Davidson Investment Advisors Has $23 Million Stock Holdings in Arista Networks, Inc. (NYSE:ANET)

Davidson Investment Advisors lessened its stake in Arista Networks, Inc. (NYSE:ANET - Free Report) by 1.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 296,875 shares of the technology company's stock after selling 3,790 shares during the period. Davidson Investment Advisors' holdings in Arista Networks were worth $23,002,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in ANET. Brighton Jones LLC lifted its stake in shares of Arista Networks by 321.7% in the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock valued at $863,000 after buying an additional 5,955 shares during the period. Revolve Wealth Partners LLC bought a new position in Arista Networks during the fourth quarter worth about $202,000. Bank Pictet & Cie Europe AG lifted its stake in Arista Networks by 433.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock worth $1,200,000 after purchasing an additional 8,822 shares during the period. Proficio Capital Partners LLC lifted its stake 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 purchasing an additional 4,028 shares during the period. Finally, Cullen Frost Bankers Inc. lifted its stake in Arista Networks by 314.9% during the fourth quarter. Cullen Frost Bankers Inc. now owns 2,091 shares of the technology company's stock worth $231,000 after purchasing an additional 1,587 shares during the period. Institutional investors own 82.47% of the company's stock.

Arista Networks Trading Down 1.0%

Shares of Arista Networks stock traded down $1.01 during midday trading on Monday, reaching $101.51. The company had a trading volume of 6,242,033 shares, compared to its average volume of 9,108,783. The company has a market capitalization of $127.49 billion, a price-to-earnings ratio of 42.97, a price-to-earnings-growth ratio of 2.99 and a beta of 1.40. The stock has a fifty day simple moving average of $92.93 and a 200 day simple moving average of $95.14. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $133.58.

Arista Networks (NYSE:ANET - Get Free Report) last issued 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. The business had revenue of $2 billion during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. Arista Networks's revenue for the quarter was up 27.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.50 earnings per share. Sell-side analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks announced that its board has approved a share repurchase program on Tuesday, May 6th that allows the company to buyback $1.50 billion in shares. This buyback authorization allows 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 believes its shares are undervalued.

Insider Activity at Arista Networks

In other Arista Networks news, SVP Kenneth Duda sold 26,000 shares of Arista Networks stock in a transaction 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 sale, the senior vice president owned 592,400 shares of the company's stock, valued at approximately $54,637,052. The trade was a 4.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 748,444 shares of Arista Networks 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 sale, the chief executive officer directly owned 30,000 shares of the company's stock, valued at $3,072,900. This represents a 96.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,123,370 shares of company stock valued at $113,157,408 over the last quarter. Corporate insiders own 3.54% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on ANET. Piper Sandler restated a "neutral" rating and set a $89.00 price target (up previously from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Barclays cut their price target on shares of Arista Networks from $126.00 to $119.00 and set an "overweight" rating for the company in a research note on Thursday, May 8th. Redburn Atlantic began coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating and a $112.00 price target for the company. Needham & Company LLC began coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating for the company. Finally, Morgan Stanley raised their price target on shares of Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Seven equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $109.33.

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.