Arista Networks, Inc. (NYSE:ANET) Director Charles H. Giancarlo Sells 2,000 Shares

Arista Networks, Inc. (NYSE:ANET) Director Charles H. Giancarlo sold 2,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $352.93, for a total value of $705,860.00. Following the completion of the sale, the director now owns 52,946 shares of the company’s stock, valued at $18,686,231.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Arista Networks Trading Up 2.4 %

Shares of NYSE:ANET opened at $365.42 on Thursday. The company has a market capitalization of $114.51 billion, a PE ratio of 50.89, a P/E/G ratio of 3.15 and a beta of 1.11. Arista Networks, Inc. has a 12-month low of $149.10 and a 12-month high of $365.42. The business’s fifty day simple moving average is $307.75 and its 200-day simple moving average is $281.44.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.24. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. Research analysts predict that Arista Networks, Inc. will post 7.05 EPS for the current year.

Arista Networks declared that its board has initiated a stock buyback program on Tuesday, May 7th that permits the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

ANET has been the subject of a number of recent analyst reports. Bank of America lifted their price target on shares of Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. UBS Group increased their price target on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Needham & Company LLC restated a “buy” rating and set a $320.00 price objective on shares of Arista Networks in a report on Wednesday, May 8th. Morgan Stanley lifted their target price on Arista Networks from $300.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 12th. Finally, JPMorgan Chase & Co. upped their price target on shares of Arista Networks from $297.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $311.50.

Hedge Funds Weigh In On Arista Networks

A number of large investors have recently made changes to their positions in the business. Beese Fulmer Investment Management Inc. acquired a new stake in shares of Arista Networks in the 2nd quarter worth $11,599,000. M&R Capital Management Inc. raised its stake in Arista Networks by 11.8% in the second quarter. M&R Capital Management Inc. now owns 4,418 shares of the technology company’s stock valued at $1,548,000 after buying an additional 468 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in Arista Networks by 24.8% in the second quarter. Massmutual Trust Co. FSB ADV now owns 654 shares of the technology company’s stock worth $229,000 after acquiring an additional 130 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Arista Networks by 39.3% during the second quarter. GAMMA Investing LLC now owns 3,264 shares of the technology company’s stock worth $1,144,000 after acquiring an additional 921 shares during the last quarter. Finally, Capital Market Strategies LLC increased its holdings in shares of Arista Networks by 34.2% during the second quarter. Capital Market Strategies LLC now owns 1,231 shares of the technology company’s stock valued at $431,000 after acquiring an additional 314 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

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.