Bellecapital International Ltd. Trims Stock Position in Arista Networks, Inc. (NYSE:ANET)

Bellecapital International Ltd. decreased its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 2.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 209,765 shares of the technology company's stock after selling 4,704 shares during the quarter. Arista Networks makes up 3.2% of Bellecapital International Ltd.'s portfolio, making the stock its 10th biggest position. Bellecapital International Ltd.'s holdings in Arista Networks were worth $16,253,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Arista Networks by 304.2% during the fourth quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after acquiring an additional 72,311,318 shares in the last quarter. FMR LLC increased its holdings in shares of Arista Networks by 330.9% during the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after acquiring an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC increased its holdings in shares of 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 valued at $3,016,207,000 after acquiring an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of 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 valued at $2,665,829,000 after acquiring an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Arista Networks by 218.5% during the fourth 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 in the last quarter. Institutional investors own 82.47% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on ANET shares. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and raised their price target for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Piper Sandler restated a "neutral" rating and set a $89.00 price target (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Morgan Stanley raised their price target on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Needham & Company LLC began coverage on Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating for the company. Finally, Barclays reduced 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 equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $107.38.

Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the sale, the director now owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. This trade represents a 5.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total value of $7,205,600.00. Following the sale, the senior vice president now directly owns 12,976 shares in the company, valued at $1,168,748.32. This trade represents a 86.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,690 shares of company stock valued at $9,360,205 in the last ninety days. Corporate insiders own 3.39% of the company's stock.

Arista Networks Stock Down 3.6%

NYSE:ANET traded down $3.49 on Friday, hitting $92.28. The stock had a trading volume of 6,205,708 shares, compared to its average volume of 9,043,529. The stock has a market cap of $115.89 billion, a price-to-earnings ratio of 41.57, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37. The business's 50-day simple moving average is $85.82 and its two-hundred day simple moving average is $96.33. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced 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 return on equity of 29.91% and a net margin of 40.72%. The business's revenue for the quarter was up 27.6% on a year-over-year basis. During the same period last year, the firm posted $0.50 earnings per share. As a group, equities research analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

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

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.