Potentia Wealth Sells 600 Shares of Arista Networks, Inc. (NYSE:ANET)

Potentia Wealth lowered its stake in shares of Arista Networks, Inc. (NYSE:ANET) by 3.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,076 shares of the technology company’s stock after selling 600 shares during the quarter. Arista Networks comprises approximately 0.6% of Potentia Wealth’s holdings, making the stock its 26th largest holding. Potentia Wealth’s holdings in Arista Networks were worth $1,246,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the stock. DSG Capital Advisors LLC bought a new position in shares of Arista Networks during the 4th quarter worth approximately $5,984,000. Ibex Wealth Advisors boosted its stake in shares of Arista Networks by 14.4% in the 1st quarter. Ibex Wealth Advisors now owns 58,093 shares of the technology company’s stock valued at $4,501,000 after purchasing an additional 7,329 shares in the last quarter. Sowell Financial Services LLC bought a new stake in shares of Arista Networks in the 1st quarter worth about $629,000. Commonwealth Equity Services LLC increased its position in shares of Arista Networks by 19.8% during the 1st quarter. Commonwealth Equity Services LLC now owns 613,309 shares of the technology company’s stock worth $47,519,000 after purchasing an additional 101,162 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Arista Networks by 94.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 650,011 shares of the technology company’s stock valued at $50,363,000 after purchasing an additional 316,309 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 30,000 shares of the stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $111.19, for a total transaction of $3,335,700.00. Following the sale, the senior vice president owned 12,976 shares of the company’s stock, valued at approximately $1,442,801.44. This represents a 69.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 880,180 shares of Arista Networks stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $124.79, for a total value of $109,837,662.20. Following the transaction, the chief executive officer directly owned 5,944,405 shares of the company’s stock, valued at $741,802,299.95. The trade was a 12.90% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,443,742 shares of company stock valued at $395,523,885 over the last quarter. 3.39% of the stock is owned by company insiders.

Arista Networks Price Performance

Shares of ANET stock opened at $138.73 on Thursday. The firm has a 50-day moving average of $103.49 and a 200-day moving average of $95.28. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $139.53. The company has a market cap of $174.23 billion, a P/E ratio of 54.56, a P/E/G ratio of 3.44 and a beta of 1.37.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, August 5th. The technology company reported $0.73 EPS for the quarter, topping the consensus estimate of $0.65 by $0.08. The firm had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Arista Networks had a net margin of 40.90% and a return on equity of 31.93%. The company’s quarterly revenue was up 30.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.53 EPS. As a group, research 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 initiated a share repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Needham & Company LLC increased their price target on Arista Networks from $130.00 to $155.00 and gave the stock a “buy” rating in a research report on Wednesday. Erste Group Bank raised Arista Networks from a “hold” rating to a “buy” rating in a report on Wednesday, July 23rd. KGI Securities lowered Arista Networks to a “neutral” rating in a research note on Wednesday, May 7th. KeyCorp upped their target price on shares of Arista Networks from $115.00 to $145.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, BNP Paribas cut shares of Arista Networks from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 11th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Arista Networks has an average rating of “Moderate Buy” and an average price target of $135.79.

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.