Frank Rimerman Advisors LLC Trims Stock Position in Arista Networks, Inc. (NYSE:ANET)

Frank Rimerman Advisors LLC lowered its stake in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 48.7% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 4,002 shares of the technology company's stock after selling 3,801 shares during the period. Frank Rimerman Advisors LLC's holdings in Arista Networks were worth $310,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Arista Networks by 23.5% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 752,231 shares of the technology company's stock valued at $58,283,000 after acquiring an additional 143,026 shares during the period. Cynosure Group LLC grew its position in shares of Arista Networks by 32.4% during the 1st quarter. Cynosure Group LLC now owns 4,004 shares of the technology company's stock valued at $310,000 after acquiring an additional 980 shares during the period. Zions Bancorporation National Association UT acquired a new stake in shares of Arista Networks during the 1st quarter valued at about $158,000. Townsquare Capital LLC grew its position in shares of Arista Networks by 14.8% during the 1st quarter. Townsquare Capital LLC now owns 40,269 shares of the technology company's stock valued at $3,120,000 after acquiring an additional 5,193 shares during the period. Finally, Forsta AP Fonden grew its position in shares of Arista Networks by 2.4% during the 1st quarter. Forsta AP Fonden now owns 297,900 shares of the technology company's stock valued at $23,081,000 after acquiring an additional 7,100 shares during the period. Hedge funds and other institutional investors own 82.47% of the company's stock.

Arista Networks Price Performance

ANET opened at $137.65 on Tuesday. The company's 50 day simple moving average is $106.56 and its two-hundred day simple moving average is $95.12. Arista Networks, Inc. has a 1-year low of $59.43 and a 1-year high of $141.75. The firm has a market capitalization of $173.01 billion, a price-to-earnings ratio of 54.14, a price-to-earnings-growth ratio of 3.47 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last released its earnings results on Tuesday, August 5th. The technology company reported $0.73 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.08. Arista Networks had a net margin of 40.90% and a return on equity of 31.05%. The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.11 billion. During the same period last year, the company posted $0.53 EPS. The business's revenue was up 30.4% on a year-over-year basis. On average, equities analysts anticipate that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its board has initiated a stock 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 buy up to 1.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

ANET has been the topic of a number of analyst reports. BNP Paribas cut Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, June 11th. Morgan Stanley raised their target price on Arista Networks from $120.00 to $125.00 and gave the company an "overweight" rating in a research report on Wednesday, August 6th. Wedbush began coverage on Arista Networks in a report on Wednesday, May 28th. They issued an "outperform" rating on the stock. KGI Securities cut Arista Networks to a "neutral" rating in a report on Wednesday, May 7th. Finally, Barclays reiterated an "overweight" rating and issued a $151.00 price objective (up from $119.00) on shares of Arista Networks in a report on Thursday. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $138.07.

Insiders Place Their Bets

In other Arista Networks news, Director Kelly Bodnar Battles sold 864 shares of the firm's stock in a transaction on Friday, July 25th. The stock was sold at an average price of $114.68, for a total transaction of $99,083.52. Following the completion of the sale, the director owned 7,460 shares of the company's stock, valued at $855,512.80. This trade represents a 10.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles H. Giancarlo sold 8,000 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $117.01, for a total value of $936,080.00. Following the sale, the director directly owned 57,784 shares of the company's stock, valued at approximately $6,761,305.84. This trade represents a 12.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,574,763 shares of company stock worth $687,094,691 in the last three months. 3.54% of the stock is owned by insiders.

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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