HWG Holdings LP Sells 80,065 Shares of Arista Networks, Inc. (NYSE:ANET)

HWG Holdings LP decreased its holdings in shares of Arista Networks, Inc. (NYSE:ANET - Free Report) by 95.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,779 shares of the technology company's stock after selling 80,065 shares during the period. HWG Holdings LP's holdings in Arista Networks were worth $293,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Brighton Jones LLC grew its holdings in shares of Arista Networks by 321.7% during the 4th quarter. Brighton Jones LLC now owns 7,806 shares of the technology company's stock worth $863,000 after acquiring an additional 5,955 shares during the period. 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 grew its holdings in shares of Arista Networks by 433.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 10,856 shares of the technology company's stock worth $1,200,000 after acquiring an additional 8,822 shares during the period. Private Advisor Group LLC grew its holdings in shares of Arista Networks by 231.3% during the 4th quarter. Private Advisor Group LLC now owns 49,261 shares of the technology company's stock worth $5,445,000 after acquiring an additional 34,393 shares during the period. Finally, Kintegral Advisory LLC grew its holdings in shares of Arista Networks by 282.2% during the 4th quarter. Kintegral Advisory LLC now owns 12,459 shares of the technology company's stock worth $1,377,000 after acquiring an additional 9,199 shares during the period. Institutional investors own 82.47% of the company's stock.

Arista Networks Price Performance

ANET stock opened at $86.18 on Monday. The company has a market cap of $108.23 billion, a P/E ratio of 36.48, a price-to-earnings-growth 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. The stock's fifty day moving average price is $87.52 and its 200-day moving average price is $95.85.

Arista Networks (NYSE:ANET - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. Arista Networks had a return on equity of 30.48% 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 last year, the business posted $0.50 EPS. As a group, 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 buyback plan on Tuesday, May 6th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the technology company to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ANET shares. Wells Fargo & Company reiterated an "overweight" rating on shares of Arista Networks in a report on Monday, March 3rd. BNP Paribas Exane downgraded Arista Networks from an "outperform" rating to a "neutral" rating and set a $106.00 price target on the stock. in a research note on Wednesday, June 11th. BNP Paribas downgraded Arista Networks from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 11th. Rosenblatt Securities upped their price target on Arista Networks from $85.00 to $87.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Finally, Morgan Stanley upped their price target on 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 issued a buy rating to the company. According to MarketBeat.com, Arista Networks currently has a consensus rating of "Moderate Buy" and a consensus target price of $108.20.

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 30,000 shares of the firm's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $92.23, for a total value of $2,766,900.00. Following the transaction, the senior vice president now directly owns 12,976 shares of the company's stock, valued at approximately $1,196,776.48. This trade represents a 69.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kelly Bodnar Battles sold 1,492 shares of the firm's stock in a transaction dated Tuesday, April 22nd. The shares were sold at an average price of $68.49, for a total value of $102,187.08. Following the sale, the director now directly owns 7,480 shares in the company, valued at approximately $512,305.20. This represents a 16.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 161,690 shares of company stock valued at $14,525,085. 3.54% of the stock is owned by company insiders.

Arista Networks Company 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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