John F. McCool, the Chief Platform Officer at Arista Networks , Inc. (NYSE:ANET), recently sold shares of the company's common stock, according to a recent SEC filing. The transaction, executed on November 21, involved the sale of 1,585 shares at a weighted average price of $394.33, totaling approximately $625,008. This sale was conducted under a Rule 10b5-1 trading plan, which McCool adopted on September 8, 2023.
Following this transaction, McCool holds 72 shares indirectly through a family trust, where he serves as a co-trustee. The shares were sold in multiple transactions, with prices ranging from $394.29 to $394.63.
In other recent news, Arista Networks reported a strong financial performance for the third quarter of 2024. The company's revenue saw a 20% year-over-year increase, reaching $1.81 billion and surpassing forecasts. Non-GAAP earnings per share also experienced a significant rise, reaching a record $2.40, a 31.1% increase from the previous year. These results were driven by services, software support renewals, and international sales.
In terms of new developments, Arista Networks introduced new products and enhanced its 800-gigabit Ethernet offerings. The company is actively involved in AI trials and plans to expand its focus on AI-driven networking solutions. Looking forward, Arista Networks projects a revenue of approximately $8 billion for 2025, with a compound annual growth rate in the double digits from 2024 to 2026.
In related news, Citi reaffirmed its preference for Apple (NASDAQ:AAPL) and Arista Networks as leading shares in its coverage group. The firm cited a positive outlook on the networking equipment sector and updated its coverage rankings accordingly, with Apple and Arista Networks remaining top picks.
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