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

Arista Networks, Inc. (NYSE:ANET) Director Charles H. Giancarlo sold 2,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $255.83, for a total transaction of $511,660.00. Following the transaction, the director now owns 56,946 shares in the company, valued at approximately $14,568,495.18. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Arista Networks Stock Performance

NYSE:ANET opened at $274.40 on Friday. The company has a 50-day moving average of $279.07 and a 200-day moving average of $249.25. The company has a market capitalization of $85.79 billion, a price-to-earnings ratio of 41.77, a PEG ratio of 2.24 and a beta of 1.13. Arista Networks, Inc. has a 52 week low of $131.68 and a 52 week high of $307.74.

Arista Networks (NYSE:ANET) last released its quarterly earnings data on Monday, February 12th. The technology company reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.38. The company had revenue of $1.54 billion during the quarter, compared to the consensus estimate of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The firm’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same period last year, the firm earned $1.25 EPS. Sell-side analysts forecast that Arista Networks, Inc. will post 6.7 EPS for the current year.

Institutional Investors Weigh In On Arista Networks

Hedge funds have recently made changes to their positions in the company. AXQ Capital LP acquired a new stake in shares of Arista Networks during the 3rd quarter worth about $791,000. Advisor Resource Council increased its position in shares of Arista Networks by 507.9% during the 4th quarter. Advisor Resource Council now owns 7,021 shares of the technology company’s stock worth $1,653,000 after purchasing an additional 5,866 shares in the last quarter. Bleakley Financial Group LLC increased its position in Arista Networks by 4.6% in the 4th quarter. Bleakley Financial Group LLC now owns 4,445 shares of the technology company’s stock valued at $1,047,000 after acquiring an additional 194 shares in the last quarter. WCM Investment Management LLC raised its stake in shares of Arista Networks by 0.5% in the fourth quarter. WCM Investment Management LLC now owns 3,024,220 shares of the technology company’s stock worth $716,649,000 after acquiring an additional 16,081 shares during the last quarter. Finally, abrdn plc raised its stake in shares of Arista Networks by 62.7% in the fourth quarter. abrdn plc now owns 113,851 shares of the technology company’s stock worth $26,813,000 after acquiring an additional 43,889 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ANET shares. KeyCorp raised their target price on shares of Arista Networks from $232.00 to $287.00 and gave the company an “overweight” rating in a research note on Thursday, January 18th. Melius upgraded shares of Arista Networks from a “hold” rating to a “buy” rating in a research note on Monday, January 8th. Evercore ISI reiterated an “outperform” rating and issued a $300.00 target price on shares of Arista Networks in a research note on Wednesday, March 27th. JMP Securities reiterated a “market outperform” rating and issued a $325.00 target price on shares of Arista Networks in a research note on Tuesday, February 13th. Finally, JPMorgan Chase & Co. raised their target price on shares of Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and a consensus target price of $285.53.

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.