Arista Networks, Inc. (NYSE:ANET) SVP Kenneth Duda Sells 20,000 Shares

Arista Networks, Inc. (NYSE:ANET) SVP Kenneth Duda sold 20,000 shares of the stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $325.88, for a total transaction of $6,517,600.00. Following the completion of the sale, the senior vice president now owns 3,244 shares of the company’s stock, valued at approximately $1,057,154.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Thursday, May 16th, Kenneth Duda sold 14,416 shares of Arista Networks stock. The stock was sold at an average price of $326.03, for a total value of $4,700,048.48.
• On Wednesday, April 10th, Kenneth Duda sold 20,000 shares of Arista Networks stock. The shares were sold at an average price of $290.05, for a total value of $5,801,000.00.

Arista Networks Stock Up 3.5 %

Shares of ANET stock opened at $339.94 on Tuesday. Arista Networks, Inc. has a twelve month low of $148.32 and a twelve month high of $341.87. The business has a fifty day simple moving average of $291.11 and a 200 day simple moving average of $272.17. The company has a market cap of $106.52 billion, a P/E ratio of 47.35, a P/E/G ratio of 2.97 and a beta of 1.08.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.24. The company had revenue of $1.57 billion for the quarter, compared to the consensus estimate of $1.55 billion. Arista Networks had a net margin of 37.64% and a return on equity of 31.12%. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 7.05 earnings per share for the current fiscal year.

Arista Networks declared that its Board of Directors has approved a share buyback plan on Tuesday, May 7th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the technology company to purchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts have commented on ANET shares. Erste Group Bank reaffirmed a “buy” rating on shares of Arista Networks in a research report on Friday. Wells Fargo & Company raised their price objective on shares of Arista Networks from $310.00 to $340.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 8th. Piper Sandler upped their target price on Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a research report on Wednesday, May 8th. Evercore ISI lifted their price target on Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a report on Monday, May 20th. Finally, UBS Group upped their price objective on Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus price target of $298.17.

Institutional Investors Weigh In On Arista Networks

Hedge funds have recently modified their holdings of the company. Benjamin Edwards Inc. bought a new stake in shares of Arista Networks during the first quarter worth about $26,000. Financial Synergies Wealth Advisors Inc. increased its position in Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock valued at $31,000 after acquiring an additional 96 shares during the period. Atticus Wealth Management LLC raised its stake in shares of Arista Networks by 3,625.0% during the fourth quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock valued at $35,000 after acquiring an additional 145 shares during the last quarter. Rakuten Securities Inc. acquired a new position in shares of Arista Networks during the fourth quarter worth $35,000. Finally, Sandy Spring Bank increased its holdings in Arista Networks by 33.6% in the fourth quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock valued at $37,000 after purchasing an additional 39 shares during the period. Institutional investors and hedge funds own 82.47% of the company’s stock.

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.