Fermata Advisors LLC Sells 2,781 Shares of Arista Networks, Inc. (NYSE:ANET)

Fermata Advisors LLC cut its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 43.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,558 shares of the technology company's stock after selling 2,781 shares during the period. Fermata Advisors LLC's holdings in Arista Networks were worth $276,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. raised its position 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 worth $10,620,270,000 after acquiring an additional 72,311,318 shares in the last quarter. FMR LLC raised its position in shares of Arista Networks by 330.9% in the 4th quarter. FMR LLC now owns 57,648,129 shares of the technology company's stock worth $6,371,848,000 after acquiring an additional 44,269,572 shares in the last quarter. Cresset Asset Management LLC raised its position in shares of Arista Networks by 277.5% in the 4th quarter. Cresset Asset Management LLC now owns 27,288,583 shares of the technology company's stock worth $3,016,207,000 after acquiring an additional 20,059,303 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Arista Networks by 311.6% in the 4th quarter. Geode Capital Management LLC now owns 24,165,355 shares of the technology company's stock worth $2,665,829,000 after acquiring an additional 18,293,874 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Arista Networks by 218.5% in the 4th quarter. Alliancebernstein L.P. now owns 21,070,016 shares of the technology company's stock worth $2,328,869,000 after acquiring an additional 14,454,822 shares in the last quarter. 82.47% of the stock is owned by institutional investors.

Insider Activity

In other news, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 12,976 shares of the company's stock, valued at $1,168,748.32. This represents a 86.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $77.55, for a total value of $620,400.00. Following the completion of the transaction, the director now directly owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. This represents a 5.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 105,690 shares of company stock valued at $9,360,205 over the last three months. Corporate insiders own 3.39% of the company's stock.

Arista Networks Stock Performance

Shares of ANET opened at $95.11 on Friday. The stock has a 50 day moving average price of $83.05 and a two-hundred day moving average price of $96.55. The firm has a market capitalization of $119.45 billion, a P/E ratio of 42.84, a P/E/G ratio of 3.10 and a beta of 1.38. 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 issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $1.97 billion. Arista Networks had a return on equity of 29.91% and a net margin of 40.72%. The company's revenue for the quarter was up 27.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.50 EPS. On average, equities analysts forecast that Arista Networks, Inc. will post 2.2 earnings per share for the current year.

Arista Networks declared that its board has approved a stock repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ANET has been the subject of several research reports. UBS Group upgraded Arista Networks from a "neutral" rating to a "buy" rating and raised their target price for the company from $112.00 to $115.00 in a research note on Wednesday, March 5th. The Goldman Sachs Group decreased their target price on Arista Networks from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. KGI Securities lowered Arista Networks to a "neutral" rating in a research report on Wednesday, May 7th. Piper Sandler reaffirmed a "neutral" rating and issued a $89.00 target price (up from $76.00) on shares of Arista Networks in a research report on Wednesday, May 7th. Finally, Wedbush assumed coverage on Arista Networks in a research report on Wednesday, May 28th. They issued an "outperform" rating for the company. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $107.47.

Arista Networks 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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