Heartland Bank & Trust Co Trims Stock Position in Arista Networks, Inc. (NYSE:ANET)

Heartland Bank & Trust Co decreased its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 30.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,420 shares of the technology company's stock after selling 3,283 shares during the period. Heartland Bank & Trust Co's holdings in Arista Networks were worth $575,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC increased its position in shares of Arista Networks by 321.7% during the fourth quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock valued at $863,000 after acquiring an additional 5,955 shares during the last quarter. Revolve Wealth Partners LLC purchased a new position in shares of Arista Networks during the 4th quarter worth approximately $202,000. Bank Pictet & Cie Europe AG increased its holdings in Arista Networks by 433.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock valued at $1,200,000 after purchasing an additional 8,822 shares during the last quarter. D.A. Davidson & CO. raised its position in Arista Networks by 285.5% in the fourth quarter. D.A. Davidson & CO. now owns 19,882 shares of the technology company's stock valued at $2,198,000 after purchasing an additional 14,724 shares during the period. Finally, Global Retirement Partners LLC lifted its stake in Arista Networks by 285.3% during the fourth quarter. Global Retirement Partners LLC now owns 11,733 shares of the technology company's stock worth $1,297,000 after purchasing an additional 8,688 shares in the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. JPMorgan Chase & Co. decreased their target price on Arista Networks from $140.00 to $110.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Evercore ISI reduced their price target on shares of Arista Networks from $130.00 to $100.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. KGI Securities lowered shares of Arista Networks to a "neutral" rating in a research note on Wednesday, May 7th. Needham & Company LLC assumed coverage on shares of Arista Networks in a research note on Wednesday, May 28th. They set a "buy" rating on the stock. Finally, Erste Group Bank cut shares of Arista Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, March 17th. Seven analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $108.20.

Arista Networks Price Performance

Arista Networks stock opened at $86.18 on Friday. The stock's fifty day moving average is $87.52 and its two-hundred day moving average is $95.92. The stock has a market cap of $108.23 billion, a PE ratio of 36.48, a P/E/G ratio of 2.53 and a beta of 1.37. 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 released its quarterly earnings data on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.06. The business had revenue of $2 billion during 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 business's quarterly revenue was up 27.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.50 EPS. On average, research analysts expect that Arista Networks, Inc. will post 2.2 earnings per share for the current fiscal year.

Arista Networks announced that its Board of Directors has initiated a share repurchase plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in shares. This repurchase authorization permits the technology company to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Transactions at Arista Networks

In other news, SVP Kenneth Duda sold 80,000 shares of the company's stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $90.07, for a total transaction 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 approximately $1,168,748.32. This represents a 86.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Charles H. Giancarlo sold 8,000 shares of the company's stock in a transaction dated 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 sale, the director now directly owns 139,784 shares of the company's stock, valued at approximately $10,840,249.20. This trade represents a 5.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 161,690 shares of company stock valued at $14,525,085. 3.39% of the stock is currently owned by corporate 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.

Want to see what other hedge funds are holding ANET? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Arista Networks, Inc. (NYSE:ANET - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.