Arista Networks (ANET) Shares Down 8.4% After Insider Selling

Arista Networks, Inc. (NYSE:ANET) shares traded down 8.4% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $208.62 and last traded at $209.48. 2,586,600 shares traded hands during mid-day trading, an increase of 211% from the average session volume of 832,226 shares. The stock had previously closed at $228.65.

Specifically, insider Andreas Bechtolsheim sold 39,680 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The shares were sold at an average price of $241.92, for a total value of $9,599,385.60. Following the completion of the sale, the insider now owns 73,102 shares in the company, valued at approximately $17,684,835.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Marc Taxay sold 2,000 shares of the firm’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $230.09, for a total transaction of $460,180.00. Following the completion of the sale, the senior vice president now owns 12,335 shares of the company’s stock, valued at approximately $2,838,160.15. The disclosure for this sale can be found here. Insiders sold a total of 495,012 shares of company stock valued at $111,840,635 in the last 90 days. Company insiders own 28.09% of the company’s stock.

A number of brokerages recently weighed in on ANET. Bank of America lifted their price objective on shares of Arista Networks from $210.00 to $250.00 and gave the company a “neutral” rating in a report on Wednesday, November 29th. Citigroup lifted their price objective on shares of Arista Networks to $250.00 and gave the company a “buy” rating in a report on Friday, December 1st. Deutsche Bank reiterated a “buy” rating and set a $250.00 price objective on shares of Arista Networks in a report on Friday, December 1st. Wells Fargo & Company began coverage on shares of Arista Networks in a report on Tuesday, November 14th. They set a “market perform” rating and a $235.00 price objective for the company. Finally, Needham & Company LLC lifted their price objective on shares of Arista Networks from $217.00 to $230.00 and gave the company a “buy” rating in a report on Thursday, November 16th. Sixteen investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $192.55.

The company has a quick ratio of 3.07, a current ratio of 3.66 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $16,714.46, a PE ratio of 54.96, a PEG ratio of 2.08 and a beta of 1.38.

Several institutional investors have recently modified their holdings of the company. D.A. Davidson & CO. grew its position in shares of Arista Networks by 3.2% in the 2nd quarter. D.A. Davidson & CO. now owns 982 shares of the technology company’s stock worth $147,000 after buying an additional 30 shares during the last quarter. PNC Financial Services Group Inc. grew its position in shares of Arista Networks by 20.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock worth $111,000 after buying an additional 126 shares during the last quarter. M&T Bank Corp grew its position in shares of Arista Networks by 6.4% in the 2nd quarter. M&T Bank Corp now owns 2,315 shares of the technology company’s stock worth $347,000 after buying an additional 140 shares during the last quarter. Affinity Wealth Management grew its position in shares of Arista Networks by 11.6% in the 2nd quarter. Affinity Wealth Management now owns 2,158 shares of the technology company’s stock worth $323,000 after buying an additional 224 shares during the last quarter. Finally, Oppenheimer & Co. Inc. grew its position in shares of Arista Networks by 13.9% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 2,105 shares of the technology company’s stock worth $315,000 after buying an additional 257 shares during the last quarter. 58.20% of the stock is currently owned by hedge funds and other institutional investors.

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About Arista Networks

Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.

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