Insider Selling: Keerti Melkote Sells 54,000 Shares of Aruba Networks Stock (ARUN)
Aruba Networks (NASDAQ:ARUN) Insider Keerti Melkote sold 54,000 shares of Aruba Networks stock on the open market in a transaction dated Wednesday, August 20th. The shares were sold at an average price of $20.06, for a total value of $1,083,240.00. Following the sale, the insider now directly owns 77,688 shares in the company, valued at approximately $1,558,421. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Aruba Networks (NASDAQ:ARUN) traded up 0.85% during mid-day trading on Thursday, hitting $20.17. The stock had a trading volume of 1,098,644 shares. Aruba Networks has a 52 week low of $15.97 and a 52 week high of $23.58. The stock’s 50-day moving average is $17.99 and its 200-day moving average is $19.00. The company’s market cap is $2.193 billion.
A number of analysts have recently weighed in on ARUN shares. Analysts at Stifel Nicolaus upgraded shares of Aruba Networks from a “hold” rating to a “buy” rating in a research note on Thursday, August 14th. They now have a $24.00 price target on the stock. Separately, analysts at Buckingham Research initiated coverage on shares of Aruba Networks in a research note on Wednesday, July 16th. They set a “neutral” rating and a $19.00 price target on the stock. Finally, analysts at Macquarie upgraded shares of Aruba Networks from a “neutral” rating to an “outperform” rating in a research note on Monday, July 14th. They now have a $24.00 price target on the stock, up previously from $22.00. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and fourteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $27.76.
Aruba Networks, Inc, is a provider of next-generation network access solutions for mobile enterprise networks.
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