Independent Advisor Alliance Lowers Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Independent Advisor Alliance reduced its stake in Arista Networks, Inc. (NYSE:ANET) by 3.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 104,925 shares of the technology company’s stock after selling 4,032 shares during the quarter. Independent Advisor Alliance’s holdings in Arista Networks were worth $8,130,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Clearstead Trust LLC raised its holdings in Arista Networks by 5.1% during the first quarter. Clearstead Trust LLC now owns 2,455 shares of the technology company’s stock worth $190,000 after purchasing an additional 119 shares during the last quarter. Pier 88 Investment Partners LLC increased its position in Arista Networks by 1.5% during the first quarter. Pier 88 Investment Partners LLC now owns 7,960 shares of the technology company’s stock worth $617,000 after buying an additional 120 shares in the last quarter. Optimum Investment Advisors increased its position in Arista Networks by 31.3% during the first quarter. Optimum Investment Advisors now owns 525 shares of the technology company’s stock worth $41,000 after buying an additional 125 shares in the last quarter. PFG Advisors increased its position in Arista Networks by 2.7% during the first quarter. PFG Advisors now owns 5,061 shares of the technology company’s stock worth $392,000 after buying an additional 131 shares in the last quarter. Finally, Harbour Investments Inc. increased its position in Arista Networks by 9.4% during the first quarter. Harbour Investments Inc. now owns 1,624 shares of the technology company’s stock worth $126,000 after buying an additional 139 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. raised their price target on Arista Networks from $130.00 to $150.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 6th. Barclays reissued an “overweight” rating and set a $151.00 price target (up previously from $119.00) on shares of Arista Networks in a research report on Thursday. Erste Group Bank raised Arista Networks from a “hold” rating to a “buy” rating in a research report on Wednesday, July 23rd. Citigroup raised their price target on Arista Networks from $123.00 to $136.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Finally, The Goldman Sachs Group lifted their price objective on Arista Networks from $115.00 to $155.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Arista Networks currently has an average rating of “Moderate Buy” and an average price target of $138.07.

Insider Transactions at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 1,785,165 shares of the business’s stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $136.22, for a total transaction of $243,175,176.30. Following the transaction, the chief executive officer owned 5,698,074 shares in the company, valued at $776,191,640.28. The trade was a 23.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Kenneth Duda sold 30,000 shares of the business’s stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $111.19, for a total value of $3,335,700.00. Following the transaction, the senior vice president owned 12,976 shares in the company, valued at approximately $1,442,801.44. This represents a 69.81% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,228,907 shares of company stock worth $638,699,061. 3.54% of the stock is currently owned by insiders.

Arista Networks Trading Down 0.1%

ANET stock opened at $139.15 on Monday. The stock has a 50-day moving average price of $105.60 and a two-hundred day moving average price of $95.06. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $141.01. The company has a market cap of $174.89 billion, a PE ratio of 54.73, a price-to-earnings-growth ratio of 3.47 and a beta of 1.37.

Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Tuesday, August 5th. The technology company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.08. Arista Networks had a return on equity of 31.05% and a net margin of 40.90%. The firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.11 billion. During the same quarter in the previous year, the business earned $0.53 earnings per share. The firm’s quarterly revenue was up 30.4% compared to the same quarter last year. Equities 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 buyback program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.