Arista Networks (NYSE:ANET) Shares Gap Down Following Insider Selling

Arista Networks, Inc. (NYSE:ANET)’s share price gapped down before the market opened on Wednesday after an insider sold shares in the company. The stock had previously closed at $111.06, but opened at $104.50. Arista Networks shares last traded at $103.30, with a volume of 4,416,701 shares traded.

Specifically, Director Kelly Bodnar Battles sold 1,488 shares of Arista Networks stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $107.13, for a total value of $159,409.44. Following the completion of the transaction, the director now owns 8,128 shares of the company’s stock, valued at $870,752.64. The trade was a 15.47 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ANET. Needham & Company LLC reissued a “buy” rating and set a $145.00 price target on shares of Arista Networks in a research report on Wednesday. Wells Fargo & Company increased their price target on Arista Networks from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday. Rosenblatt Securities restated a “sell” rating and set a $80.00 target price on shares of Arista Networks in a research report on Tuesday. Morgan Stanley lifted their price target on shares of Arista Networks from $102.50 to $118.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $108.00 target price (up from $106.00) on shares of Arista Networks in a report on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Arista Networks presently has a consensus rating of “Moderate Buy” and an average target price of $113.79.

Arista Networks Stock Down 7.3 %

The firm has a market cap of $129.67 billion, a PE ratio of 49.53, a price-to-earnings-growth ratio of 2.87 and a beta of 1.09. The business has a 50 day simple moving average of $114.08 and a two-hundred day simple moving average of $101.54.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Arista Networks had a net margin of 40.29% and a return on equity of 30.52%. The business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Equities analysts forecast that Arista Networks, Inc. will post 1.97 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Capital Investment Advisors LLC grew its position in Arista Networks by 25.0% during the 3rd quarter. Capital Investment Advisors LLC now owns 795 shares of the technology company’s stock worth $305,000 after purchasing an additional 159 shares during the last quarter. Cyndeo Wealth Partners LLC purchased a new position in Arista Networks during the third quarter valued at approximately $291,000. OLD National Bancorp IN lifted its holdings in Arista Networks by 6.0% in the third quarter. OLD National Bancorp IN now owns 1,087 shares of the technology company’s stock valued at $417,000 after acquiring an additional 62 shares during the period. Trilogy Capital Inc. boosted its position in Arista Networks by 23.4% in the 3rd quarter. Trilogy Capital Inc. now owns 4,779 shares of the technology company’s stock worth $1,834,000 after purchasing an additional 906 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Arista Networks by 2.0% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 3,548 shares of the technology company’s stock valued at $1,362,000 after purchasing an additional 68 shares in the last quarter. Institutional investors own 82.47% of the company’s stock.

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.