Arista Networks, Inc. (NYSE:ANET) Shares Sold by Northcape Wealth Management LLC

Northcape Wealth Management LLC cut its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 24.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 35,080 shares of the technology company's stock after selling 11,164 shares during the period. Northcape Wealth Management LLC's holdings in Arista Networks were worth $2,718,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Root Financial Partners LLC raised its position in Arista Networks by 78.7% in the first quarter. Root Financial Partners LLC now owns 3,507 shares of the technology company's stock valued at $272,000 after purchasing an additional 1,544 shares during the period. Sovran Advisors LLC raised its position in Arista Networks by 13.6% in the first quarter. Sovran Advisors LLC now owns 38,443 shares of the technology company's stock valued at $2,737,000 after purchasing an additional 4,604 shares during the period. WJ Wealth Management LLC raised its position in Arista Networks by 71.8% in the first quarter. WJ Wealth Management LLC now owns 7,404 shares of the technology company's stock valued at $574,000 after purchasing an additional 3,094 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in Arista Networks by 1.0% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,458,173 shares of the technology company's stock valued at $190,459,000 after purchasing an additional 24,748 shares during the period. Finally, Golden State Wealth Management LLC raised its position in Arista Networks by 564.6% in the first quarter. Golden State Wealth Management LLC now owns 4,732 shares of the technology company's stock valued at $367,000 after purchasing an additional 4,020 shares during the period. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Price Performance

NYSE:ANET opened at $99.37 on Friday. The firm has a market capitalization of $124.81 billion, a PE ratio of 42.06, a price-to-earnings-growth ratio of 2.91 and a beta of 1.37. The business's fifty day moving average price is $89.99 and its 200 day moving average price is $95.58. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last posted 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 analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. Arista Networks's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.50 earnings per share. As a group, equities analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks declared that its board has initiated a stock repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at Arista Networks

In other Arista Networks news, Director Kelly Bodnar Battles sold 1,492 shares of the company's stock in a transaction on Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the completion of the transaction, the director now owns 7,480 shares in the company, valued at $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Kenneth Duda sold 30,000 shares of the company's stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total transaction of $2,766,900.00. Following the completion of the transaction, the senior vice president now owns 12,976 shares of the company's stock, valued at $1,196,776.48. This represents a 69.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 161,690 shares of company stock valued at $14,525,085 over the last quarter. 3.39% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on ANET shares. The Goldman Sachs Group cut their target price on Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Redburn Atlantic started coverage on Arista Networks in a research report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 target price on the stock. UBS Group raised Arista Networks from a "neutral" rating to a "buy" rating and boosted their target price for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. KeyCorp started coverage on Arista Networks in a research report on Thursday. They set an "overweight" rating and a $115.00 price objective on the stock. Finally, Needham & Company LLC started coverage on Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating on the stock. Seven research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $109.33.

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.

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