M&T Bank Corp Sells 6,908 Shares of Arista Networks, Inc. (NYSE:ANET)

M&T Bank Corp cut its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 5.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 110,026 shares of the technology company's stock after selling 6,908 shares during the period. M&T Bank Corp's holdings in Arista Networks were worth $8,525,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. HighMark Wealth Management LLC increased its position in shares of Arista Networks by 179.7% during the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock valued at $28,000 after purchasing an additional 230 shares during the last quarter. Quarry LP grew its position in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after buying an additional 206 shares during the period. Dunhill Financial LLC grew its position in Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after buying an additional 212 shares during the period. Cloud Capital Management LLC purchased a new stake in Arista Networks during the first quarter worth about $30,000. Finally, McIlrath & Eck LLC bought a new stake in Arista Networks in the fourth quarter worth about $35,000. 82.47% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ANET. Piper Sandler restated a "neutral" rating and set a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. The Goldman Sachs Group reduced their price objective on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Morgan Stanley boosted their target price on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Evercore ISI upped their price target on Arista Networks from $105.00 to $110.00 and gave the company an "outperform" rating in a research report on Monday, June 23rd. Finally, Wedbush began coverage on Arista Networks in a report on Wednesday, May 28th. They issued an "outperform" rating for the company. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Arista Networks currently has an average rating of "Moderate Buy" and an average price target of $110.07.

Arista Networks Trading Up 2.3%

Shares of Arista Networks stock traded up $2.42 on Friday, reaching $108.71. The stock had a trading volume of 12,952,328 shares, compared to its average volume of 9,160,375. The business's 50 day moving average is $95.05 and its two-hundred day moving average is $95.11. Arista Networks, Inc. has a 1 year low of $59.43 and a 1 year high of $133.58. The company has a market cap of $136.53 billion, a P/E ratio of 46.02, a price-to-earnings-growth ratio of 3.10 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The business's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.50 EPS. On average, equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated a share buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total value of $794,880.00. Following the transaction, the director directly owned 65,784 shares in the company, valued at approximately $6,536,298.24. This represents a 10.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 748,444 shares of the stock in a transaction on Monday, June 30th. The stock was sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the completion of the transaction, the chief executive officer directly owned 30,000 shares in the company, valued at $3,072,900. The trade was a 96.15% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,123,370 shares of company stock worth $113,157,408. Corporate insiders own 3.39% of the company's stock.

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.