Oppenheimer & Co. Inc. reduced its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 21.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,762 shares of the technology company's stock after selling 13,594 shares during the period. Oppenheimer & Co. Inc.'s holdings in Arista Networks were worth $3,778,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Runnymede Capital Advisors Inc. boosted its holdings in Arista Networks by 535.7% in the first quarter. Runnymede Capital Advisors Inc. now owns 712 shares of the technology company's stock valued at $55,000 after purchasing an additional 600 shares during the last quarter. Park Capital Management LLC WI acquired a new position in shares of Arista Networks in the 1st quarter valued at about $482,000. XML Financial LLC boosted its stake in shares of Arista Networks by 14.5% in the first quarter. XML Financial LLC now owns 16,085 shares of the technology company's stock worth $1,246,000 after buying an additional 2,033 shares during the last quarter. 5T Wealth LLC grew its holdings in Arista Networks by 8.1% during the first quarter. 5T Wealth LLC now owns 10,231 shares of the technology company's stock worth $793,000 after acquiring an additional 763 shares during the period. Finally, Cambridge Investment Research Advisors Inc. raised its position in Arista Networks by 10.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 292,884 shares of the technology company's stock valued at $22,693,000 after acquiring an additional 28,512 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.
Arista Networks Trading Up 1.4%
Shares of NYSE ANET opened at $96.29 on Thursday. The stock has a market cap of $120.93 billion, a PE ratio of 40.76, a P/E/G ratio of 2.79 and a beta of 1.37. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The company has a 50-day moving average of $88.81 and a 200 day moving average of $95.73.
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 (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. During the same period in the prior year, the business earned $0.50 earnings per share. The business's revenue was up 27.6% compared to the same quarter last year. On average, sell-side analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.
Arista Networks declared that its board has approved a share buyback plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to reacquire up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.
Wall Street Analysts Forecast Growth
Several equities research analysts have commented on ANET shares. Barclays lowered their price objective on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research report on Thursday, May 8th. Rosenblatt Securities increased 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. BNP Paribas lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. BNP Paribas Exane cut shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective for the company. in a report on Wednesday, June 11th. Finally, Needham & Company LLC initiated coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating on the stock. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $108.87.
Read Our Latest Analysis on Arista Networks
Insider Transactions at Arista Networks
In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the sale, the director now owns 139,784 shares of the company's stock, valued at $10,840,249.20. This trade represents a 5.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $2,766,900.00. Following the completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,196,776.48. This trade represents a 69.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 161,690 shares of company stock worth $14,525,085 in the last quarter. Company insiders own 3.39% of the company's stock.
Arista Networks Company Profile
(
Free Report)
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.
Further Reading
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