Robbins Farley Has $2.83 Million Position in Arista Networks, Inc. (NYSE:ANET)

Robbins Farley trimmed its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 15.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 36,569 shares of the technology company's stock after selling 6,551 shares during the quarter. Robbins Farley's holdings in Arista Networks were worth $2,833,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Arista Networks by 304.2% in the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after purchasing an additional 72,311,318 shares during the last quarter. FMR LLC raised its position in shares of Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after buying an additional 44,269,572 shares during the last quarter. Cresset Asset Management LLC lifted its stake in shares of Arista Networks by 277.5% during the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock valued at $3,016,207,000 after buying an additional 20,059,303 shares during the period. Geode Capital Management LLC boosted its position in Arista Networks by 311.6% during the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after acquiring an additional 18,293,874 shares during the last quarter. Finally, Alliancebernstein L.P. grew its stake in Arista Networks by 218.5% in the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after acquiring an additional 14,454,822 shares during the period. Institutional investors and hedge funds own 82.47% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ANET. Barclays reduced their price target on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Wedbush initiated coverage on Arista Networks in a research report on Wednesday, May 28th. They set an "outperform" rating on the stock. BNP Paribas downgraded shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. Morgan Stanley raised their target price on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research report on Thursday, May 1st. Finally, JPMorgan Chase & Co. dropped their price target on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $107.38.

Arista Networks Trading Down 5.7%

ANET traded down $5.42 during trading on Tuesday, reaching $89.67. 11,739,093 shares of the company were exchanged, compared to its average volume of 9,049,198. The stock has a market cap of $112.62 billion, a P/E ratio of 40.39, a PEG ratio of 3.10 and a beta of 1.37. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58. The firm has a 50 day moving average of $86.33 and a 200 day moving average of $96.28.

Arista Networks (NYSE:ANET - Get Free Report) last issued its quarterly earnings data 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. Arista Networks had a net margin of 40.72% and a return on equity of 29.91%. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same period last year, the firm posted $0.50 EPS. Arista Networks's quarterly revenue was up 27.6% compared to the same quarter last year. As a group, analysts forecast 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 authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other Arista Networks news, SVP Kenneth Duda sold 80,000 shares of the business's stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total value of $7,205,600.00. Following the sale, the senior vice president now directly owns 12,976 shares in the company, valued at approximately $1,168,748.32. The trade was a 86.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the sale, the director now directly owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. This represents a 5.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 105,690 shares of company stock worth $9,360,205. 3.39% of the stock is owned by company insiders.

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.