Arista Networks, Inc. (NYSE:ANET) Shares Sold by OneDigital Investment Advisors LLC

OneDigital Investment Advisors LLC cut its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 43.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,686 shares of the technology company's stock after selling 7,511 shares during the period. OneDigital Investment Advisors LLC's holdings in Arista Networks were worth $750,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of ANET. HighMark Wealth Management LLC raised its stake in shares of Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after buying an additional 230 shares during the last quarter. Quarry LP raised its stake in shares of 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 during the last quarter. Dunhill Financial LLC raised its stake in shares of 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 during the last quarter. McIlrath & Eck LLC bought a new stake in shares of Arista Networks during the fourth quarter worth approximately $35,000. Finally, Tradewinds Capital Management LLC raised its stake in shares of Arista Networks by 45.8% during the first quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company's stock worth $35,000 after buying an additional 143 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ANET shares. KGI Securities cut shares of Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. The Goldman Sachs Group decreased their price objective on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. BNP Paribas cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 11th. Barclays decreased their price objective on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Finally, Redburn Atlantic started coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price objective for the company. Seven 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 a consensus rating of "Moderate Buy" and a consensus price target of $109.33.

Arista Networks Stock Up 2.8%

Shares of Arista Networks stock traded up $2.88 on Wednesday, reaching $106.27. 14,501,245 shares of the stock were exchanged, compared to its average volume of 9,134,514. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month high of $133.58. The firm has a market capitalization of $133.47 billion, a price-to-earnings ratio of 44.98, a PEG ratio of 2.96 and a beta of 1.40. The business has a 50 day moving average price of $93.85 and a two-hundred day moving average price of $95.12.

Arista Networks (NYSE:ANET - Get Free Report) last announced 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 company had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. Arista Networks's quarterly revenue was up 27.6% on a year-over-year basis. During the same period last year, the business earned $0.50 earnings per share. Research analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its Board of Directors has initiated a share repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $88.18, for a total value of $705,440.00. Following the completion of the sale, the director directly owned 123,784 shares of the company's stock, valued at $10,915,273.12. This represents a 6.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jayshree Ullal sold 748,444 shares of the company's stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 30,000 shares of the company's stock, valued at approximately $3,072,900. This trade represents a 96.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,123,370 shares of company stock valued at $113,157,408 in the last quarter. 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.