Arista Networks, Inc. (NYSE:ANET) Director Daniel Scheinman Sells 1,000 Shares

Arista Networks, Inc. (NYSE:ANET) Director Daniel Scheinman sold 1,000 shares of Arista Networks stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $328.17, for a total value of $328,170.00. Following the completion of the transaction, the director now directly owns 37,732 shares of the company’s stock, valued at $12,382,510.44. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Arista Networks Stock Up 0.0 %

ANET stock opened at $340.24 on Wednesday. The business has a 50 day moving average price of $292.01 and a 200 day moving average price of $273.04. The stock has a market cap of $106.62 billion, a price-to-earnings ratio of 47.39, a PEG ratio of 2.97 and a beta of 1.08. Arista Networks, Inc. has a fifty-two week low of $148.32 and a fifty-two week high of $344.13.

Arista Networks (NYSE:ANET) last issued its quarterly earnings data 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. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. The company had revenue of $1.57 billion during the quarter, compared to analysts’ expectations of $1.55 billion. As a group, sell-side analysts anticipate that Arista Networks, Inc. will post 7.05 EPS for the current year.

Arista Networks announced that its Board of Directors has authorized 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 buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research firms have weighed in on ANET. Rosenblatt Securities reaffirmed a “sell” rating and issued a $210.00 target price on shares of Arista Networks in a research report on Friday, April 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $320.00 target price on shares of Arista Networks in a research report on Wednesday, May 8th. Wells Fargo & Company lifted their price objective on Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Jefferies Financial Group upgraded Arista Networks from a “hold” rating to a “buy” rating and lifted their price objective for the company from $240.00 to $320.00 in a research note on Friday, May 3rd. Finally, Barclays lifted their price objective on Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, Arista Networks currently has an average rating of “Moderate Buy” and an average price target of $298.17.

Institutional Investors Weigh In On Arista Networks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its stake in Arista Networks by 63.8% in the first quarter. EverSource Wealth Advisors LLC now owns 1,137 shares of the technology company’s stock valued at $330,000 after buying an additional 443 shares during the last quarter. Hamilton Wealth LLC acquired a new position in shares of Arista Networks in the first quarter valued at approximately $263,000. Railway Pension Investments Ltd increased its holdings in shares of Arista Networks by 3.7% in the first quarter. Railway Pension Investments Ltd now owns 42,100 shares of the technology company’s stock valued at $12,208,000 after purchasing an additional 1,500 shares during the period. Objective Capital Management LLC acquired a new position in shares of Arista Networks in the first quarter valued at approximately $263,000. Finally, DekaBank Deutsche Girozentrale increased its holdings in shares of Arista Networks by 213.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 355,227 shares of the technology company’s stock valued at $101,685,000 after purchasing an additional 241,901 shares during the period. Hedge funds and other 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.