Arista Networks, Inc. (NYSE:ANET) Director Charles H. Giancarlo Sells 2,000 Shares

Posted by Defense World Staff on Jun 6th, 2023

Arista Networks, Inc. (NYSE:ANET – Get Rating) Director Charles H. Giancarlo sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $166.40, for a total value of $332,800.00. Following the completion of the sale, the director now owns 78,946 shares in the company, valued at approximately $13,136,614.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Arista Networks Trading Up 0.1 %

Shares of Arista Networks stock opened at $162.63 on Tuesday. Arista Networks, Inc. has a 1-year low of $89.11 and a 1-year high of $178.36. The firm’s 50-day moving average price is $154.25 and its two-hundred day moving average price is $140.51. The stock has a market capitalization of $50.14 billion, a price-to-earnings ratio of 33.88, a P/E/G ratio of 2.07 and a beta of 1.27.

Arista Networks (NYSE:ANET – Get Rating) last released its earnings results on Monday, May 1st. The technology company reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.09. The firm had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.31 billion. Arista Networks had a net margin of 31.24% and a return on equity of 31.33%. The business’s quarterly revenue was up 54.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.78 EPS. As a group, equities research analysts predict that Arista Networks, Inc. will post 5.22 EPS for the current year.

Institutional Investors Weigh In On Arista Networks

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Trifecta Capital Advisors LLC acquired a new position in Arista Networks in the 4th quarter valued at about $27,000. Hollencrest Capital Management bought a new position in Arista Networks in the 1st quarter valued at approximately $30,000. TFC Financial Management Inc. raised its stake in shares of Arista Networks by 131.0% during the first quarter. TFC Financial Management Inc. now owns 194 shares of the technology company’s stock valued at $33,000 after acquiring an additional 110 shares during the last quarter. TCI Wealth Advisors Inc. raised its stake in shares of Arista Networks by 126.7% during the fourth quarter. TCI Wealth Advisors Inc. now owns 297 shares of the technology company’s stock valued at $36,000 after acquiring an additional 166 shares during the last quarter. Finally, Close Asset Management Ltd acquired a new stake in shares of Arista Networks during the first quarter worth $43,000. 64.30% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on ANET shares. Wells Fargo & Company increased their price target on Arista Networks from $170.00 to $200.00 and gave the stock an “overweight” rating in a research note on Wednesday, March 22nd. JPMorgan Chase & Co. increased their price target on Arista Networks from $175.00 to $195.00 and gave the company an “overweight” rating in a report on Wednesday, April 19th. Needham & Company LLC raised their target price on Arista Networks from $155.00 to $165.00 and gave the company a “buy” rating in a research note on Tuesday, February 14th. The Goldman Sachs Group lifted their price target on Arista Networks from $170.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday, April 5th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $175.00 target price on shares of Arista Networks in a report on Wednesday, April 5th. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $173.85.

About Arista Networks

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Arista Networks, Inc engages in the business of developing, marketing, and selling cloud networking solutions. The firm is also involved in switching and routing platforms and related network applications. The company was founded by Andreas Bechtolsheim, David Cheriton, and Kenneth Duda in November 2004 and is headquartered in Santa Clara, CA.