AXS Investments LLC Trims Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

AXS Investments LLC reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 15.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,186 shares of the technology company’s stock after selling 1,696 shares during the quarter. AXS Investments LLC’s holdings in Arista Networks were worth $2,163,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in ANET. Rakuten Securities Inc. acquired a new stake in Arista Networks in the fourth quarter valued at approximately $35,000. Atticus Wealth Management LLC raised its position in shares of Arista Networks by 3,625.0% during the 4th quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock worth $35,000 after purchasing an additional 145 shares during the last quarter. Larson Financial Group LLC acquired a new position in Arista Networks in the 3rd quarter valued at $28,000. Sandy Spring Bank lifted its holdings in Arista Networks by 33.6% in the 4th quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock valued at $37,000 after purchasing an additional 39 shares in the last quarter. Finally, First Command Advisory Services Inc. acquired a new stake in Arista Networks during the 3rd quarter worth $29,000. Institutional investors and hedge funds own 82.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. UBS Group boosted their price objective on Arista Networks from $275.00 to $285.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 8th. Wells Fargo & Company raised their price objective on shares of Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research note on Wednesday, May 8th. Oppenheimer restated a “market perform” rating on shares of Arista Networks in a research note on Tuesday, February 13th. KeyCorp increased their price objective on Arista Networks from $306.00 to $349.00 and gave the company an “overweight” rating in a report on Wednesday, May 8th. Finally, The Goldman Sachs Group boosted their target price on Arista Networks from $313.00 to $356.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $295.22.

Arista Networks Price Performance

Shares of ANET stock traded down $15.08 during trading on Thursday, reaching $301.42. The company had a trading volume of 6,620,303 shares, compared to its average volume of 2,548,382. Arista Networks, Inc. has a one year low of $139.18 and a one year high of $329.04. The company has a market capitalization of $94.45 billion, a PE ratio of 41.95, a PEG ratio of 2.87 and a beta of 1.13. The firm’s 50 day simple moving average is $286.42 and its two-hundred day simple moving average is $260.16.

Arista Networks declared that its Board of Directors has initiated a stock buyback plan on Tuesday, May 7th that allows the company to repurchase $1.20 billion in shares. This repurchase authorization allows the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 14,416 shares of the business’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $326.03, for a total value of $4,700,048.48. Following the transaction, the senior vice president now owns 252,382 shares of the company’s stock, valued at $82,284,103.46. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, SVP Marc Taxay sold 11,650 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $286.28, for a total value of $3,335,162.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Kenneth Duda sold 14,416 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $326.03, for a total transaction of $4,700,048.48. Following the completion of the transaction, the senior vice president now directly owns 252,382 shares of the company’s stock, valued at approximately $82,284,103.46. The disclosure for this sale can be found here. Insiders have sold a total of 394,836 shares of company stock valued at $115,437,764 over the last quarter. 3.54% of the stock is owned by company insiders.

Arista Networks Company Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.