Arista Networks, Inc. (NYSE:ANET) Stake Trimmed by Integrated Advisors Network LLC

Integrated Advisors Network LLC reduced its position in Arista Networks, Inc. (NYSE:ANET) by 59.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,845 shares of the technology company’s stock after selling 10,031 shares during the period. Integrated Advisors Network LLC’s holdings in Arista Networks were worth $530,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in ANET. DSG Capital Advisors LLC acquired a new stake in Arista Networks during the 4th quarter worth about $5,984,000. Ibex Wealth Advisors increased its stake in Arista Networks by 14.4% in the 1st quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company’s stock valued at $4,501,000 after buying an additional 7,329 shares during the period. GHE LLC lifted its position in Arista Networks by 319.0% in the 4th quarter. GHE LLC now owns 28,368 shares of the technology company’s stock worth $3,136,000 after buying an additional 21,597 shares in the last quarter. Colonial River Investments LLC boosted its stake in shares of Arista Networks by 327.6% during the 4th quarter. Colonial River Investments LLC now owns 9,745 shares of the technology company’s stock valued at $1,077,000 after buying an additional 7,466 shares during the period. Finally, Unified Investment Management purchased a new position in shares of Arista Networks during the 4th quarter valued at $630,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Arista Networks Stock Down 3.6%

ANET opened at $92.28 on Friday. The firm has a market capitalization of $115.89 billion, a P/E ratio of 41.57, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37. The stock’s 50 day moving average price is $85.82 and its two-hundred day moving average price is $96.39. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58.

Arista Networks (NYSE:ANET) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $2 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same period in the prior year, the business earned $0.50 earnings per share. Arista Networks’s revenue for the quarter was up 27.6% compared to the same quarter last year. As a group, analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its board has authorized a share repurchase plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

ANET has been the subject of a number of research reports. Wells Fargo & Company reissued an “overweight” rating on shares of Arista Networks in a research report on Monday, March 3rd. JPMorgan Chase & Co. lowered their price target on Arista Networks from $140.00 to $110.00 and set an “overweight” rating for the company in a research note on Thursday, April 17th. Morgan Stanley increased their price objective on Arista Networks from $73.00 to $100.00 and gave the stock an “overweight” rating in a report on Thursday, May 1st. BNP Paribas Exane cut shares of Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 target price for the company. in a research note on Wednesday. Finally, Barclays decreased their target price on shares of Arista Networks from $126.00 to $119.00 and set an “overweight” rating for the company in a research report on Thursday, May 8th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $107.38.

Insider Transactions at Arista Networks

In related news, SVP Kenneth Duda sold 80,000 shares of the firm’s stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares of the company’s stock, valued at $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the transaction, the director now owns 139,784 shares of the company’s stock, valued at approximately $10,840,249.20. This represents a 5.41% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,690 shares of company stock worth $9,360,205. 3.39% of the stock is currently owned by company insiders.

About Arista Networks

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.