Kenneth Duda, President and Chief Technology Officer of Arista Networks, sold approximately $8.03 million in company shares on August 20, executed under a pre-arranged trading plan established on March 11.
The transactions included the sale of 17,385 common shares for roughly $3.21 million at prices ranging from $184.33 to $186.97 per share. Additional sales via a trust for Duda’s children generated $2.97 million from 10,999 shares, while a 501(c) foundation sold 9,000 shares for $1.85 million at the same price range. Duda disclaimed beneficial ownership for the trust transactions.
On the same day, Duda acquired 17,333 shares by exercising non-qualified stock options at costs between $14.15 and $15.28 per share, totaling about $260,273. A family trust also received 30,926 shares through the vesting of restricted stock units at no cost, while 15,541 shares were withheld to cover tax obligations on the RSU vesting at $186.45 per share, amounting to $2.90 million.
Arista Networks reported quarterly revenue of $3.04 billion in its latest results, exceeding $3 billion for the first time, with earnings per share of $1.02, surpassing expectations of $0.88. The company’s market capitalization stands at $237.93 billion, with a trailing twelve-month revenue increase of 33%, according to BofA Securities.
Wall Street firms have raised price targets on Arista Networks following the strong performance. UBS increased its target to $259, Evercore ISI to $250, TD Cowen to $250, and BofA Securities to $240. InvestingPro analysis, however, flags the stock as overvalued relative to its fair value estimate.
Duda’s remaining direct holdings total 12,976 shares, while indirect ownership includes 1.02 million shares held in the children’s trust, 452,400 in the foundation, and additional holdings across other trusts.
