Arista Networks, Inc. (NYSE:ANET) CEO Sells $48,395,630.08 in Stock

Arista Networks, Inc. (NYSE:ANET) CEO Jayshree Ullal sold 345,856 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $139.93, for a total value of $48,395,630.08. Following the completion of the transaction, the chief executive officer owned 5,650,346 shares of the company’s stock, valued at $790,652,915.78. The trade was a 5.77% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Jayshree Ullal also recently made the following trade(s):

• On Friday, August 8th, Jayshree Ullal sold 192,979 shares of Arista Networks stock. The stock was sold at an average price of $139.67, for a total value of $26,953,376.93.
• On Wednesday, August 6th, Jayshree Ullal sold 1,785,165 shares of Arista Networks stock. The stock was sold at an average price of $136.22, for a total value of $243,175,176.30.
• On Thursday, July 31st, Jayshree Ullal sold 880,180 shares of Arista Networks stock. The stock was sold at an average price of $124.79, for a total value of $109,837,662.20.
• On Wednesday, July 30th, Jayshree Ullal sold 288,820 shares of Arista Networks stock. The stock was sold at an average price of $122.19, for a total value of $35,290,915.80.
• On Tuesday, July 29th, Jayshree Ullal sold 588,000 shares of Arista Networks stock. The stock was sold at an average price of $119.15, for a total value of $70,060,200.00.
• On Monday, July 28th, Jayshree Ullal sold 527,302 shares of Arista Networks stock. The stock was sold at an average price of $115.59, for a total value of $60,950,838.18.
• On Friday, July 25th, Jayshree Ullal sold 60,698 shares of Arista Networks stock. The stock was sold at an average price of $115.02, for a total value of $6,981,483.96.
• On Monday, June 30th, Jayshree Ullal sold 748,444 shares of Arista Networks stock. The shares were sold at an average price of $102.43, for a total value of $76,663,118.92.
• On Monday, June 30th, Jayshree Ullal sold 93,468 shares of Arista Networks stock. The shares were sold at an average price of $102.43, for a total value of $9,573,927.24.
• On Friday, June 27th, Jayshree Ullal sold 1,793 shares of Arista Networks stock. The shares were sold at an average price of $101.99, for a total value of $182,868.07.

Arista Networks Trading Down 2.4%

Shares of NYSE:ANET opened at $137.87 on Thursday. The stock’s 50-day moving average price is $108.36 and its two-hundred day moving average price is $95.73. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $141.99. The firm has a market cap of $173.28 billion, a price-to-earnings ratio of 54.23, a PEG ratio of 3.32 and a beta of 1.37.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.08. Arista Networks had a return on equity of 31.05% and a net margin of 40.90%. The firm had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same period last year, the company earned $0.53 EPS. The firm’s quarterly revenue was up 30.4% on a year-over-year basis. As a group, research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a share repurchase program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

ANET has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on Arista Networks from $130.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, August 6th. BNP Paribas Exane cut Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 price target for the company. in a research report on Wednesday, June 11th. Morgan Stanley raised their price target on Arista Networks from $120.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, August 6th. Evercore ISI set a $150.00 price target on Arista Networks and gave the company an “outperform” rating in a research report on Wednesday, August 6th. Finally, KGI Securities cut Arista Networks to a “neutral” rating in a research report on Wednesday, May 7th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $138.07.

Institutional Trading of Arista Networks

Hedge funds have recently added to or reduced their stakes in the business. Bare Financial Services Inc raised its holdings in shares of Arista Networks by 2,118.2% in the 2nd quarter. Bare Financial Services Inc now owns 244 shares of the technology company’s stock worth $25,000 after purchasing an additional 233 shares during the period. Quarry LP raised its holdings in shares of Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company’s stock worth $29,000 after purchasing an additional 206 shares during the period. Dunhill Financial LLC raised its holdings in shares of Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock worth $29,000 after purchasing an additional 212 shares during the period. McIlrath & Eck LLC purchased a new position in shares of Arista Networks in the 4th quarter worth about $35,000. Finally, REAP Financial Group LLC raised its holdings in shares of Arista Networks by 108.0% in the 2nd quarter. REAP Financial Group LLC now owns 337 shares of the technology company’s stock worth $34,000 after purchasing an additional 175 shares during the period. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Company Profile

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.