Ita M. Brennan Sells 5,000 Shares of Arista Networks, Inc. (ANET) Stock
Arista Networks, Inc. (NYSE:ANET) insider Ita M. Brennan sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $175.00, for a total value of $875,000.00. Following the completion of the sale, the insider now directly owns 21,079 shares in the company, valued at $3,688,825. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Arista Networks, Inc. (NYSE:ANET) opened at 173.51 on Thursday. The firm has a market cap of $12.58 billion, a PE ratio of 44.78 and a beta of 1.33. Arista Networks, Inc. has a 1-year low of $77.00 and a 1-year high of $176.50. The company’s 50-day moving average price is $159.39 and its 200 day moving average price is $141.48.
Arista Networks (NYSE:ANET) last announced its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.15. Arista Networks had a return on equity of 22.64% and a net margin of 21.74%. The business had revenue of $405.21 million during the quarter, compared to analyst estimates of $361.02 million. During the same quarter in the previous year, the business earned $0.74 earnings per share. The company’s revenue for the quarter was up 50.8% compared to the same quarter last year. On average, analysts predict that Arista Networks, Inc. will post $4.69 EPS for the current year.
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Several hedge funds and other institutional investors have recently made changes to their positions in ANET. Janus Capital Management LLC raised its position in shares of Arista Networks by 115.5% in the first quarter. Janus Capital Management LLC now owns 35,749 shares of the technology company’s stock valued at $4,728,000 after buying an additional 19,160 shares during the period. California Public Employees Retirement System increased its stake in Arista Networks by 154.9% in the first quarter. California Public Employees Retirement System now owns 90,500 shares of the technology company’s stock valued at $11,970,000 after buying an additional 55,000 shares in the last quarter. Swiss National Bank increased its stake in Arista Networks by 0.9% in the first quarter. Swiss National Bank now owns 75,200 shares of the technology company’s stock valued at $9,947,000 after buying an additional 700 shares in the last quarter. Credit Suisse AG increased its stake in Arista Networks by 1.4% in the first quarter. Credit Suisse AG now owns 62,634 shares of the technology company’s stock valued at $8,285,000 after buying an additional 859 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. bought a new stake in Arista Networks during the second quarter valued at $333,000. Institutional investors and hedge funds own 60.83% of the company’s stock.
ANET has been the topic of several research analyst reports. Credit Suisse Group lowered Arista Networks from an “outperform” rating to a “neutral” rating and set a $140.00 price objective on the stock. in a research note on Thursday, April 27th. They noted that the move was a valuation call. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $115.00 price objective on shares of Arista Networks in a research note on Tuesday, May 2nd. Barclays PLC raised their price objective on Arista Networks from $148.00 to $159.00 and gave the company an “overweight” rating in a research note on Tuesday, May 2nd. Oppenheimer Holdings, Inc. set a $160.00 price objective on Arista Networks and gave the company a “buy” rating in a research note on Thursday, May 4th. Finally, Cowen and Company raised their price objective on Arista Networks from $123.00 to $145.00 and gave the company an “outperform” rating in a research note on Friday, May 5th. Sixteen equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $154.40.
About Arista Networks
Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.
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