DigitalBridge Group Inc. Sells 61,066 Shares of Arista Networks, Inc. (NYSE:ANET)

DigitalBridge Group Inc. reduced its holdings in Arista Networks, Inc. (NYSE:ANET) by 85.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 10,510 shares of the technology company’s stock after selling 61,066 shares during the quarter. DigitalBridge Group Inc.’s holdings in Arista Networks were worth $1,162,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ANET. Dunhill Financial LLC boosted its stake in Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company’s stock worth $29,000 after acquiring an additional 212 shares in the last quarter. EPG Wealth Management LLC raised its holdings in shares of Arista Networks by 196.3% during the fourth quarter. EPG Wealth Management LLC now owns 14,543 shares of the technology company’s stock valued at $1,607,000 after purchasing an additional 9,635 shares during the period. EP Wealth Advisors LLC boosted its position in shares of Arista Networks by 251.6% during the 4th quarter. EP Wealth Advisors LLC now owns 55,874 shares of the technology company’s stock worth $6,176,000 after purchasing an additional 39,981 shares in the last quarter. Colonial Trust Co SC grew its stake in shares of Arista Networks by 232.0% in the 4th quarter. Colonial Trust Co SC now owns 1,444 shares of the technology company’s stock valued at $160,000 after buying an additional 1,009 shares during the period. Finally, Concentric Capital Strategies LP increased its position in Arista Networks by 372.3% in the 4th quarter. Concentric Capital Strategies LP now owns 137,718 shares of the technology company’s stock valued at $15,222,000 after buying an additional 108,560 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ANET has been the topic of several recent research reports. Erste Group Bank lowered Arista Networks from a “strong-buy” rating to a “hold” rating in a report on Monday, March 17th. Citigroup cut their target price on Arista Networks from $121.00 to $92.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Rosenblatt Securities upgraded shares of Arista Networks from a “sell” rating to a “neutral” rating and boosted their price target for the company from $55.00 to $85.00 in a research note on Tuesday, April 29th. Barclays reaffirmed an “overweight” rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of Arista Networks in a research report on Monday, March 3rd. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Arista Networks presently has an average rating of “Moderate Buy” and an average price target of $108.36.

Insider Buying and Selling at Arista Networks

In related news, CEO Jayshree Ullal sold 138,351 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $93.88, for a total transaction of $12,988,391.88. Following the sale, the chief executive officer now directly owns 92,641 shares in the company, valued at approximately $8,697,137.08. This represents a 59.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the firm’s stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total transaction 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 approximately $512,305.20. This trade represents a 16.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 412,355 shares of company stock valued at $39,259,279 over the last three months. 3.54% of the stock is currently owned by insiders.

Arista Networks Stock Up 0.8 %

Arista Networks stock opened at $91.10 on Wednesday. The company has a market capitalization of $114.38 billion, a P/E ratio of 41.03, a P/E/G ratio of 3.10 and a beta of 1.38. The firm has a 50 day moving average price of $79.02 and a 200-day moving average price of $97.58. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58.

Arista Networks (NYSE:ANET) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.06. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The business had revenue of $2 billion during the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the business posted $0.50 earnings per share. The business’s revenue for the quarter was up 27.6% on a year-over-year basis. Equities analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a share buyback program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

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.