Arista Networks (NYSE:ANET) Stock Price Down 0.4% After Insider Selling

Arista Networks, Inc. (NYSE:ANET)’s share price fell 0.4% on Thursday following insider selling activity. The company traded as low as $105.48 and last traded at $106.85. 802,075 shares were traded during trading, a decline of 91% from the average session volume of 8,814,710 shares. The stock had previously closed at $107.23.

Specifically, insider John F. Mccool sold 288 shares of Arista Networks stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $108.70, for a total transaction of $31,305.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $108.29, for a total value of $8,663,200.00. Following the sale, the senior vice president now owns 12,976 shares of the company’s stock, valued at approximately $1,405,171.04. This represents a 86.04 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several research firms have recently commented on ANET. Rosenblatt Securities boosted their price target on Arista Networks from $66.25 to $80.00 and gave the stock a “sell” rating in a research report on Friday, November 8th. UBS Group increased their price objective on shares of Arista Networks from $92.25 to $106.25 and gave the company a “neutral” rating in a research report on Friday, November 8th. Citigroup boosted their target price on shares of Arista Networks from $96.25 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, October 8th. The Goldman Sachs Group raised their price target on shares of Arista Networks from $97.50 to $107.50 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Finally, Piper Sandler reiterated a “neutral” rating and set a $105.25 price objective (up from $86.25) on shares of Arista Networks in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $98.88.

Arista Networks Trading Down 0.3 %

The firm has a market cap of $134.67 billion, a price-to-earnings ratio of 51.39, a PEG ratio of 3.24 and a beta of 1.10. The company has a fifty day moving average price of $100.66 and a 200-day moving average price of $90.72.

Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, November 7th. The technology company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.08. Arista Networks had a return on equity of 30.52% and a net margin of 40.29%. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the previous year, the company posted $0.41 earnings per share. Arista Networks’s revenue for the quarter was up 20.0% on a year-over-year basis. As a group, research analysts forecast that Arista Networks, Inc. will post 1.96 earnings per share for the current fiscal year.

Institutional Trading of Arista Networks

A number of hedge funds have recently added to or reduced their stakes in ANET. Valley National Advisers Inc. boosted its stake in shares of Arista Networks by 24.5% during the 2nd quarter. Valley National Advisers Inc. now owns 376 shares of the technology company’s stock worth $131,000 after acquiring an additional 74 shares in the last quarter. Old Port Advisors boosted its position in Arista Networks by 7.2% during the second quarter. Old Port Advisors now owns 1,024 shares of the technology company’s stock worth $359,000 after purchasing an additional 69 shares in the last quarter. Blue Trust Inc. grew its holdings in Arista Networks by 170.7% in the second quarter. Blue Trust Inc. now owns 1,394 shares of the technology company’s stock valued at $489,000 after purchasing an additional 879 shares during the period. Brookstone Capital Management increased its position in shares of Arista Networks by 27.0% in the second quarter. Brookstone Capital Management now owns 14,909 shares of the technology company’s stock valued at $5,020,000 after buying an additional 3,167 shares in the last quarter. Finally, Everpar Advisors LLC raised its stake in shares of Arista Networks by 5.5% during the 2nd quarter. Everpar Advisors LLC now owns 1,878 shares of the technology company’s stock worth $658,000 after buying an additional 98 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

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.