Arista Networks, Inc. (NYSE:ANET) Insider John F. Mccool Sells 2,575 Shares of Stock

Arista Networks, Inc. (NYSE:ANET) insider John F. Mccool sold 2,575 shares of the stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $354.38, for a total value of $912,528.50. Following the completion of the sale, the insider now owns 72 shares in the company, valued at approximately $25,515.36. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Arista Networks Stock Up 0.8 %

Shares of Arista Networks stock opened at $355.13 on Friday. The stock has a market cap of $111.28 billion, a price-to-earnings ratio of 49.46, a P/E/G ratio of 2.70 and a beta of 1.11. Arista Networks, Inc. has a twelve month low of $168.25 and a twelve month high of $376.50. The company’s fifty day moving average is $343.38 and its 200 day moving average is $305.90.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $1.72 by $0.38. The firm had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.66 billion. Arista Networks had a return on equity of 30.50% and a net margin of 39.01%. The business’s revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.41 EPS. As a group, equities analysts anticipate that Arista Networks, Inc. will post 7.29 earnings per share for the current fiscal year.

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

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Barclays boosted their price objective on Arista Networks from $320.00 to $341.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Wells Fargo & Company boosted their target price on shares of Arista Networks from $340.00 to $390.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Piper Sandler lifted their price objective on shares of Arista Networks from $302.00 to $345.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. KeyCorp increased their target price on shares of Arista Networks from $349.00 to $432.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Finally, Bank of America lifted their price target on shares of Arista Networks from $320.00 to $380.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $353.38.

Institutional Investors Weigh In On Arista Networks

Large investors have recently modified their holdings of the company. Beacon Capital Management LLC boosted its position in Arista Networks by 500.0% during the second quarter. Beacon Capital Management LLC now owns 78 shares of the technology company’s stock valued at $27,000 after acquiring an additional 65 shares during the last quarter. LGT Financial Advisors LLC bought a new position in Arista Networks during the second quarter worth $27,000. Benjamin Edwards Inc. acquired a new stake in Arista Networks in the first quarter worth $26,000. Byrne Asset Management LLC bought a new stake in Arista Networks in the second quarter valued at $33,000. Finally, Sugarloaf Wealth Management LLC acquired a new position in shares of Arista Networks during the second quarter valued at about $35,000. 82.47% of the stock is currently 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.