Arista Networks, Inc. (NYSE:ANET) Shares Sold by Diversify Advisory Services LLC

Diversify Advisory Services LLC reduced its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 21.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 13,019 shares of the technology company's stock after selling 3,506 shares during the period. Diversify Advisory Services LLC's holdings in Arista Networks were worth $1,051,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Quarry LP boosted its position in Arista Networks by 381.5% during 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 grew its stake in Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock valued at $29,000 after purchasing an additional 212 shares during the last quarter. McIlrath & Eck LLC purchased a new position in Arista Networks in the fourth quarter valued at about $35,000. Aster Capital Management DIFC Ltd purchased a new position in Arista Networks in the fourth quarter valued at about $37,000. Finally, HighMark Wealth Management LLC grew its stake in Arista Networks by 179.7% in the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock valued at $28,000 after purchasing an additional 230 shares during the last quarter. 82.47% of the stock is owned by institutional investors.

Arista Networks Trading Up 0.0%

ANET stock traded up $0.03 during midday trading on Friday, hitting $112.01. 6,004,141 shares of the company's stock were exchanged, compared to its average volume of 9,169,641. The business has a 50-day simple moving average of $97.19 and a two-hundred day simple moving average of $94.89. The stock has a market capitalization of $140.68 billion, a PE ratio of 47.41, a P/E/G ratio of 3.26 and a beta of 1.40. 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 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. Arista Networks had a return on equity of 30.48% and a net margin of 40.72%. The business had revenue of $2 billion during the quarter, compared to analysts' expectations of $1.97 billion. During the same period in the previous year, the firm posted $0.50 earnings per share. The company's revenue was up 27.6% on a year-over-year basis. 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 has approved a stock buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in shares. This buyback authorization authorizes the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are often an indication that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, SVP Kenneth Duda sold 26,000 shares of the business'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 $2,397,980.00. Following the completion of the sale, the senior vice president directly 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jayshree Ullal sold 748,444 shares of the business's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $102.43, for a total value of $76,663,118.92. Following the completion of the sale, the chief executive officer directly owned 30,000 shares of the company's stock, valued at $3,072,900. The trade was a 96.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,123,370 shares of company stock valued at $113,157,408 in the last ninety days. Insiders own 3.39% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Morgan Stanley boosted their target price on Arista Networks from $73.00 to $100.00 and gave the stock an "overweight" rating in a research note on Thursday, May 1st. Barclays dropped their target price on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Piper Sandler restated a "neutral" rating and set a $89.00 target price (up from $76.00) on shares of Arista Networks in a research note on Wednesday, May 7th. Redburn Atlantic started coverage on Arista Networks in a report on Wednesday, May 28th. They issued a "buy" rating and a $112.00 price objective on the stock. Finally, Wolfe Research started coverage on Arista Networks in a report on Tuesday, July 8th. They issued an "outperform" rating on the stock. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company presently 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.