Alta Wealth Advisors LLC Reduces Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Alta Wealth Advisors LLC cut its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 7.3% during the 1st quarter, HoldingsChannel.com reports. The fund owned 5,233 shares of the technology company’s stock after selling 411 shares during the period. Alta Wealth Advisors LLC’s holdings in Arista Networks were worth $405,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Weaver Capital Management LLC raised its stake in shares of Arista Networks by 0.8% during the first quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company’s stock valued at $1,662,000 after purchasing an additional 162 shares during the period. First American Bank increased its stake in Arista Networks by 1.1% during the 1st quarter. First American Bank now owns 14,478 shares of the technology company’s stock worth $1,122,000 after buying an additional 164 shares during the period. ORG Partners LLC lifted its holdings in Arista Networks by 43.8% in the 1st quarter. ORG Partners LLC now owns 575 shares of the technology company’s stock worth $45,000 after buying an additional 175 shares in the last quarter. RMR Wealth Builders boosted its position in Arista Networks by 0.6% in the 1st quarter. RMR Wealth Builders now owns 30,642 shares of the technology company’s stock valued at $2,374,000 after buying an additional 180 shares during the last quarter. Finally, Fragasso Financial Advisors Inc boosted its position in Arista Networks by 4.4% in the 1st quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company’s stock valued at $360,000 after buying an additional 196 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Citigroup boosted their price target on Arista Networks from $97.00 to $112.00 and gave the stock a “buy” rating in a research note on Tuesday, May 13th. KGI Securities lowered Arista Networks to a “neutral” rating in a research report on Wednesday, May 7th. Piper Sandler reiterated a “neutral” rating and set a $89.00 target price (up from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Needham & Company LLC began coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued a “buy” rating on the stock. Finally, The Goldman Sachs Group decreased their price objective on shares of Arista Networks from $130.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Seven investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $109.33.

Arista Networks Stock Up 5.6%

Shares of NYSE:ANET opened at $101.71 on Friday. The company has a market cap of $127.74 billion, a PE ratio of 43.05, a P/E/G ratio of 2.82 and a beta of 1.37. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The firm has a 50-day simple moving average of $89.42 and a 200 day simple moving average of $95.70.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.59 by $0.06. The company had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business’s revenue was up 27.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.50 earnings per share. As a group, research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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

Insiders Place Their Bets

In related news, Director Kelly Bodnar Battles sold 1,492 shares of the stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the transaction, the director now directly owns 7,480 shares of the company’s stock, valued at $512,305.20. This represents a 16.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the sale, the director now directly owns 139,784 shares in the company, valued at $10,840,249.20. The trade was a 5.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 161,690 shares of company stock valued at $14,525,085 over the last three months. Company insiders own 3.39% of the company’s stock.

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.