Arista Networks, Inc. (NYSE:ANET) Insider John F. Mccool Sells 580 Shares

Arista Networks, Inc. (NYSE:ANET) insider John F. Mccool sold 580 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $354.71, for a total transaction of $205,731.80. The sale was disclosed in a document filed with the SEC, which is available through this link.

Arista Networks Stock Up 2.4 %

Shares of ANET opened at $365.42 on Thursday. The firm has a market cap of $114.51 billion, a price-to-earnings ratio of 50.89, a price-to-earnings-growth 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 company’s fifty day moving average is $307.75 and its 200-day moving average is $281.44.

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

Arista Networks announced that its Board of Directors has initiated a stock buyback plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the technology company to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Wells Fargo & Company boosted their price objective on Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Evercore ISI upped their price target on Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a research report on Monday, May 20th. Morgan Stanley raised their price target on shares of Arista Networks from $300.00 to $325.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 12th. Barclays lifted their price target on shares of Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $320.00 price objective on shares of Arista Networks in a research note on Wednesday, May 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average price target of $311.50.

Hedge Funds Weigh In On Arista Networks

Several large investors have recently made changes to their positions in ANET. GQG Partners LLC bought a new position in Arista Networks during the 1st quarter valued at about $881,848,000. Norges Bank bought a new stake in Arista Networks during the 4th quarter worth approximately $586,051,000. Swedbank AB bought a new position in Arista Networks in the 1st quarter valued at $521,767,000. Vanguard Group Inc. boosted its stake in Arista Networks by 5.7% in the fourth quarter. Vanguard Group Inc. now owns 29,494,876 shares of the technology company’s stock worth $6,946,338,000 after purchasing an additional 1,596,040 shares in the last quarter. Finally, Schroder Investment Management Group increased its stake in shares of Arista Networks by 439.3% in the third quarter. Schroder Investment Management Group now owns 1,259,305 shares of the technology company’s stock valued at $231,624,000 after buying an additional 1,025,815 shares in the last quarter. Institutional investors and hedge funds 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.