Key Points
- Major shareholder Andreas Bechtolsheim sold 267,892 Arista Networks shares for about $45.9 million at an average price of $171.19. The sale was made under a pre-arranged Rule 10b5-1 plan; he still owned roughly 180.3 million shares afterward.
- Arista reported quarterly earnings of $1.20 per share, beating the $1.08 consensus, and revenue of $3.66 billion, above estimates and up 58.5% year over year.
- Analysts maintained a broadly positive view, with a consensus “Buy” rating and a $232.95 price target. Reports cited strong demand and guidance, while also flagging margin pressure and a potentially slower growth pace.
Arista Networks, Inc. (NYSE:ANET - Get Free Report) major shareholder Andreas Bechtolsheim sold 267,892 shares of Arista Networks stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $171.19, for a total value of $45,860,431.48. Following the completion of the sale, the insider owned 180,275,156 shares of the company's stock, valued at approximately $30,861,303,955.64. The trade was a 0.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Major shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.
Andreas Bechtolsheim also recently made the following trade(s):
- On Thursday, September 17th, Andreas Bechtolsheim sold 300,000 shares of Arista Networks stock. The stock was sold at an average price of $198.95, for a total value of $59,685,000.00.
- On Thursday, August 27th, Andreas Bechtolsheim sold 300,000 shares of Arista Networks stock. The shares were sold at an average price of $202.60, for a total transaction of $60,780,000.00.
- On Thursday, August 6th, Andreas Bechtolsheim sold 111,848 shares of Arista Networks stock. The shares were sold at an average price of $192.75, for a total transaction of $21,558,702.00.
- On Wednesday, August 5th, Andreas Bechtolsheim sold 300,000 shares of Arista Networks stock. The shares were sold at an average price of $203.30, for a total transaction of $60,990,000.00.
Arista Networks Trading Up 3.3%
Shares of NYSE ANET opened at $169.58 on Wednesday. Arista Networks, Inc. has a 1 year low of $114.52 and a 1 year high of $217.41. The firm's 50-day moving average is $194.30 and its 200-day moving average is $165.10. The firm has a market capitalization of $213.88 billion, a PE ratio of 53.49, a price-to-earnings-growth ratio of 1.91 and a beta of 1.61.
Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results on Tuesday, November 3rd. The technology company reported $1.20 earnings per share for the quarter, topping analysts' consensus estimates of $1.08 by $0.12. The business had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.33 billion. Arista Networks had a net margin of 38.37% and a return on equity of 30.65%. Arista Networks's revenue for the quarter was up 58.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.75 earnings per share. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 3.79 earnings per share for the current fiscal year.
Key Arista Networks News
Here are the key news stories impacting Arista Networks this week:
Institutional Trading of Arista Networks
Several hedge funds have recently added to or reduced their stakes in ANET. Davidson Trust Co. acquired a new position in shares of Arista Networks in the 3rd quarter valued at approximately $3,512,000. Deutsche Bank AG lifted its stake in Arista Networks by 4.3% in the second quarter. Deutsche Bank AG now owns 9,357,496 shares of the technology company's stock valued at $1,589,651,000 after buying an additional 388,354 shares in the last quarter. Ferguson Wellman Capital Management Inc. boosted its holdings in shares of Arista Networks by 2,827.9% in the third quarter. Ferguson Wellman Capital Management Inc. now owns 52,381 shares of the technology company's stock valued at $10,664,000 after buying an additional 50,592 shares during the period. First National Bank of Mount Dora Trust Investment Services acquired a new position in shares of Arista Networks in the first quarter valued at approximately $5,279,000. Finally, Whitaker Myers Wealth Managers LTD. increased its position in shares of Arista Networks by 564.1% during the second quarter. Whitaker Myers Wealth Managers LTD. now owns 16,847 shares of the technology company's stock worth $2,862,000 after acquiring an additional 14,310 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.
Analyst Ratings Changes
Several brokerages have commented on ANET. TD Cowen dropped their target price on shares of Arista Networks from $250.00 to $205.00 and set a "buy" rating for the company in a research report on Monday, October 19th. Wells Fargo & Company set a $250.00 price target on Arista Networks in a research note on Monday. Jefferies Financial Group set a $250.00 price target on Arista Networks in a research report on Wednesday, August 5th. Weiss Ratings raised Arista Networks from a "hold (c+)" rating to a "buy (b)" rating in a research note on Wednesday, October 21st. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $240.00 price objective (up from $181.00) on shares of Arista Networks in a research note on Wednesday, August 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, Arista Networks currently has a consensus rating of "Buy" and a consensus price target of $232.95.
Read Our Latest Analysis on ANET
About Arista Networks
(
Get Free Report)
Arista Networks, Inc develops and sells cloud networking solutions for data centers, cloud service providers, enterprises and specialized computing environments. The company's products are designed to support high-performance, scalable and automated networks used for cloud computing, artificial intelligence, data analytics and other demanding applications.
Arista's portfolio includes data center and campus switches, routing platforms, wireless networking products, network operating software and network management tools.
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