Arista Networks (NYSE:ANET) Stock Price Down 1.7% on Insider Selling

Shares of Arista Networks, Inc. (NYSE:ANET - Get Free Report) were down 1.7% 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 traded 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 on Thursday, February 6th. The stock was sold at an average price of $115.61, for a total transaction of $9,248,800.00. Following the sale, 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $112.02, for a total value of $896,160.00. Following the sale, the director now directly owns 155,784 shares in the company, valued at $17,450,923.68. The trade was a 4.88 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

ANET has been the subject of a number of research reports. Barclays lowered their target price on Arista Networks from $495.00 to $125.00 and set an "overweight" rating for the company in a report on Wednesday, December 4th. Piper Sandler reiterated a "neutral" rating and set a $105.25 target price (up previously from $86.25) on shares of Arista Networks in a report on Friday, November 8th. Morgan Stanley increased their target price on Arista Networks from $102.50 to $118.00 and gave the stock an "overweight" rating in a report on Tuesday, December 17th. Evercore ISI increased their target price on Arista Networks from $110.00 to $130.00 and gave the stock an "outperform" rating in a report on Friday, January 17th. Finally, Wells Fargo & Company increased their target price on Arista Networks from $97.50 to $115.00 and gave the stock an "overweight" rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $107.59.

Arista Networks Trading Down 2.8 %

The firm has a market capitalization of $134.35 billion, a price-to-earnings ratio of 51.27, a P/E/G ratio of 3.10 and a beta of 1.09. The company's 50 day moving average is $113.97 and its 200-day moving average is $100.72.

Institutional Investors Weigh In On Arista Networks

Several hedge funds have recently bought and sold shares of the stock. Zions Bancorporation N.A. lifted its position in Arista Networks by 6.9% during the third quarter. Zions Bancorporation N.A. now owns 417 shares of the technology company's stock worth $160,000 after acquiring an additional 27 shares during the last quarter. Intellectus Partners LLC lifted its position in Arista Networks by 1.4% during the third quarter. Intellectus Partners LLC now owns 1,927 shares of the technology company's stock worth $740,000 after acquiring an additional 27 shares during the last quarter. Altman Advisors Inc. lifted its position in Arista Networks by 0.5% during the third quarter. Altman Advisors Inc. now owns 5,862 shares of the technology company's stock worth $2,250,000 after acquiring an additional 28 shares during the last quarter. HM Payson & Co. lifted its position in Arista Networks by 28.2% during the third quarter. HM Payson & Co. now owns 132 shares of the technology company's stock worth $51,000 after acquiring an additional 29 shares during the last quarter. Finally, Beacon Financial Advisory LLC lifted its position in Arista Networks by 4.9% during the third quarter. Beacon Financial Advisory LLC now owns 640 shares of the technology company's stock worth $246,000 after acquiring an additional 30 shares during the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

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.