Invesco Ltd. Decreases Stake in Arista Networks, Inc. (NYSE:ANET)

Key Points

• Invesco Ltd. has reduced its stake in Arista Networks, lowering its holdings by 3.9% to approximately 10.76 million shares, valued at $833.37 million.
• Multiple hedge funds have increased their investments in Arista Networks, with HighMark Wealth Management LLC growing its holdings by 179.7% in the first quarter.
• Arista Networks reported a 30.4% year-over-year revenue increase for the latest quarter, exceeding analyst expectations with revenues of $2.20 billion.

Invesco Ltd. lowered its holdings in Arista Networks, Inc. (NYSE:ANET - Free Report) by 3.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,755,880 shares of the technology company's stock after selling 434,238 shares during the quarter. Invesco Ltd. owned 0.86% of Arista Networks worth $833,366,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. HighMark Wealth Management LLC grew its holdings in shares of Arista Networks by 179.7% in the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after acquiring an additional 230 shares during the period. Quarry LP grew its holdings in shares of Arista Networks by 381.5% in the fourth quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after acquiring an additional 206 shares during the period. Dunhill Financial LLC grew its holdings in shares of Arista Networks by 415.7% in the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after acquiring an additional 212 shares during the period. Cloud Capital Management LLC bought a new stake in shares of Arista Networks in the first quarter worth $30,000. Finally, McIlrath & Eck LLC bought a new stake in shares of Arista Networks in the fourth quarter worth $35,000. Hedge funds and other institutional investors own 82.47% of the company's stock.

Insider Transactions at Arista Networks

In related news, Director Charles H. Giancarlo sold 8,000 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $6,761,305.84. The trade was a 12.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kenneth Duda sold 26,000 shares of the business's stock in a transaction dated Thursday, July 17th. The stock was sold at an average price of $111.19, for a total value of $2,890,940.00. Following the completion of the sale, the senior vice president owned 582,400 shares in the company, valued at $64,757,056. This represents a 4.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,228,907 shares of company stock valued at $638,699,061 over the last three months. Corporate insiders own 3.39% of the company's stock.

Arista Networks Stock Down 0.1%

Shares of Arista Networks stock opened at $139.15 on Friday. The stock's 50-day simple moving average is $105.60 and its 200-day simple moving average is $95.30. Arista Networks, Inc. has a 52 week low of $59.43 and a 52 week high of $141.01. The company has a market capitalization of $174.89 billion, a price-to-earnings ratio of 54.73, a PEG ratio of 3.61 and a beta of 1.37.

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

Arista Networks announced that its Board of Directors has initiated a share repurchase plan on Tuesday, May 6th that authorizes the company to buyback $1.50 billion in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages recently commented on ANET. Needham & Company LLC lifted their price objective on Arista Networks from $130.00 to $155.00 and gave the stock a "buy" rating in a report on Wednesday. The Goldman Sachs Group lifted their price objective on Arista Networks from $115.00 to $155.00 and gave the stock a "buy" rating in a report on Wednesday. JPMorgan Chase & Co. lifted their price objective on Arista Networks from $130.00 to $150.00 and gave the stock an "overweight" rating in a report on Wednesday. UBS Group boosted their price target on Arista Networks from $115.00 to $155.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Redburn Atlantic initiated coverage on Arista Networks in a report on Wednesday, May 28th. They set a "buy" rating and a $112.00 price target for the company. 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 stock currently has an average rating of "Moderate Buy" and a consensus price target of $138.07.

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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