Arista Networks, Inc. (NYSE:ANET) Shares Sold by Milestone Asset Management LLC

Milestone Asset Management LLC lowered its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 57.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,970 shares of the technology company's stock after selling 24,320 shares during the quarter. Milestone Asset Management LLC's holdings in Arista Networks were worth $1,392,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. LVW Advisors LLC increased its position in shares of Arista Networks by 11.3% during the first quarter. LVW Advisors LLC now owns 3,248 shares of the technology company's stock valued at $252,000 after buying an additional 331 shares during the period. Fragasso Financial Advisors Inc increased its position in shares of Arista Networks by 4.4% during the first quarter. Fragasso Financial Advisors Inc now owns 4,645 shares of the technology company's stock valued at $360,000 after buying an additional 196 shares during the period. NBC Securities Inc. bought a new stake in Arista Networks during the first quarter worth about $84,000. Wright Investors Service Inc. bought a new stake in Arista Networks during the first quarter worth about $784,000. Finally, Czech National Bank boosted its stake in Arista Networks by 5.9% during the first quarter. Czech National Bank now owns 237,265 shares of the technology company's stock worth $18,383,000 after acquiring an additional 13,289 shares in the last quarter. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Price Performance

NYSE ANET traded up $0.85 during trading on Thursday, reaching $95.79. 4,392,028 shares of the company's stock traded hands, compared to its average volume of 9,036,815. The company's 50 day simple moving average is $82.70 and its two-hundred day simple moving average is $96.54. Arista Networks, Inc. has a 12-month low of $59.43 and a 12-month high of $133.58. The firm has a market cap of $120.30 billion, a price-to-earnings ratio of 43.15, a price-to-earnings-growth ratio of 3.10 and a beta of 1.38.

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 (EPS) for the quarter, topping analysts' consensus estimates 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 quarter in the previous year, the firm earned $0.50 EPS. The company's quarterly revenue was up 27.6% compared to the same quarter last year. Research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its board has authorized a share repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.

Insider Transactions at Arista Networks

In other news, Director Kelly Bodnar Battles sold 1,492 shares of the business's stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total transaction of $102,187.08. Following the transaction, the director now owns 7,480 shares of the company's stock, valued at approximately $512,305.20. The trade was a 16.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Kenneth Duda sold 80,000 shares of the company's 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 completion of the transaction, the senior vice president now directly owns 12,976 shares in the company, valued at $1,168,748.32. The trade was a 86.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 105,690 shares of company stock valued at $9,360,205 in the last 90 days. Insiders own 3.39% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ANET. Redburn Atlantic began coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price objective on the stock. Wedbush began coverage on shares of Arista Networks in a report on Wednesday, May 28th. They set an "outperform" rating for the company. JPMorgan Chase & Co. reduced their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Piper Sandler reaffirmed a "neutral" rating and set a $89.00 target price (up from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Finally, UBS Group raised shares of Arista Networks from a "neutral" rating to a "buy" rating and upped their target price for the company from $112.00 to $115.00 in a report on Wednesday, March 5th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, Arista Networks currently has an average rating of "Moderate Buy" and an average price target of $107.47.

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.