Insider Selling: Arista Networks, Inc. (NYSE:ANET) Director Sells 223 Shares of Stock

Arista Networks, Inc. (NYSE:ANET) Director Yvonne Wassenaar sold 223 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total transaction of $70,543.82. Following the sale, the director now owns 2,976 shares in the company, valued at $941,427.84. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Arista Networks Stock Performance

Shares of ANET stock opened at $306.55 on Friday. Arista Networks, Inc. has a 52-week low of $148.32 and a 52-week high of $329.04. The stock has a market cap of $96.06 billion, a price-to-earnings ratio of 42.69, a PEG ratio of 2.73 and a beta of 1.13. The firm’s 50-day moving average is $287.34 and its 200-day moving average is $261.43.

Arista Networks announced that its board has initiated a stock repurchase plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of research analyst reports. KeyCorp upped their target price on shares of Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 8th. Piper Sandler increased their price objective on Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a report on Wednesday, May 8th. Oppenheimer restated a “market perform” rating on shares of Arista Networks in a research note on Tuesday, February 13th. Rosenblatt Securities reaffirmed a “sell” rating and set a $210.00 price target on shares of Arista Networks in a research note on Friday, April 12th. Finally, Evercore ISI boosted their price objective on shares of Arista Networks from $320.00 to $340.00 and gave the stock an “outperform” rating in a research report on Monday, May 20th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $295.22.

Institutional Trading of Arista Networks

A number of hedge funds have recently made changes to their positions in ANET. Benjamin Edwards Inc. acquired a new stake in shares of Arista Networks during the 1st quarter worth about $26,000. Financial Synergies Wealth Advisors Inc. lifted its position in Arista Networks by 872.7% during the first quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after acquiring an additional 96 shares during the last quarter. Alaska Permanent Fund Corp bought a new stake in shares of Arista Networks during the first quarter worth approximately $37,000. Riverview Trust Co acquired a new position in shares of Arista Networks in the first quarter valued at approximately $40,000. Finally, Koesten Hirschmann & Crabtree INC. acquired a new position in shares of Arista Networks in the first quarter valued at approximately $42,000. 82.47% of the stock is owned by institutional investors and hedge funds.

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.