Triasima Portfolio Management inc. Decreases Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Triasima Portfolio Management inc. decreased its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 32.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 53,152 shares of the technology company's stock after selling 25,335 shares during the period. Triasima Portfolio Management inc.'s holdings in Arista Networks were worth $4,118,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of ANET. Vanguard Group Inc. lifted its holdings in Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock worth $10,620,270,000 after buying an additional 72,311,318 shares during the period. FMR LLC lifted its holdings in Arista Networks by 330.9% during the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after buying an additional 44,269,572 shares during the period. Cresset Asset Management LLC lifted its holdings in Arista Networks by 277.5% during 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 buying an additional 20,059,303 shares during the period. Geode Capital Management LLC lifted its holdings in Arista Networks by 311.6% during 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 buying an additional 18,293,874 shares during the period. Finally, Alliancebernstein L.P. lifted its holdings in Arista Networks by 218.5% during the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after buying an additional 14,454,822 shares during the period. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Trading Down 0.2%

ANET traded down $0.22 during midday trading on Friday, hitting $111.76. 2,722,830 shares of the company were exchanged, compared to its average volume of 9,145,064. The company's 50 day simple moving average is $96.68 and its 200 day simple moving average is $94.99. The firm has a market capitalization of $140.36 billion, a price-to-earnings ratio of 47.23, a price-to-earnings-growth ratio of 3.16 and a beta of 1.40. 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 posted its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The firm had revenue of $2 billion for the quarter, compared to analysts' expectations of $1.97 billion. During the same period last year, the firm earned $0.50 EPS. The company's quarterly revenue was up 27.6% on a year-over-year basis. On average, equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has authorized a share buyback program on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $88.18, for a total value of $705,440.00. Following the transaction, the director directly owned 123,784 shares of the company's stock, valued at approximately $10,915,273.12. This trade represents a 6.07% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jayshree Ullal sold 748,444 shares of the firm's stock in a transaction dated 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 transaction, 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. In the last three months, insiders have sold 1,123,370 shares of company stock valued at $113,157,408. 3.39% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ANET has been the subject of several analyst reports. BNP Paribas lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 11th. KeyCorp initiated coverage on Arista Networks in a report on Thursday, June 26th. They set an "overweight" rating and a $115.00 price objective for the company. Needham & Company LLC initiated coverage on Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating for the company. Evercore ISI increased their price objective on Arista Networks from $105.00 to $110.00 and gave the company an "outperform" rating in a report on Monday, June 23rd. Finally, Barclays decreased their price objective on Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $111.40.

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.