Covenant Asset Management LLC Trims Stake in Arista Networks, Inc. (NYSE:ANET)

Covenant Asset Management LLC trimmed its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 15.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 85,017 shares of the technology company's stock after selling 15,596 shares during the quarter. Arista Networks makes up 1.5% of Covenant Asset Management LLC's holdings, making the stock its 13th biggest holding. Covenant Asset Management LLC's holdings in Arista Networks were worth $6,587,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Optimum Investment Advisors grew its stake in Arista Networks by 31.3% during the first quarter. Optimum Investment Advisors now owns 525 shares of the technology company's stock worth $41,000 after purchasing an additional 125 shares during the period. Tradewinds Capital Management LLC grew its stake in Arista Networks by 45.8% during the first quarter. Tradewinds Capital Management LLC now owns 455 shares of the technology company's stock worth $35,000 after purchasing an additional 143 shares during the period. Weaver Capital Management LLC grew its stake in Arista Networks by 0.8% during the first quarter. Weaver Capital Management LLC now owns 21,449 shares of the technology company's stock worth $1,662,000 after purchasing an additional 162 shares during the period. First American Bank grew its stake in Arista Networks by 1.1% in the first quarter. First American Bank now owns 14,478 shares of the technology company's stock valued at $1,122,000 after acquiring an additional 164 shares during the period. Finally, ORG Partners LLC grew its stake in Arista Networks by 43.8% in the first quarter. ORG Partners LLC now owns 575 shares of the technology company's stock valued at $45,000 after acquiring an additional 175 shares during the period. 82.47% of the stock is currently owned by institutional investors.

Insider Activity at Arista Networks

In other news, Director Charles H. Giancarlo sold 8,000 shares of Arista Networks 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 sale, the director directly owned 123,784 shares of the company's stock, valued at approximately $10,915,273.12. The trade was a 6.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 80,000 shares of Arista Networks stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total value of $7,205,600.00. Following the completion of the sale, the senior vice president directly owned 12,976 shares in the company, valued at $1,168,748.32. This trade represents a 86.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,123,370 shares of company stock worth $113,157,408. Corporate insiders own 3.39% of the company's stock.

Arista Networks Price Performance

ANET traded up $0.03 during midday trading on Friday, reaching $112.01. 6,004,141 shares of the company's stock traded hands, compared to its average volume of 9,169,641. The firm has a fifty day moving average of $97.19 and a two-hundred day moving average of $94.89. The stock has a market capitalization of $140.68 billion, a price-to-earnings ratio of 47.41, a P/E/G ratio of 3.26 and a beta of 1.40. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, May 6th. The technology company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion for 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 company's quarterly revenue was up 27.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.50 earnings per share. Sell-side analysts forecast that Arista Networks, Inc. will post 2.2 EPS for the current year.

Arista Networks announced that its board has authorized a share repurchase program on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ANET shares. Needham & Company LLC began coverage on Arista Networks in a research note on Wednesday, May 28th. They issued a "buy" rating for the company. Wolfe Research began coverage on Arista Networks in a research report on Tuesday, July 8th. They set an "outperform" rating on the stock. KeyCorp began coverage on Arista Networks in a research report on Thursday, June 26th. They set an "overweight" rating and a $115.00 target price on the stock. KGI Securities lowered Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Finally, Morgan Stanley lifted their price target on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Seven research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $111.40.

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.