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

Triasima Portfolio Management inc. decreased its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 32.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 53,152 shares of the technology company's stock after selling 25,335 shares during the quarter. Triasima Portfolio Management inc.'s holdings in Arista Networks were worth $4,118,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in ANET. Vanguard Group Inc. grew its holdings in shares of Arista Networks by 304.2% during the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after purchasing an additional 72,311,318 shares during the last quarter. FMR LLC boosted its stake in shares of Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after purchasing an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC boosted its stake in shares of Arista Networks by 277.5% in the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock valued at $3,016,207,000 after purchasing an additional 20,059,303 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Arista Networks by 311.6% during the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock valued at $2,665,829,000 after acquiring an additional 18,293,874 shares during the period. Finally, Alliancebernstein L.P. lifted its position in shares of Arista Networks by 218.5% during the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock valued at $2,328,869,000 after acquiring an additional 14,454,822 shares during the period. Institutional investors and hedge funds own 82.47% of the company's stock.

Arista Networks Stock Performance

Arista Networks stock traded up $3.81 during midday trading on Thursday, hitting $112.11. 8,534,910 shares of the company's stock were exchanged, compared to its average volume of 9,183,420. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58. The stock has a 50-day moving average price of $96.18 and a two-hundred day moving average price of $94.99. The company has a market cap of $140.80 billion, a P/E ratio of 47.45, a PEG ratio of 3.13 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate 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 was up 27.6% compared to the same quarter last year. During the same period last year, the firm posted $0.50 earnings per share. As a group, sell-side analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on ANET shares. Wolfe Research began coverage on shares of Arista Networks in a report on Tuesday, July 8th. They set an "outperform" rating on the stock. Redburn Atlantic began coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating and a $112.00 target price for the company. JPMorgan Chase & Co. upped their target price on shares of Arista Networks from $110.00 to $130.00 and gave the stock an "overweight" rating in a research note on Thursday. Citigroup increased their price target on shares of Arista Networks from $112.00 to $123.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Finally, Evercore ISI increased their price target on shares of Arista Networks from $105.00 to $110.00 and gave the company an "outperform" rating in a research report on Monday, June 23rd. Seven investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $111.40.

Insider Activity at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total value of $794,880.00. Following the completion of the transaction, the director owned 65,784 shares of the company's stock, valued at approximately $6,536,298.24. The trade was a 10.84% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 26,000 shares of the business's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total value of $2,397,980.00. Following the completion of the transaction, the senior vice president directly owned 592,400 shares of the company's stock, valued at approximately $54,637,052. This trade represents a 4.20% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,123,370 shares of company stock worth $113,157,408 over the last quarter. 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.