Kenneth Duda Sells 30,000 Shares of Arista Networks (NYSE:ANET) Stock

Arista Networks, Inc. (NYSE:ANET) insider Kenneth Duda sold 30,000 shares of the company’s stock in a transaction dated Tuesday, January 20th. The stock was sold at an average price of $128.43, for a total transaction of $3,852,900.00. Following the transaction, the insider owned 12,976 shares of the company’s stock, valued at approximately $1,666,507.68. This trade represents a 69.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Kenneth Duda also recently made the following trade(s):

• On Tuesday, January 20th, Kenneth Duda sold 26,000 shares of Arista Networks stock. The stock was sold at an average price of $128.43, for a total value of $3,339,180.00.
• On Wednesday, December 17th, Kenneth Duda sold 26,000 shares of Arista Networks stock. The shares were sold at an average price of $123.16, for a total value of $3,202,160.00.
• On Wednesday, December 17th, Kenneth Duda sold 30,000 shares of Arista Networks stock. The shares were sold at an average price of $123.16, for a total value of $3,694,800.00.
• On Monday, November 17th, Kenneth Duda sold 26,000 shares of Arista Networks stock. The stock was sold at an average price of $128.61, for a total value of $3,343,860.00.
• On Monday, November 17th, Kenneth Duda sold 30,000 shares of Arista Networks stock. The shares were sold at an average price of $128.61, for a total transaction of $3,858,300.00.

Arista Networks Price Performance

ANET traded up $11.12 on Thursday, reaching $138.41. 14,902,833 shares of the company’s stock were exchanged, compared to its average volume of 8,177,890. The stock has a market cap of $174.30 billion, a PE ratio of 52.63, a P/E/G ratio of 2.15 and a beta of 1.41. The stock’s fifty day moving average price is $128.35 and its 200-day moving average price is $133.43. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $164.94.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, November 4th. The technology company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.72 by $0.03. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.26 billion. Arista Networks had a return on equity of 30.28% and a net margin of 39.73%.The business’s revenue for the quarter was up 27.5% on a year-over-year basis. During the same quarter last year, the firm earned $2.40 earnings per share. As a group, research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arista Networks

Large investors have recently bought and sold shares of the business. AdvisorNet Financial Inc boosted its holdings in Arista Networks by 56.7% in the third quarter. AdvisorNet Financial Inc now owns 199 shares of the technology company’s stock valued at $29,000 after purchasing an additional 72 shares in the last quarter. Knuff & Co LLC purchased a new stake in shares of Arista Networks during the 3rd quarter worth approximately $29,000. Board of the Pension Protection Fund acquired a new position in shares of Arista Networks in the 4th quarter valued at $26,000. Richardson Financial Services Inc. grew its position in shares of Arista Networks by 141.3% in the 3rd quarter. Richardson Financial Services Inc. now owns 222 shares of the technology company’s stock valued at $32,000 after buying an additional 130 shares during the last quarter. Finally, Quarry LP acquired a new stake in Arista Networks during the 3rd quarter worth $33,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on ANET shares. Erste Group Bank lowered Arista Networks from a “buy” rating to a “hold” rating in a research report on Monday, November 10th. Piper Sandler raised Arista Networks from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $145.00 to $159.00 in a research report on Monday, January 5th. Zacks Research lowered shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. UBS Group reaffirmed a “buy” rating and set a $155.00 target price on shares of Arista Networks in a research note on Wednesday, December 3rd. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $140.00 price target on shares of Arista Networks in a research report on Monday, November 24th. Seventeen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $164.44.

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.