Arista Networks, Inc. (NYSE:ANET) Stake Lessened by Adams Diversified Equity Fund Inc.

Adams Diversified Equity Fund Inc. cut its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 13.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 213,664 shares of the technology company's stock after selling 33,100 shares during the period. Adams Diversified Equity Fund Inc.'s holdings in Arista Networks were worth $16,555,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Weaver Capital Management LLC boosted its holdings in Arista Networks by 0.8% during the first quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company's stock worth $1,662,000 after buying an additional 162 shares in the last quarter. First American Bank boosted its holdings in Arista Networks by 1.1% during the first quarter. First American Bank now owns 14,478 shares of the technology company's stock worth $1,122,000 after buying an additional 164 shares in the last quarter. ORG Partners LLC boosted its holdings in Arista Networks by 43.8% during the first quarter. ORG Partners LLC now owns 575 shares of the technology company's stock worth $45,000 after buying an additional 175 shares in the last quarter. RMR Wealth Builders boosted its holdings in Arista Networks by 0.6% during the first quarter. RMR Wealth Builders now owns 30,642 shares of the technology company's stock worth $2,374,000 after buying an additional 180 shares in the last quarter. Finally, Capital Advisors Ltd. LLC boosted its holdings in Arista Networks by 335.1% during the fourth quarter. Capital Advisors Ltd. LLC now owns 248 shares of the technology company's stock worth $27,000 after buying an additional 191 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Erste Group Bank cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Monday, March 17th. Evercore ISI raised their price objective on shares of Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a research note on Monday. Citigroup raised their price objective on shares of Arista Networks from $97.00 to $112.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Arista Networks in a research note on Monday, March 3rd. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $89.00 price objective (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Arista Networks presently has an average rating of "Moderate Buy" and an average target price of $108.87.

Insider Activity

In related news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the transaction, the director now owns 139,784 shares in the company, 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 through this link. Also, SVP Kenneth Duda sold 30,000 shares of Arista Networks stock in a transaction on Tuesday, June 17th. The stock was 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 in the company, valued at $1,196,776.48. This trade represents a 69.81% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 161,690 shares of company stock worth $14,525,085. 3.54% of the stock is owned by corporate insiders.

Arista Networks Trading Up 3.3%

Arista Networks stock opened at $95.02 on Wednesday. The company has a market capitalization of $119.34 billion, a P/E ratio of 40.22, a P/E/G ratio of 2.70 and a beta of 1.37. The firm's fifty day simple moving average is $88.32 and its 200-day simple moving average is $95.73. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly 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 business had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.50 EPS. On average, equities research analysts predict that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has approved a stock repurchase program on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

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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