Huntleigh Advisors Inc. Has $615,000 Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Huntleigh Advisors Inc. cut its stake in Arista Networks, Inc. (NYSE:ANET) by 36.5% during the first quarter, HoldingsChannel reports. The fund owned 7,936 shares of the technology company’s stock after selling 4,560 shares during the quarter. Huntleigh Advisors Inc.’s holdings in Arista Networks were worth $615,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in Arista Networks by 304.2% in the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company’s stock worth $10,620,270,000 after purchasing an additional 72,311,318 shares in the last quarter. FMR LLC boosted its holdings in Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company’s stock worth $6,371,848,000 after purchasing an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC boosted its holdings in Arista Networks by 277.5% in the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company’s stock worth $3,016,207,000 after purchasing an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Arista Networks by 311.6% in the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company’s stock worth $2,665,829,000 after purchasing an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Arista Networks by 218.5% in the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company’s stock worth $2,328,869,000 after purchasing an additional 14,454,822 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Arista Networks Price Performance

ANET stock opened at $102.45 on Friday. The company has a 50 day moving average price of $92.44 and a 200 day moving average price of $95.40. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.58. The stock has a market capitalization of $128.66 billion, a PE ratio of 43.36, a price-to-earnings-growth ratio of 2.95 and a beta of 1.40.

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

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

Insider Activity

In related news, SVP Kenneth Duda sold 80,000 shares of the business’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total value of $7,205,600.00. Following the sale, the senior vice president directly owned 12,976 shares of the company’s stock, valued at approximately $1,168,748.32. The trade was a 86.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jayshree Ullal sold 748,444 shares of the business’s stock in a transaction on Monday, June 30th. The shares were sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the completion of the sale, the chief executive officer directly owned 30,000 shares in the company, valued at $3,072,900. This represents a 96.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,123,400 shares of company stock valued at $113,159,520 in the last quarter. Company insiders own 3.39% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on ANET shares. JPMorgan Chase & Co. decreased their price target on shares of Arista Networks from $140.00 to $110.00 and set an “overweight” rating for the company in a report on Thursday, April 17th. Rosenblatt Securities lifted their target price on Arista Networks from $85.00 to $87.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 7th. BNP Paribas Exane downgraded Arista Networks from an “outperform” rating to a “neutral” rating and set a $106.00 target price on the stock. in a research report on Wednesday, June 11th. BNP Paribas downgraded Arista Networks from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 11th. Finally, Morgan Stanley raised their price target on shares of Arista Networks from $73.00 to $100.00 and gave the stock an “overweight” rating in a research note on Thursday, May 1st. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Arista Networks presently has an average rating of “Moderate Buy” and an average price target of $109.33.

Arista Networks 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.