Axxcess Wealth Management LLC Sells 15,800 Shares of Arista Networks, Inc. (NYSE:ANET)

Axxcess Wealth Management LLC lessened its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 29.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 37,635 shares of the technology company's stock after selling 15,800 shares during the quarter. Axxcess Wealth Management LLC's holdings in Arista Networks were worth $2,916,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Optimum Investment Advisors raised its stake in Arista Networks by 31.3% during the 1st quarter. Optimum Investment Advisors now owns 525 shares of the technology company's stock valued at $41,000 after purchasing an additional 125 shares during the period. Tradewinds Capital Management LLC increased its position in shares of Arista Networks by 45.8% during the 1st quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company's stock valued at $35,000 after purchasing an additional 143 shares during the last quarter. Weaver Capital Management LLC increased its position in shares of Arista Networks by 0.8% during the 1st quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company's stock valued at $1,662,000 after purchasing an additional 162 shares during the last quarter. First American Bank increased its position in shares of Arista Networks by 1.1% during the 1st quarter. First American Bank now owns 14,478 shares of the technology company's stock valued at $1,122,000 after purchasing an additional 164 shares during the last quarter. Finally, ORG Partners LLC increased its position in shares of Arista Networks by 43.8% during the 1st quarter. ORG Partners LLC now owns 575 shares of the technology company's stock valued at $45,000 after purchasing an additional 175 shares during the last quarter. Institutional investors own 82.47% of the company's stock.

Arista Networks Stock Performance

Arista Networks stock opened at $106.27 on Thursday. The stock has a 50-day moving average of $94.33 and a two-hundred day moving average of $95.20. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58. The stock has a market cap of $133.47 billion, a PE ratio of 44.98, a price-to-earnings-growth ratio of 3.01 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The company had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The firm's revenue was up 27.6% compared to the same quarter last year. During the same period last year, the business posted $0.50 earnings per share. As a group, sell-side analysts predict that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has approved a stock repurchase plan on Tuesday, May 6th that allows the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Insider Activity

In related news, SVP Kenneth Duda sold 80,000 shares of the firm's stock in a transaction on 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 sale, the senior vice president owned 12,976 shares in the company, valued at approximately $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $88.18, for a total value of $705,440.00. Following the completion of the transaction, the director owned 123,784 shares of the company's stock, valued at approximately $10,915,273.12. This represents a 6.07% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,123,370 shares of company stock valued at $113,157,408. Company insiders own 3.39% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on ANET. Morgan Stanley boosted their price objective on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. BNP Paribas cut Arista Networks from a "strong-buy" rating to a "hold" rating in a report on Wednesday, June 11th. Wedbush began coverage on Arista Networks in a report on Wednesday, May 28th. They set an "outperform" rating for the company. Piper Sandler restated a "neutral" rating and set a $89.00 price objective (up previously from $76.00) on shares of Arista Networks in a report on Wednesday, May 7th. Finally, Barclays dropped their price objective on Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Seven investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Arista Networks presently has an average rating of "Moderate Buy" and a consensus price target of $109.33.

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.

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