Arista Networks, Inc. (NYSE:ANET) Shares Sold by DE Burlo Group Inc.

Key Points

• DE Burlo Group Inc. reduced its stake in Arista Networks by 18.9%, holding 13,928 shares valued at approximately $1,079,000 after selling 3,244 shares in Q1.
• Analysts have a mixed outlook on Arista Networks, with JPMorgan increasing their price target to $130.00 while BNP Paribas downgraded it to a "hold" rating.
• Arista Networks reported a 27.6% year-over-year revenue increase with $2 billion in revenue and a quarterly EPS of $0.65, surpassing expectations.

DE Burlo Group Inc. trimmed its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 18.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 13,928 shares of the technology company's stock after selling 3,244 shares during the quarter. DE Burlo Group Inc.'s holdings in Arista Networks were worth $1,079,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC raised its holdings in shares of Arista Networks by 321.7% in the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock worth $863,000 after purchasing an additional 5,955 shares during the period. Revolve Wealth Partners LLC purchased a new stake in shares of Arista Networks during the 4th quarter worth about $202,000. Bank Pictet & Cie Europe AG increased its position in Arista Networks by 433.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock worth $1,200,000 after purchasing an additional 8,822 shares in the last quarter. Financial Counselors Inc. purchased a new position in Arista Networks in the fourth quarter valued at approximately $218,000. Finally, Financial Engines Advisors L.L.C. raised its holdings in Arista Networks by 286.1% in the fourth quarter. Financial Engines Advisors L.L.C. now owns 2,583 shares of the technology company's stock valued at $286,000 after buying an additional 1,914 shares during the period. Institutional investors and hedge funds own 82.47% of the company's stock.

Analysts Set New Price Targets

ANET has been the subject of several analyst reports. JPMorgan Chase & Co. upped their target price on Arista Networks from $110.00 to $130.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. BNP Paribas cut Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 11th. Citigroup increased their price objective 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. Barclays reduced their target price on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Finally, Wedbush began coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They issued an "outperform" rating for the company. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Arista Networks has an average rating of "Moderate Buy" and an average price target of $111.40.

Arista Networks Price Performance

Shares of Arista Networks stock opened at $114.37 on Friday. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.57. The business's fifty day moving average price is $98.86 and its two-hundred day moving average price is $94.94. The company has a market capitalization of $143.64 billion, a P/E ratio of 48.41, a PEG ratio of 3.31 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 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%. Arista Networks's quarterly revenue was up 27.6% on a year-over-year basis. During the same quarter last year, the company earned $0.50 EPS. On average, research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has approved 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 buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.

Insider Activity

In related news, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the transaction, the senior vice president directly owned 12,976 shares in the company, valued at $1,168,748.32. The trade was a 86.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jayshree Ullal sold 748,444 shares of the company's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $102.43, for a total value of $76,663,118.92. Following the sale, the chief executive officer directly owned 30,000 shares of the company's stock, valued at approximately $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 quarter, insiders sold 1,177,878 shares of company stock worth $119,281,861. Corporate insiders own 3.39% of the company's stock.

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.

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