Arista Networks (NYSE:ANET) Stock Price Down 1.7% After Insider Selling

Arista Networks, Inc. (NYSE:ANET)’s stock price traded down 1.7% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $115.67 and last traded at $118.23. 1,832,974 shares were traded during trading, a decline of 79% from the average session volume of 8,593,952 shares. The stock had previously closed at $120.23.

Specifically, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the completion of the sale, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,500,155.36. The trade was a 86.04 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $112.02, for a total transaction of $896,160.00. Following the transaction, the director now directly owns 155,784 shares of the company’s stock, valued at approximately $17,450,923.68. This trade represents a 4.88 % decrease in their position. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

ANET has been the subject of a number of recent research reports. Barclays reduced their price objective on Arista Networks from $495.00 to $125.00 and set an “overweight” rating for the company in a research note on Wednesday, December 4th. Evercore ISI boosted their price target on Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Wells Fargo & Company raised their price objective on shares of Arista Networks from $97.50 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Morgan Stanley boosted their target price on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Finally, StockNews.com cut shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, Arista Networks currently has a consensus rating of “Moderate Buy” and a consensus price target of $105.83.

Arista Networks Stock Down 2.3 %

The stock has a market capitalization of $148.02 billion, a price-to-earnings ratio of 56.49, a price-to-earnings-growth ratio of 3.10 and a beta of 1.09. The business’s 50-day moving average is $113.57 and its two-hundred day moving average is $100.33.

Hedge Funds Weigh In On Arista Networks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ANET. Valeo Financial Advisors LLC raised its position in shares of Arista Networks by 9.4% during the 3rd quarter. Valeo Financial Advisors LLC now owns 2,041 shares of the technology company’s stock valued at $783,000 after buying an additional 175 shares during the period. Gateway Investment Advisers LLC lifted its stake in shares of Arista Networks by 10.9% in the 3rd quarter. Gateway Investment Advisers LLC now owns 1,469 shares of the technology company’s stock valued at $564,000 after purchasing an additional 144 shares during the last quarter. Annex Advisory Services LLC increased its position in shares of Arista Networks by 11.6% during the 3rd quarter. Annex Advisory Services LLC now owns 906 shares of the technology company’s stock worth $348,000 after purchasing an additional 94 shares during the last quarter. Carnegie Investment Counsel raised its holdings in Arista Networks by 117.9% in the 3rd quarter. Carnegie Investment Counsel now owns 7,908 shares of the technology company’s stock valued at $3,035,000 after buying an additional 4,278 shares during the period. Finally, Exchange Traded Concepts LLC lifted its position in Arista Networks by 14.2% in the third quarter. Exchange Traded Concepts LLC now owns 15,652 shares of the technology company’s stock valued at $6,008,000 after buying an additional 1,948 shares during the last quarter. 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.