Arista Networks (NYSE:ANET) Shares Gap Down on Insider Selling

Arista Networks, Inc. (NYSE:ANET) shares gapped down prior to trading on Friday after an insider sold shares in the company. The stock had previously closed at $431.02, but opened at $406.46. Arista Networks shares last traded at $406.96, with a volume of 1,629,912 shares trading hands.

Specifically, SVP Kenneth Duda sold 20,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $420.36, for a total value of $8,407,200.00. Following the completion of the sale, the senior vice president now directly owns 3,244 shares in the company, valued at approximately $1,363,647.84. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 832 shares of the business’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $397.39, for a total transaction of $330,628.48. Following the transaction, the chief executive officer now owns 17,681 shares of the company’s stock, valued at approximately $7,026,252.59. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In other news, Director Charles H. Giancarlo sold 2,000 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $393.18, for a total transaction of $786,360.00. Following the sale, the director now directly owns 44,946 shares of the company’s stock, valued at $17,671,868.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Wall Street Analyst Weigh In

ANET has been the subject of several analyst reports. Wells Fargo & Company upped their target price on Arista Networks from $390.00 to $460.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. UBS Group boosted their price target on shares of Arista Networks from $369.00 to $425.00 and gave the company a “neutral” rating in a research note on Friday. Evercore ISI upped their price target on Arista Networks from $400.00 to $425.00 and gave the stock an “outperform” rating in a report on Tuesday, October 1st. Citigroup increased their target price on shares of Arista Networks from $385.00 to $460.00 and gave the company a “buy” rating in a research report on Tuesday, October 8th. Finally, Rosenblatt Securities raised their target price on shares of Arista Networks from $265.00 to $320.00 and gave the stock a “sell” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and an average price target of $395.19.

Arista Networks Price Performance

The stock has a market cap of $125.80 billion, a price-to-earnings ratio of 51.94, a PEG ratio of 3.72 and a beta of 1.08. The company’s 50 day moving average is $382.60 and its 200 day moving average is $344.17.

Shares of Arista Networks are going to split on the morning of Wednesday, December 4th. The 4-1 split was announced on Thursday, November 7th. The newly created shares will be distributed to shareholders after the market closes on Tuesday, December 3rd.

Institutional Trading of Arista Networks

Several institutional investors and hedge funds have recently modified their holdings of the business. PFG Advisors purchased a new stake in Arista Networks in the 1st quarter valued at approximately $222,000. Reynders McVeigh Capital Management LLC acquired a new stake in shares of Arista Networks during the first quarter valued at $211,000. Atomi Financial Group Inc. increased its position in Arista Networks by 2.0% during the 1st quarter. Atomi Financial Group Inc. now owns 4,071 shares of the technology company’s stock worth $1,181,000 after purchasing an additional 81 shares in the last quarter. Concurrent Investment Advisors LLC raised its stake in Arista Networks by 23.2% in the 1st quarter. Concurrent Investment Advisors LLC now owns 1,851 shares of the technology company’s stock valued at $536,000 after purchasing an additional 349 shares during the last quarter. Finally, Meeder Advisory Services Inc. lifted its holdings in Arista Networks by 3.1% in the 1st quarter. Meeder Advisory Services Inc. now owns 3,780 shares of the technology company’s stock valued at $1,096,000 after purchasing an additional 112 shares in the last quarter. Hedge funds and other 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.