Why Arista Networks Stock Sank Today
Arista Networks (NYSE: ANET) stock lost ground in Wednesday's trading. The company's share price closed out the session down 6.2% in a day that saw the S 500 index slip 0.3% and the Nasdaq Composite index close out at roughly the same level as yesterday's finish.
Arista Networks stock lost ground today on the heels of a recent insider selling disclosure that was submitted to the Securities and Exchange Commission (SEC). The company's share price also saw bearish momentum in conjunction with 's recent earnings report and inflation data for January that came in hotter than expected.
Arista recently submitted a filing to the SEC that showed that Chief Technology Officer and Senior Vice President of Software Engineering Kenneth Duda had sold roughly $95 million worth of company stock on Feb. 6. While there are many reasons why an executive might move to sell shares, investors often have a negative reaction when insider selling occurs. On the other hand, Duda's recent stock sales actually look relatively modest compared to his overall Arista holdings.
Source Fool.com
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