Cole Advisors Inc. bought a new position in Arista Networks stock in the first quarter worth about $32,000. American Trust bought a new stock position in Arista Networks in the first quarter worth about $498,000. Finally, Kentucky State’s Teachers Retirement System increased its position in Arista Networks stock by 978.8% in the first quarter. The Kentucky State Teachers’ Retirement System now owns 176,916 shares of the technology company valued at $24,588,000 after acquiring an additional 160,516 shares last quarter. Institutional investors hold 67.10% of the company’s shares.

A number of research analysts have published reports on ANET shares. Evercore ISI lowered its price target on Arista Networks from $160.00 to $120.00 and set an “outperform” rating for the company in a Tuesday, June 28 research note. Cowen raised his price target on Arista Networks from $151.00 to $154.00 in a Tuesday, May 3 research note. Piper Sandler reduced its target price on Arista Networks from $139.00 to $133.00 in a Tuesday, May 3 report. Oppenheimer reissued a “market performance” rating and issued a target price of $305.00 on Arista Networks stock in a Wednesday, May 4, report. Finally, Barclays reduced its target price on Arista Networks from $140.00 to $138.00 in a Tuesday, May 3 report. Seven research analysts gave the stock a hold rating and thirteen gave the company’s stock a buy rating. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $152.53.

About Arista Networks (Get a rating)

Arista Networks, Inc develops, markets and sells cloud network solutions in America, Europe, the Middle East, Africa and Asia-Pacific. The company’s cloud networking solutions consist of extensible operating systems, a set of network applications, and Gigabit Ethernet switching and routing platforms.

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