Arista Networks, Inc. (NYSE:ANET) Stock Holdings Lowered by Alpine Woods Capital Investors LLC

Alpine Woods Capital Investors LLC reduced its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 84.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,776 shares of the technology company's stock after selling 14,967 shares during the quarter. Alpine Woods Capital Investors LLC's holdings in Arista Networks were worth $215,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Ratings Changes

A number of research firms recently issued reports on ANET. Erste Group Bank downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. The Goldman Sachs Group lowered their target price on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Redburn Atlantic began coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 target price for the company. Citigroup boosted their target price on shares of Arista Networks from $112.00 to $123.00 and gave the company a "buy" rating in a report on Friday. Finally, Wolfe Research began coverage on shares of Arista Networks in a report on Tuesday. They issued an "outperform" rating for the company. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, Arista Networks has a consensus rating of "Moderate Buy" and an average target price of $110.07.

Arista Networks Stock Up 2.3%

Shares of NYSE ANET traded up $2.42 during trading on Friday, reaching $108.71. 12,952,328 shares of the stock were exchanged, compared to its average volume of 9,177,053. The company has a market capitalization of $136.53 billion, a price-to-earnings ratio of 46.02, a price-to-earnings-growth ratio of 3.16 and a beta of 1.40. The business's 50-day moving average price is $95.05 and its 200 day moving average price is $94.98. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last posted 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. The firm 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 firm's quarterly revenue was up 27.6% on a year-over-year basis. During the same period in the prior year, the company 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 fiscal year.

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

Insider Buying and Selling at Arista Networks

In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of the business's stock in a transaction on 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 sale, the chief executive officer owned 30,000 shares in the company, valued at $3,072,900. The trade was a 96.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total transaction of $794,880.00. Following the transaction, the director owned 65,784 shares of the company's stock, valued at $6,536,298.24. This represents a 10.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,123,370 shares of company stock worth $113,157,408 over the last 90 days. Insiders own 3.39% of the company's stock.

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.