Charles Giancarlo Sells 8,000 Shares of Arista Networks (NYSE:ANET) Stock

Arista Networks, Inc. (NYSE:ANET) Director Charles Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $128.67, for a total transaction of $1,029,360.00. Following the completion of the sale, the director directly owned 1,784 shares in the company, valued at $229,547.28. This represents a 81.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Arista Networks Stock Up 3.2%

ANET opened at $139.16 on Friday. The firm’s fifty day simple moving average is $134.43 and its two-hundred day simple moving average is $137.19. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $164.94. The company has a market cap of $174.86 billion, a price-to-earnings ratio of 50.42, a PEG ratio of 2.39 and a beta of 1.46.

Arista Networks (NYSE:ANET) last released its quarterly earnings results on Thursday, February 12th. The technology company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.07. The firm had revenue of $2.49 billion during the quarter, compared to the consensus estimate of $2.38 billion. Arista Networks had a net margin of 38.99% and a return on equity of 30.37%. The company’s revenue for the quarter was up 28.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.66 EPS. On average, research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ANET. Wells Fargo & Company lifted their price target on Arista Networks from $175.00 to $185.00 and gave the stock an “overweight” rating in a research note on Friday, February 13th. Barclays restated an “overweight” rating and issued a $184.00 price objective (up from $183.00) on shares of Arista Networks in a report on Friday, February 13th. Evercore reaffirmed an “outperform” rating and set a $200.00 target price on shares of Arista Networks in a report on Friday, February 13th. Piper Sandler reiterated an “overweight” rating and issued a $175.00 target price (up from $159.00) on shares of Arista Networks in a research report on Friday, February 13th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Arista Networks in a research report on Monday, December 29th. Seventeen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $176.88.

Institutional Investors Weigh In On Arista Networks

A number of hedge funds have recently modified their holdings of the company. Pure Financial Advisors LLC increased its position in Arista Networks by 30.7% during the fourth quarter. Pure Financial Advisors LLC now owns 5,665 shares of the technology company’s stock worth $742,000 after purchasing an additional 1,332 shares during the last quarter. SHP Wealth Management purchased a new stake in shares of Arista Networks in the 4th quarter valued at approximately $110,000. Reflection Asset Management purchased a new stake in shares of Arista Networks in the 4th quarter valued at approximately $1,286,000. Sankala Group LLC acquired a new stake in shares of Arista Networks during the 4th quarter worth approximately $27,000. Finally, Clearwave Capital LLC purchased a new stake in shares of Arista Networks during the 4th quarter valued at approximately $2,557,000. Hedge funds and other institutional investors own 82.47% of the company’s stock.

About Arista Networks

Arista Networks, Inc is a technology company that designs and sells cloud networking solutions for large-scale data centers and enterprise environments. The company is best known for its high-performance switching and routing platforms, which are used to build scalable, low-latency networks for cloud service providers, internet companies, financial services, telecommunications, and enterprise IT. Arista’s offerings emphasize programmability, automation and telemetry to support modern, software-driven network architectures.

Central to Arista’s product portfolio is its Extensible Operating System (EOS), a modular network operating system that provides consistent programmability, stateful control and advanced visibility across the company’s hardware platforms.