Arista Networks (NYSE:ANET) Shares Gap Down Following Insider Selling

Shares of Arista Networks, Inc. (NYSE:ANET) gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $111.06, but opened at $104.50. Arista Networks shares last traded at $103.30, with a volume of 4,416,701 shares trading hands.

Specifically, Director Kelly Bodnar Battles sold 1,488 shares of Arista Networks stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $107.13, for a total transaction of $159,409.44. Following the completion of the sale, the director now directly owns 8,128 shares in the company, valued at $870,752.64. The trade was a 15.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ANET. Evercore ISI lifted their target price on shares of Arista Networks from $110.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. Needham & Company LLC reissued a “buy” rating and set a $145.00 price target on shares of Arista Networks in a research note on Wednesday. Wells Fargo & Company lifted their price target on shares of Arista Networks from $115.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday. Barclays lifted their price target on shares of Arista Networks from $125.00 to $126.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, The Goldman Sachs Group lifted their price target on shares of Arista Networks from $135.00 to $145.00 and gave the stock a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $113.79.

Arista Networks Price Performance

The firm’s 50 day moving average is $114.01 and its 200 day moving average is $101.55. The company has a market capitalization of $130.35 billion, a PE ratio of 46.61, a P/E/G ratio of 2.98 and a beta of 1.09.

Arista Networks (NYSE:ANET) last issued its earnings results on Tuesday, February 18th. The technology company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. The company had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.90 billion. Arista Networks had a net margin of 40.72% and a return on equity of 31.22%. As a group, analysts predict that Arista Networks, Inc. will post 2.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. MidAtlantic Capital Management Inc. purchased a new position in Arista Networks during the 3rd quarter valued at $44,000. HM Payson & Co. increased its position in Arista Networks by 28.2% during the 3rd quarter. HM Payson & Co. now owns 132 shares of the technology company’s stock valued at $51,000 after purchasing an additional 29 shares during the period. True Wealth Design LLC boosted its holdings in shares of Arista Networks by 2,133.3% during the 3rd quarter. True Wealth Design LLC now owns 134 shares of the technology company’s stock valued at $51,000 after buying an additional 128 shares in the last quarter. Anchor Investment Management LLC grew its position in shares of Arista Networks by 35.0% in the 3rd quarter. Anchor Investment Management LLC now owns 135 shares of the technology company’s stock worth $52,000 after buying an additional 35 shares during the period. Finally, Transcendent Capital Group LLC grew its position in shares of Arista Networks by 75.0% in the 3rd quarter. Transcendent Capital Group LLC now owns 175 shares of the technology company’s stock worth $67,000 after buying an additional 75 shares during the period. 82.47% of the stock is owned by hedge funds and other institutional investors.

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.