Arista Networks, Inc. (NYSE:ANET) Director Yvonne Wassenaar Sells 223 Shares

Arista Networks, Inc. (NYSE:ANETGet Free Report) Director Yvonne Wassenaar sold 223 shares of the business’s stock in a transaction dated Tuesday, May 21st. The stock was sold at an average price of $316.34, for a total transaction of $70,543.82. Following the completion of the transaction, the director now directly owns 2,976 shares of the company’s stock, valued at $941,427.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Arista Networks Price Performance

NYSE ANET traded down $15.08 on Thursday, hitting $301.42. 6,620,220 shares of the stock were exchanged, compared to its average volume of 2,554,975. The business’s fifty day moving average is $286.42 and its 200 day moving average is $260.16. Arista Networks, Inc. has a 52 week low of $139.18 and a 52 week high of $329.04. The company has a market capitalization of $94.45 billion, a PE ratio of 41.95, a P/E/G ratio of 2.87 and a beta of 1.13.

Arista Networks declared that its Board of Directors has authorized a stock buyback plan on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Arista Networks

Several large investors have recently modified their holdings of the stock. Koesten Hirschmann & Crabtree INC. bought a new position in shares of Arista Networks in the first quarter valued at about $42,000. Atria Investments Inc increased its position in Arista Networks by 9.5% during the first quarter. Atria Investments Inc now owns 13,786 shares of the technology company’s stock worth $3,998,000 after acquiring an additional 1,196 shares during the period. Swedbank AB bought a new position in Arista Networks during the first quarter worth about $521,767,000. Virtu Financial LLC bought a new position in Arista Networks during the first quarter worth about $3,403,000. Finally, Plato Investment Management Ltd increased its position in Arista Networks by 5,204.0% during the first quarter. Plato Investment Management Ltd now owns 5,357 shares of the technology company’s stock worth $1,553,000 after acquiring an additional 5,256 shares during the period. 82.47% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. upped their target price on shares of Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Evercore ISI upped their price target on shares of Arista Networks from $320.00 to $340.00 and gave the company an “outperform” rating in a report on Monday. Piper Sandler upped their price target on shares of Arista Networks from $268.00 to $302.00 and gave the company a “neutral” rating in a report on Wednesday, May 8th. Barclays upped their price target on shares of Arista Networks from $311.00 to $320.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. Finally, The Goldman Sachs Group upped their price target on shares of Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $295.22.

Read Our Latest Report on Arista Networks

Arista Networks Company Profile

(Get Free Report)

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.

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