Bessemer Group Inc. Sells 42,930 Shares of Arista Networks, Inc. (NYSE:ANET)

Bessemer Group Inc. cut its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 61.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,379 shares of the technology company's stock after selling 42,930 shares during the period. Bessemer Group Inc.'s holdings in Arista Networks were worth $2,121,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Quarry LP raised its stake in shares of Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock valued at $29,000 after purchasing an additional 206 shares in the last quarter. Dunhill Financial LLC raised its stake in shares of Arista Networks by 415.7% in the 4th quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after buying an additional 212 shares in the last quarter. McIlrath & Eck LLC acquired a new position in shares of Arista Networks in the 4th quarter valued at $35,000. Aster Capital Management DIFC Ltd bought a new position in shares of Arista Networks during the 4th quarter worth about $37,000. Finally, West Paces Advisors Inc. boosted its position in shares of Arista Networks by 214.5% during the 4th quarter. West Paces Advisors Inc. now owns 368 shares of the technology company's stock valued at $41,000 after acquiring an additional 251 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ANET has been the topic of a number of recent research reports. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. Piper Sandler reaffirmed a "neutral" rating and issued a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and upped their price target for the company from $112.00 to $115.00 in a research report on Wednesday, March 5th. BNP Paribas Exane cut Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price objective for the company. in a report on Wednesday, June 11th. Finally, The Goldman Sachs Group reduced their target price on shares of Arista Networks from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Seven analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $109.33.

Arista Networks Price Performance

ANET opened at $99.37 on Friday. The stock has a market capitalization of $124.81 billion, a P/E ratio of 42.06, a price-to-earnings-growth ratio of 2.91 and a beta of 1.37. The company's 50 day simple moving average is $89.99 and its 200-day simple moving average is $95.58. Arista Networks, Inc. has a one year low of $59.43 and a one year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $2 billion for the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business's quarterly revenue was up 27.6% compared to the same quarter last year. During the same period last year, the company earned $0.50 EPS. As a group, analysts anticipate that Arista Networks, Inc. will post 2.2 EPS for the current year.

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

Insider Buying and Selling at Arista Networks

In other Arista Networks news, Director Charles H. Giancarlo sold 8,000 shares of the stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $88.18, for a total value of $705,440.00. Following the transaction, the director now owns 123,784 shares of the company's stock, valued at approximately $10,915,273.12. This represents a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Kenneth Duda sold 30,000 shares of the firm's stock in a transaction dated Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total value of $2,766,900.00. Following the transaction, the senior vice president now owns 12,976 shares in the company, valued at approximately $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 three months, insiders have sold 161,690 shares of company stock worth $14,525,085. Company insiders own 3.39% of the company's stock.

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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