Livforsakringsbolaget Skandia Omsesidigt Lowers Holdings in Arista Networks, Inc. (NYSE:ANET)

Livforsakringsbolaget Skandia Omsesidigt reduced its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 88.6% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 7,920 shares of the technology company's stock after selling 61,500 shares during the period. Livforsakringsbolaget Skandia Omsesidigt's holdings in Arista Networks were worth $613,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Capital Advisors Ltd. LLC lifted its holdings in Arista Networks by 335.1% in the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock valued at $27,000 after acquiring an additional 191 shares during the period. Quarry LP boosted its holdings in 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 boosted its holdings in 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. Hemington Wealth Management increased its holdings in Arista Networks by 409.7% in the fourth quarter. Hemington Wealth Management now owns 316 shares of the technology company's stock valued at $34,000 after buying an additional 254 shares in the last quarter. Finally, Tradewinds Capital Management LLC raised its position in shares of Arista Networks by 300.0% in the fourth quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company's stock worth $34,000 after acquiring an additional 234 shares during the period. Hedge funds and other institutional investors own 82.47% of the company's stock.

Insider Transactions at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the sale, the director now directly owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. The trade was a 5.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of Arista Networks stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $68.49, for a total value of $102,187.08. Following the transaction, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. This trade represents a 16.63% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 105,690 shares of company stock valued at $9,360,205. Corporate insiders own 3.39% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ANET shares. Piper Sandler restated a "neutral" rating and issued a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Rosenblatt Securities upped their price objective on shares of Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. Evercore ISI dropped their price target on Arista Networks from $130.00 to $100.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. KGI Securities downgraded Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Finally, Erste Group Bank lowered Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Five equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $107.47.

Arista Networks Price Performance

Shares of Arista Networks stock traded down $3.07 on Tuesday, reaching $93.74. 8,775,998 shares of the company were exchanged, compared to its average volume of 9,067,221. The stock's 50 day moving average price is $83.76 and its 200-day moving average price is $96.52. The company has a market cap of $117.72 billion, a P/E ratio of 42.22, a price-to-earnings-growth ratio of 3.10 and a beta of 1.37. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The business had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The company's revenue was up 27.6% on a year-over-year basis. During the same period last year, the business earned $0.50 EPS. On average, research analysts predict 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 share repurchase plan 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 shares through open market purchases. Shares repurchase plans are typically a sign that the company's board believes its shares are undervalued.

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.