Arista Networks (NYSE:ANET) Director Sells $1,029,360.00 in Stock

Arista Networks, Inc. (NYSE:ANET) Director Charles Giancarlo sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $128.67, for a total value of $1,029,360.00. Following the completion of the transaction, the director directly owned 1,784 shares in the company, valued at approximately $229,547.28. The trade was a 81.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Arista Networks Trading Down 4.5%

ANET stock opened at $133.15 on Friday. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $164.94. The company has a market capitalization of $167.31 billion, a P/E ratio of 48.24, a PEG ratio of 2.47 and a beta of 1.46. The firm has a 50 day simple moving average of $134.45 and a 200-day simple moving average of $137.15.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.75 by $0.07. The business had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.38 billion. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. During the same quarter in the previous year, the firm earned $0.66 earnings per share. The business’s revenue was up 28.9% compared to the same quarter last year. On average, research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ANET. Evercore restated an “outperform” rating and issued a $200.00 target price on shares of Arista Networks in a research note on Friday, February 13th. UBS Group set a $200.00 price objective on Arista Networks in a report on Tuesday, February 24th. KeyCorp restated an “overweight” rating and set a $178.00 price objective (up from $170.00) on shares of Arista Networks in a research note on Friday, February 13th. Barclays reaffirmed an “overweight” rating and set a $184.00 target price (up from $183.00) on shares of Arista Networks in a report on Friday, February 13th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $175.00 target price (up from $159.00) on shares of Arista Networks in a research report on Friday, February 13th. Seventeen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Arista Networks presently has a consensus rating of “Moderate Buy” and a consensus target price of $176.88.

Institutional Investors Weigh In On Arista Networks

A number of institutional investors have recently modified their holdings of the business. Norges Bank bought a new position in shares of Arista Networks during the second quarter valued at approximately $1,228,177,000. Massachusetts Financial Services Co. MA grew its stake in Arista Networks by 2,829.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,721,156 shares of the technology company’s stock worth $833,630,000 after buying an additional 5,525,828 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Arista Networks by 82.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 9,587,115 shares of the technology company’s stock worth $1,396,939,000 after buying an additional 4,332,659 shares during the period. M&T Bank Corp lifted its stake in Arista Networks by 3,182.7% in the fourth quarter. M&T Bank Corp now owns 4,012,373 shares of the technology company’s stock valued at $525,741,000 after buying an additional 3,890,146 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Arista Networks by 59.3% during the fourth quarter. Franklin Resources Inc. now owns 7,878,360 shares of the technology company’s stock valued at $1,032,302,000 after acquiring an additional 2,934,098 shares during the period. Institutional investors own 82.47% of the company’s stock.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.