Arlington Capital Management Inc. Sells 11,302 Shares of Arista Networks, Inc. (NYSE:ANET)

Arlington Capital Management Inc. lowered its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 39.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,144 shares of the technology company's stock after selling 11,302 shares during the quarter. Arista Networks makes up approximately 1.0% of Arlington Capital Management Inc.'s portfolio, making the stock its 19th largest holding. Arlington Capital Management Inc.'s holdings in Arista Networks were worth $1,328,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in ANET. HighMark Wealth Management LLC boosted its position in Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after purchasing an additional 230 shares during the period. Quarry LP boosted its position in Arista Networks by 381.5% during the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares during the period. Dunhill Financial LLC boosted its position in Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after purchasing an additional 212 shares during the period. Cloud Capital Management LLC bought a new position in Arista Networks during the first quarter worth about $30,000. Finally, McIlrath & Eck LLC bought a new position in Arista Networks during the fourth quarter worth about $35,000. Institutional investors own 82.47% of the company's stock.

Arista Networks Stock Performance

ANET traded up $1.02 on Thursday, reaching $114.06. The company had a trading volume of 5,367,155 shares, compared to its average volume of 8,503,742. The business has a 50 day simple moving average of $98.50 and a 200 day simple moving average of $94.95. The company has a market cap of $143.25 billion, a price-to-earnings ratio of 48.28, a P/E/G ratio of 3.28 and a beta of 1.40. Arista Networks, Inc. has a 52-week low of $59.43 and a 52-week high of $133.57.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.59 by $0.06. The firm 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%. The business's revenue was up 27.6% compared to the same quarter last year. During the same period last year, the firm posted $0.50 earnings per share. As a group, equities research analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks declared that its Board of Directors has initiated 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 748,444 shares of Arista Networks stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the transaction, the chief executive officer directly owned 30,000 shares of the company's stock, valued at approximately $3,072,900. This trade represents a 96.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total transaction of $794,880.00. Following the transaction, the director directly owned 65,784 shares in the company, valued at $6,536,298.24. This trade represents a 10.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,177,878 shares of company stock valued at $119,281,861. 3.39% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Evercore ISI increased their target price on shares of Arista Networks from $105.00 to $110.00 and gave the stock an "outperform" rating in a research report on Monday, June 23rd. Barclays cut their target price on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. Citigroup increased their price target on shares of Arista Networks from $112.00 to $123.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Morgan Stanley increased their price target on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Finally, Wolfe Research initiated coverage on shares of Arista Networks in a report on Tuesday, July 8th. They issued an "outperform" rating on the stock. Six analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $111.40.

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.