Burney Co. Cuts Holdings in Arista Networks, Inc. (NYSE:ANET)

Burney Co. cut its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 1.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 379,461 shares of the technology company's stock after selling 5,870 shares during the period. Arista Networks accounts for 1.1% of Burney Co.'s portfolio, making the stock its 18th largest holding. Burney Co.'s holdings in Arista Networks were worth $29,401,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of ANET. HighMark Wealth Management LLC grew its stake in Arista Networks by 179.7% in the 1st quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock valued at $28,000 after buying an additional 230 shares during the last quarter. Quarry LP boosted its holdings in Arista Networks by 381.5% in the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 206 shares during the period. Dunhill Financial LLC boosted its holdings in Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after purchasing an additional 212 shares during the period. Cloud Capital Management LLC bought a new stake in Arista Networks in the 1st quarter valued at about $30,000. Finally, McIlrath & Eck LLC bought a new stake in Arista Networks in the 4th quarter valued at about $35,000. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of ANET stock traded up $0.33 during mid-day trading on Friday, hitting $114.37. The company's stock had a trading volume of 4,866,258 shares, compared to its average volume of 8,009,131. The company's fifty day simple moving average is $98.86 and its 200-day simple moving average is $94.94. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.57. The company has a market cap of $143.64 billion, a PE ratio of 48.41, a P/E/G ratio of 3.31 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 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.06. The firm had revenue of $2 billion during 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 in the previous year, the firm posted $0.50 earnings per share. On average, equities analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

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

Wall Street Analyst Weigh In

ANET has been the subject of a number of recent analyst reports. Needham & Company LLC initiated coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating for the company. Redburn Atlantic initiated coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price target for the company. Rosenblatt Securities upped their price target on shares of Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Barclays dropped their price objective on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Finally, Morgan Stanley increased their price objective on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $111.40.

Insiders Place Their Bets

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total value of $794,880.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Kenneth Duda sold 30,000 shares of the business's stock in a transaction that occurred on Thursday, July 17th. The shares were sold at an average price of $111.19, for a total transaction of $3,335,700.00. Following the completion of the sale, the senior vice president directly owned 12,976 shares in the company, valued at approximately $1,442,801.44. This trade represents a 69.81% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,177,878 shares of company stock valued at $119,281,861. Company 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.