Benjamin F. Edwards & Company Inc. Has $453,000 Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Benjamin F. Edwards & Company Inc. cut its holdings in shares of Arista Networks, Inc. (NYSE:ANET) by 69.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,920 shares of the technology company’s stock after selling 4,388 shares during the period. Benjamin F. Edwards & Company Inc.’s holdings in Arista Networks were worth $453,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ANET. Raymond James Financial Services Advisors Inc. boosted its position in Arista Networks by 16.1% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 21,642 shares of the technology company’s stock worth $3,981,000 after buying an additional 3,005 shares during the period. Chicago Partners Investment Group LLC lifted its position in shares of Arista Networks by 4.3% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,532 shares of the technology company’s stock worth $472,000 after purchasing an additional 104 shares during the period. Advisor Partners II LLC lifted its position in shares of Arista Networks by 1.2% in the 3rd quarter. Advisor Partners II LLC now owns 10,265 shares of the technology company’s stock worth $1,888,000 after purchasing an additional 118 shares during the period. Graypoint LLC lifted its position in shares of Arista Networks by 6.6% in the 3rd quarter. Graypoint LLC now owns 1,485 shares of the technology company’s stock worth $273,000 after purchasing an additional 92 shares during the period. Finally, TIAA Trust National Association acquired a new position in shares of Arista Networks in the 3rd quarter worth approximately $13,406,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of NYSE:ANET opened at $291.67 on Thursday. The company’s 50-day moving average is $279.22 and its 200 day moving average is $251.25. The company has a market capitalization of $91.19 billion, a P/E ratio of 44.39, a price-to-earnings-growth ratio of 2.33 and a beta of 1.13. Arista Networks, Inc. has a fifty-two week low of $133.42 and a fifty-two week high of $307.74.

Arista Networks (NYSE:ANET) last issued its quarterly earnings results on Monday, February 12th. The technology company reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.38. The company had revenue of $1.54 billion for the quarter, compared to the consensus estimate of $1.53 billion. Arista Networks had a net margin of 35.62% and a return on equity of 31.44%. The firm’s quarterly revenue was up 20.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.25 EPS. As a group, research analysts predict that Arista Networks, Inc. will post 6.74 earnings per share for the current year.

Arista Networks declared that its board has authorized a stock buyback program on Tuesday, May 7th that authorizes the company to repurchase $1.20 billion in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on ANET shares. KeyCorp boosted their price target on shares of Arista Networks from $306.00 to $349.00 and gave the stock an “overweight” rating in a research report on Wednesday. Piper Sandler boosted their price target on shares of Arista Networks from $268.00 to $302.00 and gave the stock a “neutral” rating in a research report on Wednesday. Evercore ISI restated an “outperform” rating and issued a $300.00 price target on shares of Arista Networks in a research report on Wednesday, March 27th. UBS Group boosted their target price on shares of Arista Networks from $275.00 to $285.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, The Goldman Sachs Group boosted their target price on shares of Arista Networks from $313.00 to $356.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $292.50.

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 87,418 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $278.81, for a total transaction of $24,373,012.58. Following the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $4,929,639.61. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Jayshree Ullal sold 87,418 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $278.81, for a total value of $24,373,012.58. Following the sale, the chief executive officer now directly owns 17,681 shares of the company’s stock, valued at $4,929,639.61. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Marc Taxay sold 1,044 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $254.54, for a total transaction of $265,739.76. The disclosure for this sale can be found here. Insiders have sold a total of 337,054 shares of company stock valued at $96,529,086 over the last three months. 3.54% of the stock is currently owned by 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.