Arista Networks, Inc. (NYSE:ANET) Shares Sold by Bleakley Financial Group LLC

Bleakley Financial Group LLC trimmed its position in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 14.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,165 shares of the technology company's stock after selling 3,596 shares during the quarter. Bleakley Financial Group LLC's holdings in Arista Networks were worth $1,640,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in Arista Networks by 321.7% during the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock worth $863,000 after acquiring an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC acquired a new position in shares of Arista Networks during the 4th quarter worth approximately $202,000. Bank Pictet & Cie Europe AG grew its position 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 purchasing an additional 8,822 shares in the last quarter. Proficio Capital Partners LLC lifted its position in Arista Networks by 634.3% during the fourth quarter. Proficio Capital Partners LLC now owns 4,663 shares of the technology company's stock worth $515,000 after buying an additional 4,028 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its position in Arista Networks by 247.1% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 84,285 shares of the technology company's stock worth $9,316,000 after buying an additional 60,004 shares in the last quarter. 82.47% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Morgan Stanley upped their target price on Arista Networks from $73.00 to $100.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Wolfe Research initiated coverage on shares of Arista Networks in a research report on Tuesday, July 8th. They set an "outperform" rating for the company. JPMorgan Chase & Co. decreased their target price on shares of Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. KeyCorp started coverage on shares of Arista Networks in a research note on Thursday, June 26th. They issued an "overweight" rating and a $115.00 price target for the company. Finally, Needham & Company LLC assumed coverage on shares of Arista Networks in a research report on Wednesday, May 28th. They set a "buy" rating on the stock. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $110.07.

Arista Networks Stock Up 0.9%

NYSE ANET traded up $0.93 during trading on Wednesday, hitting $108.30. The stock had a trading volume of 6,381,267 shares, compared to its average volume of 9,175,053. The company has a market capitalization of $136.01 billion, a PE ratio of 45.84, a PEG ratio of 3.16 and a beta of 1.40. The firm has a 50 day moving average price of $95.74 and a 200 day moving average price of $94.90. Arista Networks, Inc. has a twelve month low of $59.43 and a twelve month 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The business's quarterly revenue was up 27.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.50 earnings per share. On average, sell-side analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its Board of Directors has approved a share 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 purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Insider Transactions at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 26,000 shares of the business's stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $92.23, for a total transaction of $2,397,980.00. Following the completion of the transaction, the senior vice president owned 592,400 shares in the company, valued at $54,637,052. The trade was a 4.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total value of $794,880.00. Following the transaction, the director directly owned 65,784 shares of the company's stock, valued at approximately $6,536,298.24. This represents a 10.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,123,370 shares of company stock valued at $113,157,408. 3.54% of the stock is currently owned by company insiders.

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.