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

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

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

Wall Street Analyst Weigh In

ANET has been the topic of several recent research reports. The Goldman Sachs Group upped their price target on Arista Networks from $120.00 to $135.00 and gave the stock a “buy” rating in a report on Friday, January 17th. Morgan Stanley raised their target price on shares of Arista Networks from $102.50 to $118.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. UBS Group boosted their price target on shares of Arista Networks from $92.25 to $106.25 and gave the stock a “neutral” rating in a report on Friday, November 8th. Wells Fargo & Company raised their price objective on shares of Arista Networks from $97.50 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, October 30th. Finally, Evercore ISI boosted their target price on shares of Arista Networks from $110.00 to $130.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $105.83.

Arista Networks Stock Down 2.3 %

The company has a market cap 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 firm has a 50-day simple moving average of $113.57 and a 200 day simple moving average of $100.33.

Institutional Trading of Arista Networks

Large investors have recently bought and sold shares of the business. Valeo Financial Advisors LLC raised its holdings in shares of Arista Networks by 9.4% in the third 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 last quarter. Gateway Investment Advisers LLC increased its position in 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 acquiring an additional 144 shares during the period. Annex Advisory Services LLC raised its stake in Arista Networks by 11.6% during the 3rd quarter. Annex Advisory Services LLC now owns 906 shares of the technology company’s stock valued at $348,000 after acquiring an additional 94 shares during the last quarter. Carnegie Investment Counsel lifted its position in Arista Networks by 117.9% during the 3rd quarter. Carnegie Investment Counsel now owns 7,908 shares of the technology company’s stock worth $3,035,000 after acquiring an additional 4,278 shares during the period. Finally, Exchange Traded Concepts LLC grew its stake in shares of Arista Networks by 14.2% in the 3rd quarter. Exchange Traded Concepts LLC now owns 15,652 shares of the technology company’s stock valued at $6,008,000 after purchasing 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.