Allspring Global Investments Holdings LLC Sells 519,573 Shares of Arista Networks, Inc. (NYSE:ANET)

Allspring Global Investments Holdings LLC lowered its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 22.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,803,584 shares of the technology company's stock after selling 519,573 shares during the period. Allspring Global Investments Holdings LLC owned 0.14% of Arista Networks worth $141,563,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Jag Capital Management LLC bought a new position in shares of Arista Networks in the first quarter valued at approximately $6,161,000. Kessler Investment Group LLC bought a new position in shares of Arista Networks in the first quarter valued at approximately $5,875,000. Lafayette Investments Inc. raised its stake in shares of Arista Networks by 2.1% in the first quarter. Lafayette Investments Inc. now owns 29,691 shares of the technology company's stock valued at $2,300,000 after acquiring an additional 605 shares during the last quarter. Cavalier Investments LLC bought a new position in shares of Arista Networks in the first quarter valued at approximately $1,157,000. Finally, Reston Wealth Management LLC raised its stake in shares of Arista Networks by 15.0% in the first quarter. Reston Wealth Management LLC now owns 3,681 shares of the technology company's stock valued at $285,000 after acquiring an additional 481 shares during the last quarter. Institutional investors own 82.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on ANET shares. KGI Securities cut shares of Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. UBS Group upgraded shares of Arista Networks from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $112.00 to $115.00 in a research report on Wednesday, March 5th. Piper Sandler restated a "neutral" rating and issued a $89.00 price objective (up previously from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. The Goldman Sachs Group dropped their price objective on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Finally, Morgan Stanley boosted their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Seven 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, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $109.33.

Arista Networks Stock Performance

ANET opened at $99.37 on Friday. The company has a fifty day moving average price of $89.99 and a two-hundred day moving average price of $95.66. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The firm has a market capitalization of $124.81 billion, a PE ratio of 42.06, a P/E/G ratio of 2.98 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The firm 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 business's quarterly revenue was up 27.6% compared to the same quarter last year. Equities analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its shares are undervalued.

Insider Activity

In other news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the transaction, the director now owns 139,784 shares of the company's stock, valued at $10,840,249.20. The trade was a 5.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kelly Bodnar Battles sold 1,492 shares of the company's stock in a transaction 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. The trade was a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 161,690 shares of company stock valued at $14,525,085 in the last quarter. Company insiders own 3.39% of the company's stock.

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.

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