Bank of New York Mellon Corp Sells 100,629 Shares of Arista Networks, Inc. (NYSE:ANET)

Bank of New York Mellon Corp lessened its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 1.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,036,235 shares of the technology company's stock after selling 100,629 shares during the period. Bank of New York Mellon Corp owned 0.48% of Arista Networks worth $467,688,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in Arista Networks by 321.7% in the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock valued at $863,000 after acquiring an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in Arista Networks in the fourth quarter worth approximately $202,000. Bank Pictet & Cie Europe AG increased its holdings in shares of Arista Networks by 433.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock valued at $1,200,000 after buying an additional 8,822 shares in the last quarter. Proficio Capital Partners LLC lifted its position in shares of Arista Networks by 634.3% during the 4th quarter. Proficio Capital Partners LLC now owns 4,663 shares of the technology company's stock valued at $515,000 after acquiring an additional 4,028 shares during the last quarter. Finally, Cullen Frost Bankers Inc. boosted its stake in shares of Arista Networks by 314.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 2,091 shares of the technology company's stock worth $231,000 after acquiring an additional 1,587 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Arista Networks Stock Performance

Shares of ANET stock traded down $1.01 during trading hours on Monday, hitting $101.51. The company had a trading volume of 6,242,033 shares, compared to its average volume of 9,108,789. Arista Networks, Inc. has a 12 month low of $59.43 and a 12 month high of $133.58. The firm's fifty day moving average is $92.93 and its 200 day moving average is $95.14. The firm has a market capitalization of $127.49 billion, a price-to-earnings ratio of 42.97, a PEG ratio of 2.99 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The firm had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same period last year, the firm posted $0.50 EPS. The business's revenue was up 27.6% on a year-over-year basis. On average, sell-side analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

ANET has been the subject of several analyst reports. Citigroup upped their target price on Arista Networks from $97.00 to $112.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Erste Group Bank lowered shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Monday, March 17th. Needham & Company LLC started coverage on shares of Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating for the company. The Goldman Sachs Group decreased their price objective on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Finally, KeyCorp began coverage on shares of Arista Networks in a report on Thursday, June 26th. They set an "overweight" rating and a $115.00 price target on the stock. Seven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Arista Networks presently has an average rating of "Moderate Buy" and a consensus price target of $109.33.

Insider Transactions at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $99.36, for a total transaction of $794,880.00. Following the completion of the sale, the director owned 65,784 shares in the company, valued at approximately $6,536,298.24. The trade was a 10.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jayshree Ullal sold 748,444 shares of the stock in a transaction on Monday, June 30th. The stock was sold at an average price of $102.43, for a total transaction of $76,663,118.92. Following the completion of the sale, the chief executive officer owned 30,000 shares in the company, valued at approximately $3,072,900. This trade represents a 96.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,123,370 shares of company stock worth $113,157,408 over the last 90 days. 3.54% of the stock is owned by insiders.

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.