Clifford Swan Investment Counsel LLC Sells 32,235 Shares of Arista Networks, Inc. (NYSE:ANET)

Clifford Swan Investment Counsel LLC trimmed its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 5.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 581,546 shares of the technology company's stock after selling 32,235 shares during the period. Arista Networks comprises about 1.7% of Clifford Swan Investment Counsel LLC's investment portfolio, making the stock its 11th largest holding. Clifford Swan Investment Counsel LLC's holdings in Arista Networks were worth $45,058,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Arista Networks by 304.2% in the 4th quarter. Vanguard Group Inc. now owns 96,084,951 shares of the technology company's stock valued at $10,620,270,000 after purchasing an additional 72,311,318 shares during the last quarter. FMR LLC increased its stake in shares of Arista Networks by 330.9% in the fourth quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock valued at $6,371,848,000 after buying an additional 44,269,572 shares during the period. Cresset Asset Management LLC increased its stake in shares of Arista Networks by 277.5% in the fourth quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock valued at $3,016,207,000 after buying an additional 20,059,303 shares during the period. Geode Capital Management LLC grew its stake in Arista Networks by 311.6% during the fourth quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after purchasing an additional 18,293,874 shares during the period. Finally, Alliancebernstein L.P. increased its stake in Arista Networks by 218.5% in the fourth quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock valued at $2,328,869,000 after purchasing an additional 14,454,822 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Jayshree Ullal sold 748,444 shares of the stock in a transaction that occurred 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 sale, the chief executive officer directly owned 30,000 shares in the company, valued at approximately $3,072,900. This represents a 96.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $99.36, for a total value of $794,880.00. Following the completion of the sale, the director directly owned 65,784 shares of the company's stock, valued at approximately $6,536,298.24. This trade represents a 10.84% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,123,370 shares of company stock worth $113,157,408. 3.54% of the stock is currently owned by corporate insiders.

Arista Networks Stock Down 0.2%

Shares of ANET traded down $0.24 during mid-day trading on Monday, hitting $111.54. 920,739 shares of the company traded hands, compared to its average volume of 9,137,987. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58. The business has a 50 day moving average of $97.19 and a 200 day moving average of $94.78. The company has a market capitalization of $140.09 billion, a PE ratio of 47.34, a price-to-earnings-growth ratio of 3.26 and a beta of 1.40.

Arista Networks (NYSE:ANET - Get Free Report) last announced its 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%. Arista Networks's revenue for the quarter was up 27.6% on a year-over-year basis. During the same period last year, the business posted $0.50 EPS. As a group, research 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 authorized a share repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts recently issued reports on ANET shares. Rosenblatt Securities boosted their price objective on Arista Networks from $85.00 to $87.00 and gave the company a "neutral" rating in a research note on Wednesday, May 7th. KeyCorp began coverage on Arista Networks in a report on Thursday, June 26th. They issued an "overweight" rating and a $115.00 price objective for the company. Redburn Atlantic started coverage on Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating and a $112.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on Arista Networks from $110.00 to $130.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, Piper Sandler reiterated a "neutral" rating and set a $89.00 price objective (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $111.40.

Arista Networks Company 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.

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