Robbins Farley Decreases Position in Arista Networks, Inc. (NYSE:ANET)

Robbins Farley reduced its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 15.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 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 quarter.

A number of other institutional investors also recently modified their holdings of ANET. Capital Advisors Ltd. LLC lifted its stake in Arista Networks by 335.1% in the 4th quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after purchasing an additional 191 shares in the last quarter. Quarry LP raised its position in shares of Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after buying an additional 206 shares in the last quarter. Dunhill Financial LLC raised its position in shares of Arista Networks by 415.7% during the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after buying an additional 212 shares in the last quarter. Hemington Wealth Management raised its position in shares of Arista Networks by 409.7% during the 4th 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% during the 4th quarter. Tradewinds Capital Management LLC now owns 312 shares of the technology company's stock valued at $34,000 after buying an additional 234 shares in the last quarter. 82.47% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total transaction of $620,400.00. Following the completion of the transaction, the director now directly owns 139,784 shares of the company's stock, valued at $10,840,249.20. This trade represents a 5.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $90.07, for a total transaction of $7,205,600.00. Following the transaction, the senior vice president now directly owns 12,976 shares of the company's stock, valued at approximately $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. 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.

Analysts Set New Price Targets

Several research firms have recently weighed in on ANET. Citigroup raised their price objective on shares of Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. KGI Securities lowered shares of Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Morgan Stanley increased their target price on shares of Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. BNP Paribas Exane lowered shares of Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 target price on the stock. in a report on Wednesday. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $89.00 target price (up previously from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Arista Networks has a consensus rating of "Moderate Buy" and a consensus target price of $107.38.

Arista Networks Stock Down 3.6%

Shares of ANET traded down $3.49 during trading hours on Friday, reaching $92.28. 6,205,708 shares of the company traded hands, compared to its average volume of 9,041,722. The company's fifty day moving average price is $85.82 and its two-hundred day moving average price is $96.39. The company has a market capitalization of $115.89 billion, a price-to-earnings ratio of 41.57, a price-to-earnings-growth ratio of 3.10 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.

Arista Networks (NYSE:ANET - Get Free Report) last announced its earnings results 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 firm 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 for the quarter was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.50 EPS. On average, analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current year.

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

Arista Networks 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.