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

DigitalBridge Group Inc. reduced its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 85.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. 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 reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Caitlin John LLC raised its position in Arista Networks by 174.7% during the fourth quarter. Caitlin John LLC now owns 239 shares of the technology company's stock worth $26,000 after acquiring an additional 152 shares in the last quarter. Capital Advisors Ltd. LLC increased its stake in shares of Arista Networks by 335.1% during the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after purchasing an additional 191 shares during the last quarter. New Millennium Group LLC lifted its stake in Arista Networks by 300.0% in the 4th quarter. New Millennium Group LLC now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 195 shares during the last quarter. Cranbrook Wealth Management LLC lifted its stake in Arista Networks by 300.0% in the 4th quarter. Cranbrook Wealth Management LLC now owns 264 shares of the technology company's stock valued at $29,000 after purchasing an additional 198 shares during the last quarter. Finally, Trust Co. of Vermont grew its holdings in Arista Networks by 300.0% during the fourth quarter. Trust Co. of Vermont now owns 264 shares of the technology company's stock worth $29,000 after purchasing an additional 198 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Arista Networks

In related news, CEO Jayshree Ullal sold 138,351 shares of Arista Networks 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 $8,697,137.08. This trade represents a 59.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $89.03, for a total transaction of $712,240.00. Following the transaction, the director now directly owns 147,784 shares of the company's stock, valued at $13,157,209.52. The trade was a 5.14 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 412,355 shares of company stock valued at $39,259,279. 3.54% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

ANET has been the subject of a number of recent analyst reports. Citigroup cut their price objective on Arista Networks from $121.00 to $92.00 and set a "buy" rating for the company in a research report on Monday, April 14th. JPMorgan Chase & Co. reduced their price objective on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. The Goldman Sachs Group reaffirmed a "buy" rating on shares of Arista Networks in a report on Monday, March 3rd. Barclays restated an "overweight" rating on shares of Arista Networks in a research report on Monday, March 3rd. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $145.00 target price on shares of Arista Networks in a research report on Wednesday, February 19th. Four analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $108.36.

Arista Networks Trading Up 0.8 %

Shares of Arista Networks stock opened at $91.10 on Wednesday. The company has a market cap of $114.38 billion, a PE ratio of 41.03, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38. The company has a 50 day moving average of $79.02 and a 200-day moving average of $97.58. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last issued 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 return on equity of 29.91% and a net margin of 40.72%. The company had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. During the same quarter last year, the company posted $0.50 EPS. The company's revenue for the quarter was up 27.6% compared to the same quarter last year. Research analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has initiated a share buyback 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 stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are 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.

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